Invest In The Business, Not The Product

A lot of entrepreneurs think that because they have great product, they have a winning business. Sorry sports fans, that's not enough. A great product doesn't mean a great business. You can have the best product in the world, but if you don't know how to manage the business operations, your people and you don't know how to sell it, you are not going to succeed. It's the same when you invest in business or evaluate ideas. Don't focus just on the product, look at the people, at the strategy, at the financials. Professional investors invest in good businesses, not good products. There are many products that totally suck, but they are on the market and people are buying them. The businesses are crushing it while better products in the same categories die. Don't get it wrong, it is always better to have a good product instead of bad, but that alone doesn't make the business good enough.