One of the most crucial skills any successful entrepreneur can possess is the ability to know when their baby project is ugly. Not just visually, but the project as a whole. My goal with projects is to search out the high-impact ones. And that requires me to be very prolific. Ugly baby projects are projects that are interesting to the person but ultimately serves a very narrow niche with low revenue potential and requires a high, on-going maintenance cost. If you don’t know that your baby project is ugly, you will waste a lot of resources pursuing it, rather than moving onto a new project. It’s like quicksand for an entrepreneur. Avoid at all costs.
I’ve worked on numerous projects with many successes and a few failures. Here’s a quick story of the process I went through with one ugly baby over a 4-week period. I’ll also break it down into detail for the tech oriented.
Tuesday, March 22, 2011
Low demand + high development costs + time horizon measured in years for market maturation = Ugly Baby Project