Stuck in the idea phase

[Andur]

Two months into my own FL foray currently involves a ton of reading with my immediate focus on cementing some of the common themes that appear to run from book to book. I want to start taking action NOW and avoid what could be procrastination but I feel a little stuck in the first stage of figuring out WHAT business/market to explore.

I've seen and heard plenty about "idea extraction," finding a pain point in a particular market and finding a valuable solution as a product. But I must admit, I'm struggling to pick that market without it seeming completely random. And the randomness makes me feel uneasy and unmotivated.

I've mentioned a few times on here that I've studied and worked as a musician my whole life and I have a drive and passion to explore that market, which I've also been doing. But I'm skeptical about it being a lucrative path even if I can create something of value. That holds me back...rightly or wrongly, again, is a difficult call for me to figure out.

I guess I'm also torn by the avoidance of "doing what you love" and "do what you're passionate about." I realize the difference, but separating the two is still tricky to do.

Am I thinking about this the wrong way? Are there threads already here that may be of use?

Thanks in advance for any advice. I'm so eager to get cracking but feel like I need some clarification in my own mind before forging ahead.

 

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[Joe Cassandra]

I'm in the same boat as you Andur. It's frustrating because I feel like I'm just making excuses, but I've spent time researching markets looking for needs and looking in the niche I currently work in (accounting).

I enjoy playing music as well but know it's rare to make money in the industry nor want the lifestyle of the music industry. I stumbled on an idea I had yesterday and been talking to others about it and vetting it on here as well and the feedback is great.

Picking the market is tricky as there's so many. I've googled "growing industries" "declining industries" "problems in ____ industry" but most turned up dead-ends. It most likely comes down to actually talking to those industries you're interested in or involved in. I get caught up in finding a "brilliant" idea because I tell myself only that will motivate me instead of some boring pain in the chiropractic industry for example.

there's lots of gold on these forums, sometimes need to dig

 

[Andur]

Thanks @Joe Cassandra. It's encouraging to know that there are others in the same boat as me. I share the same concern that I am just making excuses. I don't feel like I am, but since other people are getting out there, finding a need and solving a problem, why haven't I done so yet?

I want to find passion in what I am doing and it can't just be driven by the future possibility of a great lifestyle. Which is how it should be anyway if you're creating value for other people. But figuring out how to isolate a specific market to start searching for problems and solutions is the tricky part for me.

 

[rocksolid]

I think you are trying to hard. Think about something that you are involved in. If you play an instrument then start there. If you cook then go from there. The only way to find a problem is to be involved with something . The other thing you could try is to stop thinking so hard. When you relax things will come to you and then you will know what direction to go from there.

 

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[Andur]

Helps to hear that @rocksolid, thanks.

 

[All In]

Hi Andur,

I can relate to having difficulty with the "do what you love" advice. I've been playing piano off and on for 20 years and find much personal enjoyment from it. However, being world-class takes a LOT of hard work. Like MJ mentions in his book, anytime there is a market saturated with people "doing what they love", the profit margins tank. Unless, of course, you are world-class.

About business ideas, James Altucher's advice on exercising the idea muscle has been working quite well for me. I carry around a waiters pad in my back pocket all day, anywhere I go (except the gym), and write down ideas, thoughts, or even lists of things I'm thankful for, or want in my life. I just came back from spending time in San Francisco, and walking/navigating around, seeing a different city, pace of life, and a different set of general day-to-day problems gave me many Fastlane ideas for SF and my city. But just getting out, listening to what people complain about, or problems others or you have to deal with in life are all potential Fastlane avenues. Even if my ideas are crappy, it doesn't matter. The idea is to just get better at coming up with ideas. Eventually I have something that I think is solid and can act on it.

Here are my pads from the past few months (still using the bottom one): http://imgur.com/QnqYgvt

Anyway, the above has worked for me. Good luck.

-All In

 

[Jeff Korbelic]

Hi Andur,

I can relate to having difficulty with the "do what you love" advice. I've been playing piano off and on for 20 years and find much personal enjoyment from it. However, being world-class takes a LOT of hard work. Like MJ mentions in his book, anytime there is a market saturated with people "doing what they love", the profit margins tank. Unless, of course, you are world-class.

