Startup Journey and Risks | No#1 Finding the Right Idea
In the series where we examine risks step by step on the entrepreneurial journey, the first one is "finding the right idea".
In our collaborations with entrepreneurs through the venture studio model, the initial point of contact is the evaluation stage of ideas.With evolving technological habits, in the realm of digital ventures, it's now possible to hear multiple great ideas conceptually in a single day, address hundreds of problems to solve, and transform a multitude of improvement ideas among various target audiences into products.
However, as a negative consequence of this situation, we can assert that assessing the goodness of an idea requires more than just the concept and the founding story.
Sometimes, among several entrepreneurs who have the same idea, some can continue their journey while others might be forced to terminate their journey due to a lack of sufficient resources.
When we look at this situation more carefully, we see that the biggest reason for this is to consider the entrepreneurial idea separately from the entrepreneur himself/herself and his/her roadmap.
For example, when we evaluate an idea for an online shopping application that delivers within 1 hour, even if this structure is a great-sounding idea, it may not go further than a beautiful concept unless it includes resource solutions in steps such as a team that will provide this system, supply, storage, marketing, budget.
At this junction, the most decisive factor in determining where the entrepreneur will invest their energy to advance an idea lies not only in the unique values that set this idea apart but also in the values that the entrepreneur themselves will bring to outpace their competitors.
This assessment, which will carry the entrepreneur and the idea together toward success, makes it difficult for the idea to be stolen and for the resources in the market to be overcome by stronger competitors from different angles.