Why isn’t an idea already in the market and being successful? Maybe the key question is, “why isn’t this idea working?”
A good way to tackle a new business idea is to think about the objections. That is, think about why problems exist today – what are their hurdles? Why hasn’t this idea been developed already? How is this problem being addressed today, and how did the market get here? How can these challenges be overcome?
Addressing these challenges (read: objections) is similar to approaches in brainstorming methods such as the Disney way and Six Thinking Hats.
When you ask these types of questions, you might find out macro trends are removing hurdles – maybe, then, it’s great timing for success. For Instagram, for example, anyone with a smartphone almost instantly became talented photographers. For Instagram, the technological evolution of cameras in smartphones lowered the barrier for general consumers to have “good” cameras. Instagram capitalized on this opportunity further by providing filters. These filters enabled everyday photographers to alter and beautify pictures, much like professional photographers could do before.
Addressing how traditional models operate has made countless companies successful – finding ingenious ways to alleviate the shortcomings of today. They addressed and removed barriers that held back huge markets from capitalizing on huge potential.
In fact, an accelerator program here in town challenges its startup cohorts by pointing out the reasons why the startups will fail. It’s up to the startup, then, to address those challenges – removing the objections of why a buyer would not buy – turning objection discussions into must-haves.
Think about hurdles. Think about the objections – why do these hurdles exist today? How can entrepreneurs move them?