Is Your Business Idea Good Enough?

When thinking about starting a business, that is the number one
concern I hear from people.

Not knowing the answer to this question has caused more people to
procrastinate than weed and xbox combined.

9 out of 10 businesses fail in the first 5 years. The statistics are grim. It’s
a tough game, and almost nobody comes out on top… so your worry is a
valid one.

Why is it like this and how can we avoid it?

I am going to show you exactly how to avoid it right now. There is no
reason not to be successful in business. Short of a mental disorder, I
believe anyone can start and run a profitable business that funds a life
of freedom and fun.

The problem is usually one major thing:

We are know it alls, have a lot of pride and have trouble listening

The brain is a sponge and has been soaking up all of the negative,
limiting, BS business and life advice for as long as you swan dived out
of your mother.

Gary halbert called it ‘Carbonized shit theory’.

That is, you have so much information in there from so many sources,
not knowing what is legit or not, shark tank, your uncle, stupid
magazines, every business you have ever dealt with, and every piece of
advertising you have ever seen… the great, and the terrible has packed
inside your head and hardened to the point that they can no longer
listen properly to sound advice and wouldn’t be able to know it when
you hear it.

I want you to forget everything you think you know about business,
marketing, and sales.

Don’t worry, you can always pick up and put that
stuff back in your head when we are done here, but for right now,
clean the slate, listen to the logic of what I am saying… calm the chatter in your head… the worries… and clearly, and calmly understand business in a way you may have never experienced before.

Now…

Most people want to invent products. It is a natural human urge and
that is fine. In my opinion, this is the riskiest, and can be the longest
path to “get money”.

It is definitely not the path of least resistance. But..
if you must…

Here is a test:

Tell your idea to 25 people who would be your potential buyer (Not
friends and family).

IF they don’t say some variation of “Why the hell
didn’t I think of that” or “Wow!” Then it is safe to say you are best
tossing the idea.

Facts don’t lie, and it is easy to have blind spots and
delusional emotional attachments to inventions that haven’t even been
invented yet and that do not have a proven hunger within a market for
a solution to the problem your product solves, or opportunity it
provides.

Here’s one of the best pieces of advice you will ever receive:

There is a big difference between what a market (your group of people)
wants and what it needs. After the basic needs, people buy WANTS.

You can’t make them buy what is “best” for them or what they should
want.. only the government can do that.

If there is not a proven want… a sufficient demand… a hunger that
already exists… you will be making the most common and fatal mistake
in business.

Your advertising campaign can not create desire for your product. Your
commercials, enthusiasm, pretty packaging, and killer website can not
convince someone to buy something they don’t want to buy.

All you can do is take the hopes, dreams, fears, and desires that are
already there… and focus those existing desires onto your product or
service.

You are learning the key to building a successful business.

Your job is not to sell your product or try and create desire for it, but to
get in front of a group of people with an existing desire, and present
your product to them that matches the desire they want to fill… or
problem they want to solve…

That is why the deceptively simple “25” test works. If you aren’t
convinced after that, talk to 25 more. Their desire doesn’t lie and they
aren’t assholes for not wanting your product. It’s either there or not.

Never take it personally. Would you get mad at your dog for not wanting to eat jello… the damn dog doesn’t want jello… don’t spend a year training your dog to eat jello, you shouldn’t be making it in the first place… make the mutt something that makes his mouth water.

Business is a game that requires accurate thinking.

There is no room for guesses, emotional biases, delusion, or lying to yourself.

Physically ask them if they would buy it. For how much? Ask them if
they think the idea is good enough to invest in… that will uncover their
true opinions.

If you can’t sell it face to face, nose to nose, there is no way in hell you
are gonna get rich selling it on the internet.

My point is that you need to test the idea on your actual potential
customers for as little money as possible, and as early as possible…
before… you decide to go ahead with the idea.

Truth: You Can not trust your own judgement when it comes to what
you think other people will buy.

This is a proven fact (Unless you are one of the lucky few, but even
they are smart enough to still test). You usually don’t have enough
information and experience to have enough knowledge yet to make a
proper decision.

You can’t even trust your gut when it comes to this.. there are too many mental blockages and confusing thoughts/beliefs to allow for a proper intuition yet.

That said… choosing a product is the backward way to go about all of
this anyway.

Let me give you an example.

In order to fly a plane, you need an engine.

Without an engine, you don’t fly.

Now, you need wings, and propeller blades… and everything else that
makes a plane fly.. but if you don’t first have the engine… the one thing
that drives the entire machine… What good are leather seats without an
engine? What good are heated leather seats without anyone wanting to
fly on your plane!?

What good is spending all your time drawing up a logo… when you
don’t even know if anyone gives a shit to buy your product.

A great website with a great looking product nobody wants is a formula
for broke.

