It's worth noting quite how vigorously you have to apply this concept.
My first business attempt _did_ factor in market demand, but didn't consider the depth or capacity to pay ("nice to have" vs "take my money"). So I burned out doing 70 hr weeks for something that was never going to make real money vs what I could get as a salaryman or contractor.
If you're starting out, you really really shouldn't be aiming for a new unique solution to something, unless you're planning on the VC route.
It is far wiser to copycat. Aim for a massive crowded market (e.g. weight loss), because your chance of missing is hundreds of times lower.
Indeed an even more effective tactic is to buy an existing business in a space, and develop it. It rips out all the market risk. This is how freelancer.com started for instance.
My first business attempt _did_ factor in market demand, but didn't consider the depth or capacity to pay ("nice to have" vs "take my money"). So I burned out doing 70 hr weeks for something that was never going to make real money vs what I could get as a salaryman or contractor.
If you're starting out, you really really shouldn't be aiming for a new unique solution to something, unless you're planning on the VC route.
It is far wiser to copycat. Aim for a massive crowded market (e.g. weight loss), because your chance of missing is hundreds of times lower.
Indeed an even more effective tactic is to buy an existing business in a space, and develop it. It rips out all the market risk. This is how freelancer.com started for instance.