Market Demand is the Key to Great Ideas by Marc Charles
I've reviewed more than a thousand business plans and executive summaries.
I wrote a book about some of them called The Launch King.
The one thing that stands out more than anything else is how often entrepreneurs do the exact opposite of what they should do.
For example, an entrepreneur comes up with an "idea" he or she thinks will be a huge success.
Then they begin building a platform or structure around the idea, and put a business plan together.
Lastly.....when everything appears to be ready, they launch the idea into the marketplace.
The reason this is the exact opposite of what should be done is MARKET DEMAND.
In other words, is there an actual or a perceived market demand for your product or service?
The difference between an actual and perceived market demand could be
millions, tens of millions or hundreds of millions of dollars.
My counsel is different.
I suggest looking at the actual MARKET DEMAND for a similar product or
service. Perform the proper due diligence and research, and SHOW banks,
investors, partners or VC firms the PROOF of market demand.
Then....you can base your "idea" on reality not hope. The probability for success will be much, much higher.
If there was a market demand for healthy hot dogs in New York City
someone would already be selling them. That is a perceived not actual
The actual demand in NYC is for real beef hot dogs and sausage.
Can you bring something "new" and "innovative" to the market? Yes. But it will be really, really, really expensive.