In the early days as an entrepreneur, most people start their first company because they have a great business idea that infects their minds. They get so excited about the idea and the mechanics of how it works that they can’t get it out of their head – and as a new founder, this passion (and ignorance) can often be incredibly powerful for your evolution as an entrepreneur, and a necessary step in your development.
However, one of the lessons you’ll learn after a few years in the game is that starting a company because of an idea for a product or service is often a backward way of doing things as it’s akin to trying to fit a square peg in a round hole.
One of the more enlightened approaches to evaluating business ideas before starting any of them was one from Dane Maxwell, founder of TheFoundation.com. Here’s an excerpt of an interview with him I did with on how he determines which business ideas are viable or not:
One of the things that I’ve learned along my own journey is that no two paths to success are identical, and everyone’s approach is different. However, Dane’s advice here is stellar, and obviously crafted from years of experience and learning the hard way.
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