Ken Uchikura Newsletter Vol. 204 When you want to start something
Oct
26
When you want to start something
I think many people have trouble starting something they want to do right away. When they want to do something, they immediately start thinking about why they can't do it. And the more you think about it, the more you fall into the trap of thinking you won't or can't do it. When I start thinking about creating a new product or business, there are three things I do:
1. Research the competition
2. Consider the cost.
3. Ask others (including experts) for their opinion.
Research the competition
It's important to know what competition exists out there. But solely thinking about how you won’t be able to offer the same features or sell them for as low as other companies is a negative thought. You need to think about how you can make something better or more distinctive compared to others, instead of thinking you can’t do it because someone else already is. There’s a market for similar products and services because perhaps the ones on the market aren’t addressing or aren’t able to address a common customer frustration. Therefore, we shouldn’t think we can’t do something just because there are similar products and services out there. Rather, we can see that there’s a market for it because it already exists. No matter how great a company is, it will never have 100% of the market share.
Consider the cost.
You can’t spend money you don’t have. But instead of giving up because you can’t afford it, do the best you can with the money you have and seek investment and financing later. If you don’t take any risks and completely rely on outside capital, you won’t be able to attract capital or loans. Think about what you can do to help.
Ask for other people's opinions.
Even when you ask for other people’s opinions, it’s still your project. Outside experts won’t have the same motivations as you. So, be careful of people who both praise and disagree with you. Because they could steal your ideas. The same goes for family members. I know many people who have been betrayed by family members. When asking for an outsider’s opinion, ask them about the intention behind those details, rather than the idea itself or the project as a whole.
Whether you do what you set out to do is up to you. What you need is action and determination. I’ve often failed by trying to do it half-heartedly. Even so, I’m glad I did it rather than not doing it. After all, isn’t it better to do it and learn along the way rather than regret what you never tried?
Kenichi Uchikura
President / CEO
Pacific Software Publishing, Inc.
ken.uchikura＠pspinc.com
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