Prove There is a Market

Which matters more, your passion or market value? If people do not want to buy what you have to offer because it is not valuable to them, then you can have all the passion in the world, but it won’t have legs to run on.

It’s why one of the best strategies for starting something is to test your idea in small ways. And the best test is to find out if people will pay for what you are promoting. Getting your first customer and then the next helps you hash out whether there is a market for what you offer. Otherwise, you have a hobby.

I speak about taking small bets, and one of those bets is to prove there is a market in the first place. This means people give you their hard-earned money for something that is scarce and valuable. If a lot of people are already doing or are able to do what you are putting out in the marketplace, then it’s too easy to buy someone else.

Before you invest a ton of resources quickly, prove your market viability first. It will save you a lot of headaches down the road when you overinvest in an idea that has not been proven.

Published by Don Dalrymple

I partner with founders and entrepreneurs in startup businesses. I write and consult on strategy, systems, team building and growing revenue.

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