About business ideas, James Altucher's advice on exercising the idea muscle has been working quite well for me. I carry around a waiters pad in my back pocket all day, anywhere I go (except the gym), and write down ideas, thoughts, or even lists of things I'm thankful for, or want in my life. I just came back from spending time in San Francisco, and walking/navigating around, seeing a different city, pace of life, and a different set of general day-to-day problems gave me many Fastlane ideas for SF and my city. But just getting out, listening to what people complain about, or problems others or you have to deal with in life are all potential Fastlane avenues. Even if my ideas are crappy, it doesn't matter. The idea is to just get better at coming up with ideas. Eventually I have something that I think is solid and can act on it.

Here are my pads from the past few months (still using the bottom one): http://imgur.com/QnqYgvt

Anyway, the above has worked for me. Good luck.

-All In

It's always better to do something you enjoy rather than just get into a particular business just because a lot of money can be made. If you don't like what you're doing then you will fail regardless of how much you make. However, not all hobbies can be turned into a business. I've tried this many times including making and selling crafts on etsy, selling stuff on eBay, making YouTube videos, and getting into the iOS app business. My most recent idea was to explore the affiliate marketing business but I am a little intimidated by it. I neglected to realize that millions of other people have the same hobbies too and some are better at it haha. Needless to say there needs to be a balance between what you love and the income potential with your venture.

 

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[Andur]

Even if my ideas are crappy, it doesn't matter. The idea is to just get better at coming up with ideas.

Excellent advice, thanks @All In. I carry a notepad around with me mostly for taking notes on books/podcasts that I'm listening to. The odd idea goes in there but I think I'm still a little focused on the music aspect, since it's been my life, studies and work for the past 20 years. I'm trying to be more receptive to other markets and interests and will just jot down accordingly until something starts to stick or present itself.

 

[Christian]

Two months into my own FL foray currently involves a ton of reading with my immediate focus on cementing some of the common themes that appear to run from book to book. I want to start taking action NOW and avoid what could be procrastination but I feel a little stuck in the first stage of figuring out WHAT business/market to explore.

I've seen and heard plenty about "idea extraction," finding a pain point in a particular market and finding a valuable solution as a product. But I must admit, I'm struggling to pick that market without it seeming completely random. And the randomness makes me feel uneasy and unmotivated.

I've mentioned a few times on here that I've studied and worked as a musician my whole life and I have a drive and passion to explore that market, which I've also been doing. But I'm skeptical about it being a lucrative path even if I can create something of value. That holds me back...rightly or wrongly, again, is a difficult call for me to figure out.

I guess I'm also torn by the avoidance of "doing what you love" and "do what you're passionate about." I realize the difference, but separating the two is still tricky to do.

Am I thinking about this the wrong way? Are there threads already here that may be of use?

Thanks in advance for any advice. I'm so eager to get cracking but feel like I need some clarification in my own mind before forging ahead.

Hi Andur,

I've been down your road and I was able to sit down with a successful business man that gave me some advice that I think applies here.

Hypothetically, say you had your Golden Idea for your perfect market - how ready are you to execute, and execute well? Seriously, think about this question for a second. Do you truly understand what a market is? Do you have all of your financials in order? Do you have enough saved to be able to not take a salary from your 'company' for several months, perhaps even a year, maybe more? Do you have expertise in marketing, sales, accounting, operations and all the other aspects of business that are required to really succeed? Are you prepared to make up for your weakness (we all have them, do you know what yours are?) by hiring an employee? Can you read and understand the legal language in a business contract? Do you have the ability to build a prototype? Would you know where to go if not? ..... Just how ready are you to really execute on a golden idea for a given market? My advice would be to prepare yourself as much as possible... Someone mentioned you may be looking to hard into this, and they are probably right. Keep at it. Process my friend.

Best of luck and keep moving forward. If you don't know where to look - keep learning, keep searching. Get prepared for the time when you do know.

I really mean this with the best of intentions and I don't mean to come across as brash. I hope this helps like it did for me.

 

[Andur]

Not at all brash, I appreciate this response. Thank you!

As previously mentioned, it's early days for me and the fast lane journey which is why I have been devouring anything I can get my hands on in terms of educating myself. I guess my feelings of "trying too hard" are stemming from my understanding of "taking action." It's such a common theme that I'm trying to be wary that learning is not holding me back from taking action.

Of course, I don't really have a solid idea to be taking action with nor a process to go along with that idea!

 

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