The Reluctant Entrepreneur: Turning Dreams into Profits

CHAPTER 2

THE FIRST QUESTION YOU MUST BE ABLE TO ANSWER

Most would-be entrepreneurs are motivated by an idea—an idea for some great new product. But they almost never ask themselves the big question: Is this the kind of product I can actually sell?

Take John Ellis. He has an idea for a food product. He calls it “Esther’s Health Soup” after his beloved late mother. She concocted a chicken-based vegetable soup for John’s father, a man who hated vegetables.

John doesn’t know what to do next. He talked to someone at SCORE (an organization that offers free advice to entrepreneurs). But he was told that it would take years (and lots of money) to gain FDA approval for his soup. So he has come up with some ideas about how to market the soup himself. And he wrote to me, wanting to know if they are good avenues to pursue.

“I’m a musician,” said John in his letter. “I play at restaurants, catering halls, and country clubs. I am especially friendly with one caterer in my neighborhood. Would that be a good outlet? Or should I approach a major company and sell my formula to them?” John also wondered if he should try to contact the original owner of Whole Foods Market, a family friend.

What can I say? John seems like a nice man. He makes his living as a member of a band. And he dreams of selling soup.

He loved his parents and wants to immortalize them by turning a soup his mother made into a commercial product. After reading a few books, he took the initiative to speak to a retired executive ...