My chat with Alec Madill from Fulcrum Analytics a graduate and entrepreneur offered a crucial lesson for all of us in business: the market is the ultimate classroom!
Alec, still finishing his studies, is part of a growing trend, more graduates are choosing to launch start-ups over competing for increasingly scarce graduate positions. When I look at the landscape, big firms replacing graduate roles with AI and the sheer difficulty of commuting four hours a day from a regional town into the CBD for a $60k starting salary, I totally understand why Alec and his peers are choosing to create their own value.
The Paralysis of Perfection
When I asked Alec what advice he had for founders with an idea, his response was the perfect antidote to planning paralysis: “You’re never ready”. If you’ve got an idea, you’ve got to commit.
I know that commitment feels terrifying, especially when you hear the truth Alec brought up: roughly 60% to 80% of new businesses wind up within their first 12 months. But you shouldn’t let that freeze you. The problem isn’t usually a bad idea; it’s a failure in implementation and a lack of market testing.
Your brilliant idea, whether it’s an AI tool or hand-built wooden furniture, is only worth what someone else will pay for it. Alec and I both agreed: you can build the best product in the world, but if you don’t validate demand, it doesn’t matter.
Launch Small, Learn Fast
This brings me to my favourite pro tip for anyone feeling stuck: Instead of spending months or years planning, create an MVP (Minimum Viable Product).
The goal isn’t to be flawless. The point is to get your idea in front of a small group of customers quickly. Their real-world feedback is your market research. Use that early data to iterate and refine, turning your initial spark into a validated business.
This is where you need smart, cost-effective strategies, like the guerrilla marketing we discussed. If you can’t afford the big trade show stand, you simply hand out brochures out front! Test the market and find an alternative.
Don’t wait for perfect to launch. Stop overthinking, start testing, and let the market tell you what’s next. That’s how you win.
Listen to our full chat below and let me know what you think!