How to Reverse-Engineer the $1M Idea

 

Many founders find themselves tens of thousands of dollars into their initial idea, not to mention years in development, only to eventually have a venture capitalist tell them: “You’re not the CEO of this company anymore.” 

Come again? How did we get here, and more importantly, how might we avoid this pitfall?

When investors perform due diligence, they research the living crap out of your company. The most important factor, according to numerous methods and scorecards? Management—who is leading the charge.

Investors want to see the right person at the helm. Not only that—the perfect person. So much so that some VCs won’t bat an eye at canning the very founder who poured their heart and bank account into their business, only to then force them to watch it grow from Crunchbase.com. 

But, what if you could armor yourself against this potentiality? 

Imagine we reverse-engineered the process. Rather than asking yourself: What flashy idea do I want to pursue? Ask yourself: What is the business I would be singularly qualified to run? 

In other words, for what future company would you be the perfect person to steer the ship? Heck, perhaps even the only person. 

That changes things, doesn’t it? 

Here’s how you might go about brainstorming this new and better idea. 

Journal on these questions: 

  • What do you love more than anything? (Hint: it might be something you did as a kid) 

  • What unique skills have you developed throughout your career? 

  • What life experience do you have that most people don’t? 

  • What pivotal connections can you bring to the table?

  • What are you willing to work harder on than anyone else in the world? 

This brings us to the root of the entire challenge: discovering your why. 

What is your purpose in this world? The Japanese call it ikigai. The French? Raison d’être. Ancient Romans? Vocare, the root of vocation, also known as your calling. 

What are you called to do that, when the going gets rough (because it will), you, and perhaps only you (but hopefully also your ride-or-die team), are going to stay with the ship till the bitter end? 

Think Ernest Shackleton and the Endurance. Temple Grandin and animal behavior. Ken Miles and Le Mans. 

We're not suggesting you go down with the ship (and neither would Shackleton), because even so, some of the best ideas still never make it (50–60% percent of angel investments fail); you still need to meet all the other criteria of a good growth opportunity to make it work: scalability, market fit, is it disruptive, etc. But wouldn’t you want to set yourself up for success? 

Now, with that in mind: If you could start today, or start over, what business would you build?

 
Karly Siroky