As I look for patterns in successful startups, the more I believe the market, inclusive of timing, is more important than the initial startup idea. People get so enamored with the idea — even putting it up on a pedestal as the be-all-end-all — that they don’t step back and spend enough time assessing the market.
An entrepreneur will research an idea for a few weeks before jumping into a journey that might take 10 years. Instead, spend several months in the market. Learn it. Study it. Look for trends and gaps. Really experience the market, however possible.
Take Pardot as an example. The initial Pardot idea was lead generation as a service, not marketing automation. We picked a great market — online lead generation — and had great timing — the shift of offline marketing dollars to online — making the pivot into marketing automation successful.
Take SalesLoft as another example. The initial SalesLoft idea was alerts and news about your contacts, not sales engagement. We picked a great market — productivity software for sales people — and had great timing — the shift of offline selling to online — making the eventual pivot into sales engagement successful.
Take any famous entrepreneur. I bet they picked a great market (and timing!), found an opening in the market (an initial idea), and then built a suite of offerings to service that market over many years.
Archimedes, the Greek inventor, has a famous quote:
Give me a place to stand and with a lever I will move the whole world.
Entrepreneurs with a tiny wedge into a large market can build a great business.
Pick a market, not an idea.