Build It and They Will Come

Summary - If you Build it, will they come??

Innovation and new Ideas are valuable and change the prospective of any Industry however before jumping to conclusion it is important to know the market and analyze if there is market and if the space if profitable enough. As explained in book, most of the startups fails because they do not test market early on and concentrate on product and idea than the feasibility of it. To succeed the same, the author defines a process “Ready, Aim and Fire”. I will an example of consulting company who works with two financial angles first is to work with entrepreneurs and incubator companies with a percentage of share and second to work with middle sized companies with direct money transactions.

READY

First is to understand the market on multiple fronts including size, growth rate, emerging trends, competitors and expert viewpoints. All these factor are essential in understanding the concept and underlying idea. As stated by Steven Johnson in “Where good idea come from”, “The trick to having good ideas is not to sit around in glorious isolation and try to think big thoughts. The trick is to get more parts on the table.” To bring new part you don’t only need to understand what is already on the table and what competitors are doing to bring something new.

Example: The more players an industry has more consumer friendly it becomes. It not only give power to customers but it forces organizations to distinguish themselves. To improve the customer experiences and to allow small companies to break the market entry barriers and establish themselves. I believe a consulting firm can do lengths. Furthermore, very limited companies work with entrepreneurs as they are often long term risky investment and thus it limits the competitor space. Entrepreneur market is going and a good consultant and subject matter expert of industry can set apart a new business owner and allow it to be distinguishable than his competitors. A very...