By no means am I the person qualified to answer this question. But I can still ask it and I can make some observations. I was reading about Prepme.com. A very entrepreneurial team started it to offer a way to prepare for your SAT. Well if I were to take an outsiders view, I would think with heavyweights like Kaplan and Princeton Review, why would one want to get into this market?
But that did not stop Karan Goel and Avichal Garg from making a business plan out of it and to top that will the Edward L. Kaplan New Venture Challenge award. Now that being said four key observation I could make quickly were:
- They were very close to the problem and understood the pain. This understanding of the problem, most likely (only guessing), made them passionate about solving it.
- They had a very focus problem to solve. Not trying everything to save the world, but just one problem which they seemed to have addressed very well.
- Technology that enabled them to leap frog into the already established market. Luck for them they did not have to create the market.
- Market timing – The number of people taking SAT and other exams like these is growing at a significant rate. More people, different needs and there is never a one size fit all.
Technology applied in a clever way to solve everyday problem and at the same time make good business sense is essential my aphrodisiac.
Best of luck to www.Prepme.com