When it comes to new ventures, sometimes it pays to think small. The long tail and other niche market approaches are all examples of thinking small. But you can think small in other ways:- Small dollar investment. Find a way to put a little money into it and see what happens.
- Small time investment. Invest a little time in a lot of places.
Small investments allow you to diversify your enegy and let Darwinian economics take their course. When the fittest ideas survive, you can then invest more time and money in the things that show promise.
The idea is that, rather than doing exhaustive analysis and testing beforehand, plant a lot of seeds and see what begins to grow. Then you can focus your attention on nurturing those things.
XPLANE started as a part-time hobby. Many great things start that way. You don't always need a business plan.
Think small.
The 'Long Tail' makes me think of C.K. Prahalads 'Fortune at the bottom of the pyramid. http://www.amazon.com/gp/product/0131467506/002-0431589-0874449?v=glance&n=283155&v=glanceuaksdskj
ReplyDeleteWe're launching our little biz in a few weeks. We could have launched nearly a year ago, while the proverbial iron was hot, by just taking the path of least resistance: an ebay store. Best over the long haul? No. But it would have been a wedge... Sometimes it's all about the timing. Putting as little dough in initially gets the momentum going, which can sometimes speed up your start and get you in the game before the others... I agree with think small...
ReplyDeleteI would tweak the maxim: Think Big but Act Small. Tiny actions bring great things to fruition, and shape the Master Plan as they add up. But there's a mind guiding all the experiments, and chances are it's full of big ideas.
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