I’ve lately heard a lot from people that I admire that although a great team is necessary to bring any idea to life, a great market tends to be an order of magnitude more important than a great team.
The idea behind this thought is that even great founders need wiggle room to make mistakes in regards to approach and timing. Of course magic happens when you pair great founders with great markets but the latter clearly take precedent over the former.
Another argument that I’ve heard along the same line is that you need a great market to push you forward and give you the exponential growth that you’re looking for. In other words, you need to ride a wave rather than ‘creating’ one.
I think this is a great news for founders because it means that if they think they are great founders, then they can focus on finding a great problem to tackle in an up-and-coming market.
One last point that I’ve encountered repeatedly is that great founders are able to articulately answer the following 2 questions :
- Question #1: What has fundamentally changed 10 years from now in terms of the space you’re in?
- Question #2: How will you be the one to capture that value?
The point of these two questions is to first highlight the fact that there’s a wave coming and it’s imminent. Second, it shows that the founders are aware of what’s coming and they are ahead of the curve because they think they know how to ride the wave better than anyone else.