Sophie emailed me earlier, to tell me about her new business idea. She explained that she had met with 14 potential investors so far. None of them wanted to invest in her idea, however, that wasn’t the point of her email!
Here’s what Sophie discovered, when she asked the investors what their main reason was for not investing:
- Half of them said the idea was bad, because no one had done it before.
- The other half said the idea was bad, because it had already been done before.
2 lessons here
Firstly, every idea falls into one of those 2 categories. It’s either never been done before [though that’s highly unlikely] or it has already been done before.
Secondly, neither of those are valid reasons to say an idea is bad.
The fact remains that you will hear those replies time and again, whenever you try something new. They are bogus, but you need to be prepared to hear them.
Tip — Here’s some useful advice on how to create great ideas.