Industries are more important than Ideas
On the one hand, there is the school of thought that believes the “idea” is king. On the other hand, there is the school of thought that believes that ideas are worthless.
As with many things, the truth is somewhere in the middle. Ideas are neither king nor worthless.
The value of an idea is directly proportional to the industry that idea is applied. As a result, the industry you choose to apply your entrepreneurial passion is more important than the idea you take to market.
The reason behind this is simple, ideas are destined to evolve if not flat out change once it’s time to grow the business.
So if you take the right entrepreneurs, with the right idea in the wrong industry, you will find them ultimately failing.
Conversely, if you take those same entrepreneurs with the wrong idea in the right industry, you will find that they’re able to easily iterate on their idea to become successful.
So the next time you’re brainstorming entrepreneurial ventures, start with researching industries before you start researching ideas.