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Mary Schmidt Business Builder & Renovator

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Idea Pool

Hope or Homework?

Mary Schmidt

Aug 16, 2016

hope The other day, a local entrepreneur and I were discussing just what makes for success. (He’s had both failure and success, and notes that he learned some of his best lessons from his worst mistakes.)  Of course, there is no simple, magical, one-size-fits-all answer (regardless of what about a 150,000 consultants and a million books may promise.) 

However, we agreed that one thing is absolutely required...and that’s homework.  Market research (and not just the numbers.  Look at trends, etc.)  Reading everything you can find about your market sector. Lurking and listening at industry events (sometimes the best info you’ll ever get will be in the bar…)  Talking to people who may hate your idea. Evaluating past, current, and potential competitors.  Looking at why others in your market space have succeeded…and failed (too early to market, too pricey, lack of marketing knowledge, CEO ego, etc.)

But, as the entrepreneur noted, all too often, folks rush out with big ol’ hopes…and no homework.  Do yours. At the very least, it may save you some sleepless nights. 

(I’m a huge proponent of hope, but I don’t look good in rose-colored glasses.) 

Get some value from this post? Make a donation to Roadrunner Food Bank (NM). Easy, fast and secure. I’ll never know but you will….and doing good makes us feel good.  Your contribution to Roadrunner Food Bank helps provide food and hope to nearly 40,000 children, seniors and adults every week. Also, they make your gift count by converting every $1 gift into 5 meals (something to keep in mind when you want to help your local food bank. Give dollars not cans.)

In Start-Up Sanity Checks

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Start-Up Sanity Check for B2B Tech Ventures

Got a great idea? Are people telling you it’s crazy? Good! You’ve got to be a little insane to take that start-up leap – rather it’s out of your garage, the lab or a day job. I'll help you decide where and when to leap (and what to do when you land).

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If one of the self-anointed experts contacts you, pitching magical thinking, ask:

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