First Rule of Entrepreneurship: Invent Something You Need Yourself
When the Ricochet founders got together, back in the misty past, it wasn't to create something for others.
It was, first and foremost, to build something for ourselves. We wanted a place to have interesting and civil conversations. We wanted a way to connect with other like-minded folks.
Turns out, that's the best reason to start a business. From the Kauffman Foundation:
A study released today by the Ewing Marion Kauffman Foundation shows that "user entrepreneurs" have founded more than 46 percent of innovative startups that have lasted five years or more, even though this group creates only 10.7 percent of U.S. startups overall.
"Who Are User Entrepreneurs?" is the first study to quantify the prevalence and characteristics of user entrepreneurs – those who have created innovative products or services for their own use, then subsequently founded firms to commercialize them – and identify how the firms they start compare to other U.S. startups in terms of revenue growth, job creation, R&D investment and intellectual property....
Several previous industry-level studies suggested that user entrepreneurs were the first to introduce many key innovative products and services into the commercial marketplace in industries as diverse as medical devices, juvenile products and sporting goods.
What do I need? is a good question to ask when you're an entrepreneur thinking about starting a business. What do I want them to need? is the question big-government types ask, which is why the federal government invests in things like Solyndra and the Chevy Volt.