Sexy Versus Non-Sexy Start-ups
In reading this a couple days ago, I was considering that I’ve met thousands of people seeking the big idea that will make them a lot of money. Something I’ve learned, though, is that while big ideas are fun, their role in making money is way overrated. Sure, if you came up with the idea for eBay or Amazon, you made a lot of money off the idea. But what you really did was win the lottery. Your passion, hard work and good leadership skills combined with a very unique set of circumstances – product, supply, demand, and timing – to produce a home run.
What the majority of entrepreneurs don’t realize is that the big idea is not essential to building a successful business. Just find a product or service you feel good about and can become impassioned about delivering, define premier quality in the eyes of the consumer, and go out and deliver it. It can be as mundane as a plumbing repair business. What is premier quality in the eyes of the consumer in that business? I’ll bet it involves reliability and dependability, honesty, clear communication, cleanliness, professionalism, and competence. Deliver these things, charge the premium prices you deserve, and you will capture all the market share you want and make a lot of money. This is true even if the market is crowded with competitors, because at least 80% of your competitors will not deliver premier quality.