I am going to start working on a project, but divided between two project ideas.
The first one is interesting to me personally, and I have been toying with it for some time as an evening hobby, but I don't think it would appeal to many once it is out.
The second idea is not that interesting, but I think I would be able to monetize on it, as it would appeal to a larger audience.
I went the first route few years ago and while I it was super easy to keep myself motivated it was hell of a job to sell it. Now, remembering that experience I am reluctant to repeat it, but I also have misgivings about taking on second path as I know that motivation is the key and without it the project won't last long.
I am sure many have been on a crossroad like this. Any words of wisdom please?
In order to have a successful business, you would need to have all three:
If you have all three, you have a much higher chance of success. Otherwise, failure is close. Good luck!
Think about the end goal to keep you motivated. For example, if you think the second option will bring in $$$, what will you do with that? Think about how that'll feel and it should spur you on.
I'm currently taking time out of my usual consultancy gigs to pursue something that I find fascinating (a way of allowing anyone to build complex business applications, without developers, etc). Ultimately, it should sell well, as it adds so much value with no effort, but a lot of people think it is "impossible", so it'll be hard to sell into some old-fashioned big companies.
The point is that if you can afford to take time out to create something of value to others, then you should. That is what being an entrepreneur is all about - identifying an opportunity and going for it.
Thinking about this logically... unless you're going somewhere, I'd work on both consecutively.
If you feel you have the money to make the idea you enjoy, without significant financial risk to yourself, then by all means do so. I however would do the above.
Initial interest is temporary. There are plenty of interesting aspects that will engage you throughout the process. While liking your own idea is important, you will still be intellectually stimulated even if you go with the "less interesting" idea. Success will bring plenty of interesting aspects. Failure will not. If you're still not sure, I would recommend getting a business mentor who can help you figure out where to concentrate your attention. This article has some good information on a new non-profit, non-partisan organization that provides mentorship to aspiring entrepreneurs: http://www.forbes.com/sites/shawnoconnor/2013/04/02/forget-washington-its-time-to-create-our-own-economic-future/. Best of luck!
The answer could be neither.
Is it time to go back to the drawing board and come up with something else, something that is both interesting to you and the market?
I think it would be mistake to assume that anyone would want either one of your product/service. Do you know who exactly is your customer segment? Does it solve a real problem or need for them? How much are they willing to pay? How big is the market? All of this will vary on wether you are selling toilet paper to hundreds of millions or a Lamborghini to a few one percenters. I think you have plenty of validation to do before you could say which one will sell. Who knows? You might even find out that neither one is a viable business.
I am not trying to be pessimistic, but my point is that before you focus all of your time and energy into building one of your ideas, spend sometime talking to your customers and validating your business ideas.
Some great resources to learn how to validate your business idea:
When deciding which venture to pursue ask yourself this question:
Who and where are my customers?
If the answer isn't obvious or even makes you laugh, maybe rethink your plan or do some research into seeing who would actually want your product.
The most important first step for a start-up is to identify your customers, you can make all kinds of legal documents, websites, business cards... etc... but if you don't have customers you won't have any business.