Who here has considered the Lindy Effect when evaluating fast lane business ideas?
The Lindy Effect says that if something has existed for x number of years, you can reasonably expect it to exist for that same number of years into the future. More info on the idea in this video, article, and academic article.
I think it's something really valuable to consider when qualifying your business ideas along with the CENTS framework.
You can also apply it to different aspects of your business. So for example, let's say I found a need want to build an app that helps solve it, and that I plan to build an app/website to help animal shelters find people to adopt animals. I could ask:
You can also apply it to different aspects of your business. So for example, let's say I found a need want to build an app that helps solve it, and that I plan to build an app/website to help animal shelters find people to adopt animals. I could ask:
- Is the need lindy?
- how long have animal shelters existed?
- for how long have people wanted pets?
- Is the method of delivery lindy?
- how long have apps been around?
- how long have different app distributors been around?
- how long have websites been around? (I know some of these sound is kind of ridiculous lol, but I think it's still worth considering)
While there's no guarantee that things will exist into the future, it does help you to consider the longevity of your endeavour, and it might help with a few decisions.
Would love to hear anyones thoughts on what other aspects of a business this could be applied to (or anything else for that matter).
Would love to hear anyones thoughts on what other aspects of a business this could be applied to (or anything else for that matter).
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