Why First Time Entrepreneurs Should Avoid Bold Ideas and Stick to Evolutions

Introduction:

There are two types of business initiatives: new ideas or evolutions on existing ones.

Many people who want to start their own business think of new ideas. This is understandable, because it can be exciting to come up with something new. However, this should be done with caution. It takes a different skill set to see around the corners and understand where consumer behavior will be in 5, 10, 25, or even 50 years. If you are thinking of starting your own business, I would recommend starting with an existing idea that has been successful for other people. This way, you can learn from their successes and failures. You will have a roadmap to follow and a foundation to build upon. Even though evolutions may not be as exciting as new ideas, they are more likely to lead to success.

It's Not Just About the Idea Probability over Possibility

When starting a business, it is important to think about the path to success. One way to increase your chances of success is to build on an existing idea instead of starting from scratch. This means that you should focus on making small changes to an existing idea instead of creating something completely new. It's not about whether an idea CAN work (the possibility), it's about increasing the odds that your business will be successful (a high probability).

No matter how great your idea is, it doesn't mean you will be successful. You need to make sure that your idea is perfect and the timing is right. Many great ideas have failed because they were ahead of their time. For example, Uber was a great idea but it took a lot of hard work and money to make it successful. So having a great idea isn't everything.

The Right Solution

When you come up with a new idea, there are two things you need to do to sell it. First, you have to show that the new idea is valuable and make people see how it can help them. Second, you have to prove that you are the best solution for them and that your idea is the best way for them to meet their needs. Some people might think that just because they came up with an idea, it means people won't challenge it.

It is not impossible to be successful when starting a business as a first-time entrepreneur. It is much harder than starting with evolution, but it can be done. This is because it takes time and effort to come up with a new idea, and you have to be prepared for a long and difficult journey. So if you're thinking about starting a business, my advice is to focus on evolutions instead of new ideas. It's a smarter and more likely path to success.

For up-and-coming founders - What do you think? Are you more likely to start with a new idea or an evolution?

For existing entrepreneurs - Have you ever started a business with a bold new idea? How did it go?

The Takeaway

If you are a first-time entrepreneur, don't try to start something completely new. Instead, focus on making changes to an existing idea. This will increase your chances of success and also help you learn from the successes (and failures) of those who came before you.