Why we need Elon Musk: A Simple Heuristic for Startup Dynamics
Many market needs exist independent of the fact of whether a business is fulfilling it or not. Some of these needs are widespread and represent large markets; whereas some are severely limited - geographically or in some other fashion.
One way to think of a new business, including startups, is as an attempt to discover such a need and fulfill it. Businesses must balance practical constraints and choose carefully to pick market needs to make their basic economics work. The two fundamental...