I wasn’t sure how to title this post, but if you read on maybe it’ll make more sense. So I have a friend who has been toying around with a good idea for a website. There are sort of three things that I try to take into consideration when evaluating a business – business model, business idea, and go-to market strategy. A close forth is management team. I consider the forth, but also think you either know someone in the industry (or know someone who knows someone) or you don’t. If you don’t, then the forth is not fixable in the immediate future.
So my friend’s idea has a good business model although not drastically different from what competitors can do, the business idea is interesting, but there is nothing to prevent another website on doing the same thing, and lastly the go-to market strategy is non-existent because she does not know how to get people onto her website. So all and all, there is something good there, but not great. Her go-to market strategy needed work. This brings me back to my previous posting about talking about your business idea with others. If you are bringing something to the table that others cannot, then you should not be afraid to talk about your business idea with others. However, if you just have a good idea and maybe nothing else, I would worry about the sustainability of your business idea. What is to prevent others from copying the idea? Think about it!