Somebody I know sent me the address of a new website along with the question of whether I thought it was a good idea and did I think there was a need.
I clicked and visited the site. I found a very nice-looking site. I’m not sure I’d use it, but I am sure that the look and feel were all positive. I wasn’t sure I’d pay the subscription price, but that’s not the point.
The point is a reminder that a good idea and a market need; necessary but not sufficient conditions for a new business. You can’t make it without that. But having that doesn’t mean you are going to make it. Lots of good ideas with market needs fail.
Of course there’s nothing in any business plan that guarantees success; but the idea alone means nothing without the management team, marketing strategy, financial plan and product/market focus.
Lots of great products, services and website businesses have failed for reasons beyond the basic need or idea.
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Tim,
Your analysis is spot-on. I work with many entrepreneurs in my several roles with the Tuscarawas County Port Authority, the East Central Ohio Tech Angel Fund, and the Business Factory. The keys to entrepreneurial success are: creating the “Right Team”, persistence, passion, and planning.
- Harry A. Eadon Jr.
headon@tuscport.com
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