Re:Billion Dollar Startup Ideas [video]
by Pyramus on Monday November 16, 2020 @03:57AM
(#25109606)
You are right. I find it helpful to look at risk. Broadly speaking there are two types of risks when starting a startup:
1. Customer/market risk
2. Invention risk
When invention risk >> customer risk (you can be certain there are customers, they have a need, you can satisfy the need), then a good idea will play a bigger role relative to execution (which still remains crucial).
However, we tend to grossly under-estimate customer risk, hence the "ideas are cheap" warning.
1. Customer/market risk
2. Invention risk
When invention risk >> customer risk (you can be certain there are customers, they have a need, you can satisfy the need), then a good idea will play a bigger role relative to execution (which still remains crucial).
However, we tend to grossly under-estimate customer risk, hence the "ideas are cheap" warning.