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How to brainstorm great business ideas

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Re: How to brainstorm great business ideas

#81

Post by ThomPete »

csallen wrote: post #80
ThomPete wrote: post #78

Earlier quoted context omitted.

MySpace just as one example.

It's hard to say MySpace wasn't successful. They grew rapidly, became the largest social network in the world, and sold for $600M within a few years of being founded. That'd be a success for almost every founder.

Yes just like other companies will be successful but ultimately fail because whatever was needed to make them become the biggest and most successful wasn't there.

When it comes to digital products especially things with network effects winner normally takes all.

Re: How to brainstorm great business ideas

#82

Post by HeyLaughingBoy »

ThomPete wrote: post #78
csallen wrote: post #70

Earlier quoted context omitted.

I have to disagree, unless you're talking about black swan events, which are different than the conversation at hand: They're instances of bad luck ruining otherwise-certain success, rather than success being created via good luck. What's an example of a company that had great execution, great product-market fit, and also had solid pricing and distribution strategies, but ultimately failed?

MySpace just as one example.

That begs the question of what definition of "success" do we use. Most would agree that in its heyday, MySpace was definitely successful. However, the market changed and now it's been eclipsed by other social media. No one stays on top forever and perhaps by the definition of its founders, MySpace was wildly successful for what it tried to be.

Re: How to brainstorm great business ideas

#83

Post by HeyLaughingBoy »

ThomPete wrote: post #61
tappio wrote: post #48

There is an interesting bias going on here. I'm wondering how many people upvoting this text has actually built a business, or just want to believe that what was written here is true? Building a business is messy. Most ideas suck initially. Companies who got the problem right the first time are extremely rare. Just as rare as companies who succeeded with a crappy idea having great execution. The hero ingredient is lu…

Success is all about timing - Indian Rainmaker

And showing up.

Re: How to brainstorm great business ideas

#84

Post by ThomPete »

HeyLaughingBoy wrote: post #82
ThomPete wrote: post #78

Earlier quoted context omitted.

MySpace just as one example.

That begs the question of what definition of "success" do we use. Most would agree that in its heyday, MySpace was definitely successful. However, the market changed and now it's been eclipsed by other social media. No one stays on top forever and perhaps by the definition of its founders, MySpace was wildly successful for what it tried to be.

Would Facebook exist if Zuckerberg wasn't asked by the Winklevoss to develop for him?

The bottom line is that luck is a big part of your success whether direct or indirect. Also there is a world of difference between building a successful coffee shop and a software company let alone a consumer software company.

It's not the same. Some is more relying on luck, timing and chance than others. Ignorning that especially in our field is simply not in tune with reality (not saying you are saying that)

Re: How to brainstorm great business ideas

#85

Post by KajMagnus »

ThomPete wrote: post #79
KajMagnus wrote: post #77

Earlier quoted context omitted.

It sounds to me as if you think it's luck, and one cannot be good at making an idea happen: Talking with users, UX design, writing software (or hardware/something), marketing, setting a vision, hiring the right people, building teams, talking with the press, etc. ... and thanks to such skills / good judgement, succeed once, and again. No, it's luck, is the impression I get, when I read what you write. — Maybe that wa…

Why are you assuming that a lot of companies that fail don't do that?

I don't assume that, actually. I think that (of course) one can do all those things well and the startup still fails.

I'm thinking we're slightly talking past each other:

1. I had a look at your HN profile, and notice that you've founded First Principle, and "We Start, Help & Fund Fantastic Businesses". This indicates to me that "all day long", you spend time with startups that do close to perfect execution of their startup ideas and businesses.

Still, some of them fail, others don't. And, then, from your perspective — it's mostly luck, who will succeed and who won't. Since everything else is done really well / close to the best possible approach.

2. Then there's my perspective: I was recently in StartupSchool, and the people there and I too, can be pretty clueless about how to build startups. In our cases, I'd think it's often doing-things-in-the-wrong-&-clueless-ways that kills a startup. Or not talking with possible customers, pursuing the wrong ideas, building things no one wants.

\* * *

I'm more used to startups failing because of not-so-good execution.

Whilst you're used to "perfect" execution, and startups instead succeeding / failing because of things they cannot control, Luck.

\* * *

With this in mind, now what you wrote, makes sense to me.

Re: How to brainstorm great business ideas

#87

Post by oklol123 »

samsquire wrote: post #12

I am a serial idea writer and I have to agree with the author. Ideas are inherently valuable, maybe not financially, but they're valuable to have and valuable to society to share. It makes me angry that people actually believe ideas are inherently worthless. Or that without any code or implementation they're worthless. It's a meme that needs to die. It's like having your cake and eating it too. Here's a free idea for…

Not true. Ideas are always great when they stay in your head. If you have a big ego and low self esteem they might even be the best thing since sliced bread. Without execution however, they are useless and not proofed to be even average. Everyone has ideas, because they don’t require hard work or thought

Re: How to brainstorm great business ideas

#88

Post by Paddywack »

epiphanitus wrote: post #72
_Understated_ wrote: post #50

Earlier quoted context omitted.

> The hero ingredient is luck. This... 100% this! I've mentored and worked with dozens of entrepreneurs and small businesses over the last few years and I mention this to all of them but it's not a case of "if I wait around I'll get lucky". You still need to be active and work hard and fix the right problem with the right solution and then, if you get lucky, you'll succeed. I teach entrepreneurs to pitch and tell the…

But how would you define luck, anyway? I think it was Oprah who said something along the lines of "luck is when preparation meets opportunity".

I believe we make our own "luck", and I think the above quote is elegant!

WRT finding interesting ideas...

We used to talk about "increasing your surface area of luck" by meeting more people, getting exposed to more ideas/ opportunities etc.

If "Innovation happens at the intersection", then the more you come into contact with, the more your chances of finding an interesting (non-obvious) intersection between problem and solution, or two entirely different solution domains.

WRT executin: Gary player = "The more I practice the luckier I get"

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