“My business is REALLY unique! No one has ever come up with this idea before. I’m not going to tell you about it…”
I’ve been an entrepreneur since 2014…
If I had $1 for each time I’ve heard this statement – or some derivative thereof – I’d be a multi-millionaire already.
(And it would be my REALLY unique idea!)
Don’t get me wrong: to be an entrepreneur, you have to be out of kilter, delusional in many respects… but that’s a topic for another day!
Entrepreneurs have to believe deep inside that they can take what exists as a simple idea in one’s mind to the point of monetization.
Executing an idea is hard!!!
Therefore, I tip my hat to ANYONE that has done it successfully.
(Believe me, I have tried and failed dozens and dozens and dozens of times!)
But there’s nothing new under the sun.
If you’ve developed an idea, believe me; either someone else has thought of the same, it’s in development or it’s more than likely an actual product.
Your mission is to do it better or more efficiently than they did.
Hence the section of the business plan or pitch deck that discusses your Competitors.
Next time you speak to an entrepreneur and they mutter some bullshit about how they’ve developed a unique concept or idea and won’t tell you about it, don’t chastise them for it…
Understand that it’s simply lack of experience.
Entrepreneur: next time you develop a unique idea: Google it! Take it to the market! Test it! Iterate!
Don’t keep it to yourself.
#business #businessplans #financialplans #financialmodelling #entrepreneurship #financialprojections #pitchdecks
Khalid CHowdhury