Opportunity
In this Lesson
[Day 6/30: Product Manager to CEO 30 Day Challenge] Investors ask why now?
When building a product, there is always a time and place. You have to consider the market, your competition, and what you can do to make your product better than anything that's already out there. And then, once you've figured out how you're going to do it all, it's time to convince investors that they should invest in your idea. As an entrepreneur, your answer to that question is crucial, because it shows whether or not you understand what's happening in your target market and why it's happening now. But how do you know whether or not this is the right time to start building your product?
Well, first of all: if you don't know why now, then maybe now isn't the right time! If there's no one else doing what you want to do, then maybe that means there's room for someone new on the scene—and maybe that person could be YOU!
But if there are other companies doing similar things as yours… well then maybe it IS time for someone new in this space. If so, here are some things investors will look for when deciding whether or not now is really the right time for them:
Has anyone else tried this before? Was it successful?
Is the market ready for something like this? Are there enough people who would use it? Will they pay for it?
What has changed in the last few years, months, weeks?
What trends have you observed? Is there data to demonstrate How long these trends will stay and be tailwinds to drive your business
If you want to build a successful business, you need to know exactly why people want what you're selling right now, so that if things change down the line, at least you'll have some idea of what caused them to change