A basic, ugly website with a halfway decent product that people are
hungry for, can make you rich.

Pull back… and lets find that hungry crowd… that desire… we can get in
front of, then the product will become obvious.

Most decisions in business are counter intuitive, that is they will go
against your gut, or against what you naturally assume… that is, until
you get a lot of experience and begin to rewire your brain. Remember,
business is difficult and most people get slaughtered, and for this very
reason… they just do things blindly, thinking they know it all, then fall
flat on their face and then blame everything else except themselves.

Now… in our world, we usually call this hungry crowd of people, a
niche. You pick your niche.. where you “fit in”.

Most people think a niche is where you select a group of people to sell
something to.

Like a market. And this causes failure before you even
begin.

Because the definition in your own head is not clear, all
decisions are made from an unclear place, and so you make inaccurate
decisions and everything is harder, or even impossible.

Niche literally means “a form of nest“. “a recess in a wall, esp one that
contains a statue”

Not too helpful yet, but getting close.

If a bird fits a nest, and a statue fit’s a hole in a wall… then your product
fills a niche in a market.

Put more clearly: A want some people have that your product fills.

Herein lies the secret:

You do not pick, or worse, create niches. You must find them.

Discover them… uncover them.

Finding a want, desire, or desire to fix a problem, then creating a
product or service to solve it.

If you can’t figure out what to sell, or what niche to be in, or what
market to target…. it is because you are asking yourself a terrible
question.

Completely backwards.

Light bulb moment.

This should be exciting…

I am literally giving you the keys to the kingdom here.

Your brain can only answer the questions you give it. It’s that simple. If
you ask it “What product should I sell” it will not begin analyzing the
problems, hunger, and unsatisfied desires of groups of people in order
to uncover the perfect product idea… your brain will just derp around
trying to think of random product ideas… just as you told it to.

Listen.

You are a student of mine, and I am not going to blow smoke up
your ass. You are getting the same advice I’d give my consulting clients
You find wants that aren’t being satisfied, you don’t decide for people
in advance they want your product just because you think it solves a
problem or seems like a “great idea”. Test everything.

By the way… always be surveying your customers, prospective custom-
ers, doesn’t matter… you need this data from the day you have an idea, until the day you retire. No guessing.

Products come and go, niches are forever.

Quick tip: Go narrow to start, then widen out as you go as a general
rule of thumb.

We are strange humans and we tend to buy things that seem targeted
to us specifically, even if there is no actual difference.

Tylenol pain relief.
Tylenol headache relief
Tylenol headache relief for seniors
Tylenol headache relief for seniors with daytime migraines.

Even if your product can serve everyone, do not go for everyone… pick
a narrow targeted sub-group of them and sell them something they feel
is especially for them. And… you can now sell the same generic product
for more money since it is now “specialized”.

Does that mean you have to stop there?

Hell no. But it is much quicker, easier, and more profitable to be a big fish in multiple small ponds and
then consolidate… than to begin as a minnow in an ocean.

Nobody likes generic people, and the same goes for products.

Ok…

So, I just taught you how to begin looking for business ideas. Now, that
still doesn’t answer our original question: How do I know my idea is
any good?

Well, we are getting closer aren’t we.

Now that we are training our minds to uncover opportunities, desires,
and hungers by listening and looking at everyone around you… mainly
listening to what frustrates them….and having a few of these ideas in
mind… the next thing to decide if any of your product ideas have
enough people to justify going in business.

Big point: Don’t feel the need to reinvent the wheel. There are 8 billion
people on the planet. You can sell your own version of products and
services that already exist… I assure you, in most cases there is ample
room for you as you will soon see.

Now.. keep in mind I actually prefer you don’t go around inventing
products. For your purposes (making cash fast, gtfo a job), I’d say just
jump in front of a hungry crowd with either:

Someone else’s product (sell for them, jump right in the river and take
your cut)

Sell your own branded version of the same product (Your logo/content
etc…)

A service you offer (manual labour or done for you service)

Sell information in the form of books and courses

If the crowd or niche is big enough, there is room for you. It is an
almost universal common belief that just because other people are
already doing it, I need to find something new, or there is no point
going in because “they” are already there.

Bullshit.

There is room for you. How many companies do you think are selling
weight loss products, foods, courses, books, pills, camps, clothing, and
any other damn thing?

That market is more saturated than the bag of Cheetos on your lap. But guess what… there are too many fat people dying to be thin to ever have enough good businesses satisfy the
demand.

Brings up a good point: There is an extreme lack of people doing
anything right in the business world… usually you can simply copy
what somebody else is doing and just do it a bit better… or even a lot
better with even minimal effort. It’s not usually “harder” to beat your
competitors, it is just a matter of doing the right things.

TLDR.