Beginning a Business at Babson
The following post is from William Ruiz M’16, co-founder of FoodME , a spring 2015 hatchery business.
There’s an invisible line between fantasy and reality as far as idea generation goes. In a competitive environment that is saturated by so many entrepreneurs, ventures are being conceptualized left and right. Some ideas are considered better than others and while few voice their honest opinion, it is left to the entrepreneur—the first believer—to create and drive value in their new business endeavor. But with so much noise in the air, the battlefield has shifted. How do we discern the ambitious entrepreneurs that are true believers in their offering from those that are considered overzealous fixated on the extrapolated revenues they intend to drive once they gain traction? How far is an idea from becoming reality? Does this distance matter?
When it comes to creating a virtual and/or disruptive enterprise, selling the idea is everything. Don’t get me wrong, the function obviously needs to be there, but manifesting a new and creative platform within the minds of your audience and potential customers is likely the greatest obstacle inhibiting market penetration. Albeit, if there is enough need, and the customer value proposes an undeniable offer, then the idea can sell itself.
What about the forward-thinkers—the innovators that intend to bring something new to the world? Entrepreneurs are continually filling voids as they build their bridges fulfilling the unmet needs of their customer segments. They introduce their ideas to the public so that the public may foster and adopt them through the value of convenience and growth.
The innovative, forward-thinking entrepreneurs foresee a gap in a frontier and develop a offering that usually incorporates a farther leap; one that will seem outlandish to many.
The greatest battle is found within. As we are programmed to be like-minded, we wonder how to resolve inner doubt. On this extreme, apprehension in the idea stumps our passion as it raises questions: is this a good idea? Is there great need? Will it just flop? On the other extreme, the overzealous are undertaken by their deep pride and desire to win. Their questions are more like: what’s the next step? By taking a step back, one will notice the thin line separating the two. Where do you fall? What parameter do you have in place to check for balance?