Note to future self…
“Fortune favors the prepared mind.” – Louis Pasteur
Today I was talking to a mentor and we discussed how you need to be ready for whenever the right “idea” strikes. He argued that you need to have certain rules about what you’re looking for so that you can recognize the opportunity when it comes. Here’s my current list:
- It needs to be about execution risk not market risk (It needs to be hard to do.) -> You know that if you build it people will use it
- It needs to be in a big market and/or something that a lot people/businesses need.
- It needs to have a clear business model on day one.
- It needs to be a problem that we understand -> We can explain the problem in one sentence + understand distribution + biz model.
- It needs to help other people make money or save them time.
That’s it for now. I am not sure this is the right framework to think about ideas because it might limit the opportunities that you consider but it’s a good starting point.
That’sit. Now back to work…