Written by Sona Lesmeister
In my career as a startup coach at the UND Center for Innovation, I get to interact with a lot of inventors, innovators, thinkers, and tinkerers. I work with very smart—often brilliant—people in their fields of expertise. It’s a privileged seat to observe so much ingenuity, creative spirit, and talent, all aiming to make a greater impact: to go beyond publishing a paper or simply checking the boxes expected of someone in their role.
Sona talking with a student at LAUNCH Showcase Event
The Excitement of Ideas
What I see most abundantly is ideas.
Ideas are fun. They’re exciting, inspiring, and often feel like good ideas. But just because something looks like a good idea doesn’t always mean it is—especially when it comes to building a business. Statistics suggest that up to 95% of businesses fail within their first five years. That might make starting a business sound like a bad idea.
Not so fast.
Hand stopping blocks from continuing to fall, symbolizing business risk.
Risk is Everywhere, Not Just in Business
With some homework and due diligence, much of that risk can be reduced.
And let’s be honest—business isn’t the only risky thing. So is being employed, especially in a rapidly changing economy. Heck, being alive is inherently risky.
The point, then, isn’t to stop participating in life or to bubble-wrap ourselves against disappointment. The point is to be smart. To do our homework—on the companies we work for, the people we build our lives with, and where we invest our time and money.
So why would business ideas be any different?
Treat Your Idea Like an Investment
They, too, deserve to be tested and probed. Before you commit your time, energy, and hard-earned dollars to bringing an idea to life, it’s worth asking whether it truly makes sense. Because unless you’re backed by a rich uncle, trade-offs are real—and priorities matter.
“Well, Sona, how might I go about doing that?” you ask.
Great question.
Group of people planning at a workshop (notes, notebook, iPad)
Customer Discovery Is the Homework
You’ve probably heard me talk about customer discovery. That’s the homework worth doing. Is it fun? It can be. Is it work? Absolutely. It requires looking at your idea honestly through the lens of the market—and more specifically, through the eyes of your potential customer.
That perspective can be uncomfortable. But if you let it teach you, with an open mind, it can uncover unexpected treasures. When you’re willing to poke holes in your great idea, you may discover something even better: a bigger, more meaningful problem—one your customers are eager to pay you to solve.
What’s one assumption you could test before investing more time or money into your idea?
Do you need support while growing your idea? Reach out anytime at info@innovators.net