Four steps to figuring out if the Why Would Yous are actually right
If one is the loneliest number, entrepreneurship is the loneliest endeavor, especially in the beginning.
At even a small company, you’ve got colleagues to bounce ideas and concepts off of. There are supplies and support. On the other hand, entrepreneurs launch their ideas out of home offices and garages with none of that. That’s probably why only 5 percent of the people on Earth identify as entrepreneurs.
The other 95 percent are probably discouraging you from becoming one.
You’ve got the ones who just flat out tell you the idea is dumb. Then you’ve got the more polite ones who say something like, “Isn’t that nice?” And then you’ve got what I call the Why Would Yous. As in, “Why would you focus on this?” “Why would you waste your education?” “Why would you not join us at this corporation?”
They are likely genuinely worried about you and trying to help. But subconsciously, they’re being motivated by their fears of the unknown or disappointment of not having tried to produce and sell their own ideas. Either way, those interactions can lead you to fear and self-doubt.
So how can you make sure you’re not actually wasting your time in a world where that’s your most precious asset? In a sea of rejection, how do you figure out if your idea is truly good or if it’s just a bad idea and these people are correct?
- Analyze the problem. Is this problem and its pain point big enough that people are willing to pay money or change the status quo? Yes, there are some cool products that sold a lot of units fast, but those are one-offs. Most of us will have to determine that there’s a solution to a problem, and we can produce it for less than people are willing to pay.
- Go out and speak to 100 people. Not your mom or dad, your spouse, your sibling. They can be distant connections, but complete strangers are even better. They should be people you’ve segmented as potential customers or buyers of your product. This will help you to determine if you have something people actually want plus develop listening skills to hear what they’re saying and, if necessary, pivot.
- Find and build out your internal advisory board for life. These are trusted confidants who have walked your path and will speak to you candidly, whether the news is good or bad. The best way to find entrepreneur mentors are by going to places like the Wond’ry – the innovation center where I’m executive director – or by meeting with alumni groups or other affinity groups in your town.
- Make a minimally viable prototype you can take back to those potential customers. It could be pipe cleaners and cardboard. You don’t have to spend $100,000 – this is just something potential customers can touch. Record that information, get feedback and pivot accordingly.
Maybe you’ll figure out early on that the naysayers were right. But you know the only thing that stinks more than spending effort on an idea that never goes anywhere? Walking into a store and seeing your idea sold by someone else.
Robert Grajewski is a serial entrepreneur, investor and Evans Family Executive Director of the Innovation Center at Vanderbilt University.