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Element 1. Compelling Unserved Need > Practical Experience—This Deserves the Ma...

Practical Experience—This Deserves the Maximum Weight of 3

No business launch can succeed without a passing score here. Quite often enterprises perform well when the need is underserved, yet served by a high-margin monopolist. This is where cost advantages can be helpful if not critical. As a reminder that this is a broad matrix of scores, fads can be forceful influences that should attract entrepreneurial zeal in the market. However, I am not aware of many fads that solved compelling unserved needs. The point is, if the score is low, don’t give up just yet. Keep moving through the elements. See whether this element corrects itself after further thought. How is this possible? You could change the product into something that truly is needed in the market. This is what I was addressing earlier with the notion that the Scorecard can sometimes (often?) twist your product just enough to make it a big success. Just recognize that in the end, if no adjustment upward is possible, a failing score here is likely to doom your venture. My experience confirms that entrepreneurs are always alert to the changes required to succeed, so if changes seem necessary at this early moment, make them now.

If there is no compelling unserved need, it is my experience that you will be unable to establish and sustain your enterprise. You will be unable to spark sufficient imagination to attract support. How do you expect to succeed in a business with boring products in a market that is well served by others? Worse yet, how do you offer a product that is poorly defined in a place where there is no interest whatsoever or where repeated attempts with similar products have failed in the past?


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