As entrepreneurs, we come across a lot of folks who poke holes in our ideas. We hear a lot of “No – this won’t work.”
So when should we go full steam ahead with our idea even after hearing all the negativity—and when should we pause and evaluate the idea? The answer depends on who the naysayers are.
1. Student Proving a Professor Wrong
Fred Smith was a student at Yale University in the 1960s. For his Economics class, he wrote a paper describing an idea he had about using the hub-and-spoke model to make the delivery of mail and goods more efficient.
His professor—Challis A. Hall Jr—read the paper and barely gave it a C.
But Fred didn’t let that discourage him. He went on to create Federal Express (now FedEx) and revolutionized the postal industry.
Why didn’t Challis A. Hall Jr see the potential in Fred’s idea? Because he was a college professor who didn’t run a business—FedEx’s core market. Hall didn’t see the benefits of getting important mail delivered a day early.
2. LolCatz? Are You Kidding Me?
A few years back, if you told me that you were going to start a blog with funny pictures of cats with captions in broken English, I would have called you crazy. But yet, today LolCatz is one of the most popular blogs in the world. Today, the LolCatz and other funny blogs in the entire ICanHasCheezeBurger.com network receive more than 218 million page views a month!
So why didn’t I see the value in it?
You see—I’m not its target audience. I’ve never held a 9-to-5 office job where people pass on silly stuff just to get rid of their boredom. I couldn’t predict how well it would do. You’ve got to ask that question to people who will find it useful—those who will form your core audience.
Action Summary:
- Don’t heed advice from folks who don’t form your target audience. Who you wouldn’t expect to take out their wallets and do business with you.
- Don’t listen to naysayers – especially if they are a part of your family or friend circle. They don’t have the right perspective.
- Call up 5-7 of your target audience and test your idea with them – and them only.
A Few Questions To Ask Your Target Audience
- What do you do now to solve [the problem you solve]?
- What is the exact process you follow to achieve [the end result]?
- What was hard about it?
- What was easy about it?
- What is the one attribute of it you wouldn’t change?
- Would [your idea] help you do it in a better way?
- What type of a person do you think would benefit most from [your idea]?
- Would you tell your friends about [your idea]?
- Where do people like you hang out – online as well as offline? (Helps you find where you can start promoting your idea…)
Great to see you posting here Ankesh – good stories as always!
I was just out of jail in Lybia when Don, these two friends of mine had asked me to dinner, took a book out from under the table to give me to read: Papillon. I later found Banco,
his next book, and its motto (author unknown to Papillon as the publishers wrote) said:
“What you think of yourself matters more than what other people think of you’.
This is another reason why it’s good to be your own customer. Obviously this isn’t always possible, but if you can base your business around solving problems you yourself run into, it makes it a lot easier to evaluate ideas yourself. It also makes it more likely that you’ll know people that have the right perspective.
Nice post!
Personally, it’s one of my ways to motivate myself, or should I say, to tell myself my weird ideas will work one day. And yes, Tyler pointed the right thing – if you want to be successful, be your own customer – understand the problems you’re facing and deal with them.
Great Post!,
Its very easy to listen to naysayers and let them have a bad influence on ideas and projects. But i think it is also necessary to know when to STOP.
If you have a bad idea, it can drain you of your time and resources and you may be blinded by the prospect of it been successful that even when your target audience is telling you it is not going to work and to get out you cannot see it.
This is an awesome article, really gave me some inspiration…short, sweet and to the point.
Hope to see more from you!
Nice list of question to ask, thanks! Personally, if I have a good (for me) idea, I don’t feel discouraged by other people’s negative or not enthusiastic judgement. If I have time (and money sometimes) to realize it, I go straight on my path. My decision to be a freelancer is a good example!
I love inspirational business related stories! This is one of the better one’s I’ve heard. It just goes to prove that an ivory league eduction isn’t what people think (for the most part).
Why did Fred Smith see the importance of delivering mail faster? It may also help to talk to people with similar interests, maybe?
@Tyler King
Excellent point Tyler! Reminds me of Steve Jobs… when he says that he doesn’t do focus groups. He just creates stuff he wants to hold in his hands.
@Skellie, @Nathan, @Brett
Thank You so much for your kind words
Lovely article so many people have proved themselves without approval of there seniors i.e lecturers.
I have a question about what you do once you know the value.
I have an idea for a website, I have some money to invest in it, I design and create basic html sites with some php but I dont have the skills to build what I want.
If I go to a studio is it naive to think they will run off with my idea if it is a good one? Or do they build what they are paid to build?
Thanks for any feedback
Ideas keep you awake some nights, like love does
If people would not stick to their ideas, what would the world of today look like?
wow – didn’t know the story behind fedex – One of the best examples of not listening to naysayers!
… but on the other hand, you should know when to stop chasing an idea, which just won’t work out the way you have in mind.
Nice post! I think it was useful, thanks.
a very brief post but to the point and you did created value by your post