I spoke with a founder today who’s going after a consumer market after others have tried and failed. This founder is super excited and passionate and unconcerned about the competition. I eventually asked why he’s so confident he’ll succeed. He smiled and shared something he learned from his early customer interviews.
This founder has ferreted out a key insight. It’s something all the others missed and probably one of the causes of their failure. He’s using this insight as the foundation for his company. It informs what he’s building. He’s confident that if he stays true to it, he’ll be successful.
Key insights are an entrepreneurial competitive advantage. If you’re an early founder, consider asking yourself, What’s my key insight?