I mentioned Webvan in yesterday’s post about the importance of timing. This article from Fortune is must reading for entrepreneurs. Alex Bard outlines four key questions every entrepreneur should ask themselves.
- What problem am I solving, and how am I solving it?
- Why should I do this now?
- Am I building a business?
- What would you do in my position?
Question 2 is all about timing.
Why should I do this now?
Knowing when to start a company is crucial for finding your market fit and determining whether you’re building a real business. Webvan, the online food delivery startup, was one of the biggest failures of the dot-com bubble. While there was some demand for food-delivery services in the early 2000s, the market turned out to be unsustainable. Over the last 15 years, mobile connectivity has exploded, resulting in a proliferation of delivery startups like Instacart, Amazon Now, and Google Express. The core concept hasn’t changed; rather, technology evolved over time to facilitate a viable market at a lower cost. These external conditions often dictate whether a company will be successful—so think critically about whether the timing is right for your business.