A Technological Flip Early

What does an entrepreneur do when they are faced with choosing between multiple startup ideas?

Since my work situation has changed, I’ve been faced with this question myself. Should I keep working on business ideas I’ve been dabbling with for a few years, or do a flip and focus on one great idea, that may have come to me in my dreams (I really can’t remember).

I talked to my friends and family, a great help, and did some research online. One of the biggest things that helped set a clear path, a section in an article on Forbes about Abbreviated Business Plans. So I spent a few hours writing and researching a brief business plan for each idea. There where a few common themes about some of my business ideas:

  • Others trying in the space and not succeeding
  • A small market potential
  • Large capitol requirements
  • An industry shift, for example:
    • brands going direct to consumer
    • Self publishing on social media

With all those negatives one thing is for certain technology was never a barrier to entry. Which helped lead me to my new idea, which although it exists in a competitive market, it posses some attributes the others did not:

  • A huge market potential
  • Multiple sources of potential revenue
  • A clear weakness in the existing industry
  • Multiple clear exit strategies
  • Still something I’m passionate about

On the plus side I have a few pans B, C, D, E and maybe even all the way to Z (No I didn’t write that many, the rest I told my dog, :p), if one of them doesn’t work out. Just look at how many successful entrepreneurs have failed at first, Steve Job, Max Levchin, Henry Ford and the list goes on.

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