Every successful entrepreneur has his own criteria for measuring the success factor of an idea for starting a business. There is also value in studying how others make decisions. Norm Brodsky, a veteran entrepreneur who founded and built half a dozen large companies, uses a simple approach when starting a business.
According to Brodsky, three factors must be at play when venturing out:
An Established Concept
Education can be expensive. Educating the masses can be really expensive, not to mention a daunting task for a business to undertake. Stick with something people are familiar with.
Focusing on an established concept does not lessen your ability to create innovative and revolutionary products. Take Apple for example. They’ve been doing the same thing since day one – developing technology that is intuitively simple, functional and beautiful. The iPad, the iPhone, the Touch – these are all familiar devices. The market does not need a crashcourse on what these devices are and what they do. Yet, they are truly remarkable products that challenge our accepted perception of what technology is able to do, how it’s able to do it – and its aesthetics. Human-centered design has been around for centuries, yet Apple continues to push the envelope.
Takeaway – Instead of painfully searching for the “next big wow thing”, identify a familiar or understood industry/product and build upon it. Just look at what Aaron Patzer did with mint.com – genius!