Monday, September 6, 2021

The 'Zuckerberg Illusion' Theory: Your Business Ideas Are Worthless

The "Zuckerberg illusion" theory is one of the greatest dangers for people who are about to become entrepreneurs. Often, we tend to think that our business ideas are much better than they really are, and that it will take just a few months of work to turn our company into the next Facebook. Of course, in the vast majority of cases, this is nothing more than self-deception.

As the expert Francisco García Pimentel explains in Entrepeneur, the theory of the Zuckerberg illusion has its origin in "poorly explained biographies and misunderstood syllogisms, because, in fact, there are people who have become millionaires (apparently) overnight with supposedly simple business ideas".

To put it another way, just as some great entrepreneurs, such as Mark Zuckerberg himself or Steve Jobs dropped out of college, had a great idea and became billionaires in record time, if I have a good idea, I can also become a leader in the entrepreneurial ecosystem. And nothing could be further from the truth...

The real story - although it is true that Mark Zuckerberg had a great idea - is full of small failures and the ability to overcome them after endless working days and serious conflicts during the first steps of Facebook. In this sense, we all remember the accusations of plagiarism by the Winklevoss brothers or the violation of the rights of Harvard students by making their photos public.

You are not the next Mark Zuckerberg... But you could be.

Although the chances of becoming the new Mark Zuckerberg are pretty remote -not to say impossible-, the message you should be clear about is that a business idea is worthless on its own. Even if it is a good one. As an expert explained in an article in Emprendedores, "a good idea badly managed by a bad team is going nowhere. On the other hand, there are mediocre ideas that, with a good team, go ahead".

To get your business to start making a profit from scratch, your idea must be based on a real need.  "Opportunity entrepreneurs, who work in a sector, detect a business opportunity and decide to undertake it. These projects are more likely to grow because they know the value chain, the customers, the market...", explained expert Borja Piñeiro.

In addition, another of the keys to try to get closer to Mark Zuckerberg's business success is in the customers. In this sense, "it (the customer) is at the pinnacle of a project and you have to provide value. That is why it is important to understand how you will achieve it (functional, emotional, social...)."

Finally, the third key to being able to shape a good business idea is the flexibility of the entrepreneur. One of the biggest enemies of entrepreneurs is stubbornness, stubbornness in the idea. The market and customers change. The entrepreneur lacks information that he will learn later on. As long as you have a good team and are very skilled at understanding the changes and adapting to them, you will be successful. But there is no such thing as a million-dollar idea. It is something flexible, mobile and adaptable," explain the experts.

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