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Oh, yes. So interestingly, there is this that dog can remember who is the guy bought. It was a guy who was the link below in the comments. But it’s that they were investing in companies that let’s say they invested on one hundred companies when someone well, some didn’t. So they wanted to find a pattern on why the ones who did well did succeed. Now on why the others didn’t they? Usually there is this misconception that the idea is the most important thing. So I would like us entrepreneurs. You you put so much time on polishing your idea, like for product or service. And so that they ranked. There is also this misconception that money as well. So investment is is correlated to success. So then they ranked idea investments, that team timing and something else. Remember? So it turns out I fastforward that the most important determinant factor for team was timing. So that’s maybe a take away that I can say it’s useful for entrepreneurs to know that your ideas ideas are important, but don’t get too hooked into it. Also, I would say that entrepreneurs tend to think about which problems they personally have and then build a solution for that and try to then sell it to the wider audience. And that can work. I mean, it’s fun because it’s solving your problem, your problem first. And then if you can make a business out of that, that’s important. But you can get trapped into or misled into thinking that what’s important for you is important for someone else or for a wider audience. So doing your research, as you suggested or the tweets is just as well. I think it’s important. And maybe a rule that we talked about in previous episodes was that if you want to launch a product or service, you have two ways of approaching it. Either you make on margin or increment on the quality of that.
But to an extent that it does on a product or service that affects a lot of people. It’s more like an utilitarian approach. I put that sample of five G, for example, from 4G to 5G, but it affects like the whole population, basically. So, yeah, it’s important so that you can make a lot of presets out of there. Or the other option is to improve something else, like by an order of magnitude of 10, 10 times better. So then you are radically better and you can be successful on that sense. So that can go well on maybe on day contri an approach of, let’s say, anti Facebook guns, Instagram and so on. So if it’s radically different on some sense.
So Snapchat actually was born from the drawback of Facebook with privacy issues. They start also deleting messages and that was enough to capture the audience. Basically, they they had other features, but nothing to noticed. I would say not lost them at the core, you know. Yes. So, yeah, it’s good to get into the habit of finding ideas. So you should be usually opportunities will be all of you. You shouldn’t be over one and looking too much. You shouldn’t be distracted from what you’re doing as well. That’s very important. I could be a swell idea. Within your business or within your industry.
So doesn’t need to be this this habit of generating ideas and then implementing those ideas can be. He doesn’t need to be a new business all the time. It can be because VCT needs businesses all the time. But entrepreneurs don’t need to launch businesses all the time.
Actually, that’s a big mistake. But winning what you’re doing, you can find better ways of doing it or improve your product, your business itself and re re transform. So you should be thinking within those lines. Yeah, I think it’s a very useful levit lation get called because it’s probably sometimes he set up a fun process or the most enjoyable process. Often shapes are that early stage when you are discussing the idea, arguing with your co-founder. So whereas why or why not you come work on it.
You do that create. CVT exercise, it’s more enjoyable, is inspiring.
But then just yet, I want to spend too much time on that.
Also, I will also always say on the logo of your company, I met sometimes your name. Yeah, it matters, of course. Just on to some very shooting there. Actually, some shitty names are very well differentiated, so it can go a long way. So I won’t bother much. Although yet if you start growing, you should pay more attention. But ideas, logos initially are less important.
It’s more about pro market fit. Get feedback, get it going. But yeah. Enjoy. Enjoy that moment for sure.
Kebap just getting better at it. Agree 100 percent. Right. Thanks very much for listening, guys. We’ll be back next time with some more nuggets of knowledge. In the meantime, please do cheque out our YouTube channel, which is where we post this and our other podcasts. If you search for net workers, two words or you can find the link to that in our show notes. As part this podcast, if you’re interested in a deeper dive into all things entrepreneurial, including more detailed information, help mentorship and courses, please cheque out our Web site. And that is that network, of course, dot co. If you’ve got ideas for topics that you want us to cover on this podcast. Leave a comment under our YouTube videos and we’ll be sure to work that into the next one. So you’re next on Lake.