As an entrepreneur do you ever run out of ideas? Do you ever get “Entrepreneur’s block”?
I normally have far too many ideas and get excited about lots of them. But I am learning to respect the concept of the “billion pound idea” now above everything. It’s too easy to have any old idea and start a business. It’s way more difficult to scale that business unless the market opportunity is very significant.
I was thinking about this recently and realised that I had “entrepreneur’s block”.
I have a couple of good ideas at the moment but I don’t have one idea that I know could lead to a £billion business yet. Many VC’s have started to reject business plans that haven’t identified a big market with a clear plan to scale to that magic number. I used to be very cynical about this approach. After all, one is often talking about it in the context of young companies, but now I coming round to the view that it is a sound approach. It is helpful to be able to identify a business model and some sensible metrics around route to market and conversions and hit a big number.
So I recommend that you switch on your £1billion idea filter. If that means that you have “Entrepreneur’s block”, then so be it. I am going to be contrarian and say, that in today’s world, it is better to spend some more time looking for the right plan than just start up and fail and look again. The concept of test and learn is still the right strategy but only if the fundamentals are right.