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By Rick Ruggles
From: Omaha World Herald
Innovators must realistically assess their product's potential before sinking their resources into a startup company, U.S. Sen. Ben Nelson told a group of entrepreneurs on Saturday.
Nelson, the Nebraska Democrat, said it's true that some entrepreneurs luck out and their ideas take off with little analysis of the marketplace.
But most startup companies succeed only when their leadership has reasonable expectations, exhibits old-fashioned discipline and makes a legitimate assessment of the marketplace.
Nelson spoke to about 100 participants in a three-day conference called Startup Weekend Omaha. The meeting at the University of Nebraska at Omaha's Mammel Hall will conclude Sunday evening.
Nelson said in a speech and comments afterward that he started a law firm and insurance enterprises during his career.
Nebraska is a good place to open a business, he said, because an entrepreneur will find reasonable rental rates, low utility costs and a comparatively modest cost of living.
Nevertheless, he said, people who start businesses sometimes show too much enthusiasm and do too little analysis. They have to know their competition and if there is none, ask why that's the case. They must consider the cost it takes to bring the idea to the marketplace and the cost involved in promoting it, he said.
A great idea still must eventually produce a profit. Otherwise, he said, the examination of the business will be an autopsy.
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