When it comes to a new business, I ask “Who is doing this now?”. Then I ask, “Would I want to trade places with them?” (How “successful” are they? How many hours do they work at it? What are their main problems?) If the answer is no, then I don’t do it.
I may have to figure out how to do it better than them, different than them, or merge ideas to create a business model that is very new.
Even if I say “yes, I would like to trade places with them”, it doesn’t mean I can. We’d both be competing for the same market if we were in the same area, they may have specific talent or advantages, and they may be entrenched and tough to take business from.
All part of strategic thinking…