In his book “Maverick Startup,” serial entrepreneur Yanik Silver lays out his “X Factors” for turning your big idea into a profitable business, without taking on debt, partners or even a business plan. In the following excerpt, Silver guides readers through X-Factor No. 1: Developing a big idea.
If you don’t have a big idea, you simply fade into the background like every other “me- too” product or service. It’s not always about having a proprietary product or service. This is really more about positioning and a prospect’s immediate reaction to your product.
That’s one of the key elements of the big idea — gut reaction. With our world being busier than ever, people usually don’t have time to explore absolutely everything about a product or service. We use shortcuts for our decision-making. The more clearly you can distinguish your product or service, the better you’ll do in the crowded marketplace.
Working on your big idea is critical and means the difference between a “base hit” or a “home run” product. What follows are five major things I keep in mind when coming up with a big idea or hook.
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