How Risk-Averse Entrepreneurs Succeed: Low-Cost Testing Using Reddit...

[em1L]

Hi Guys,

I wanted to share this with you.

I just watched Tim Ferris interview Noah Kagan, the creator of app sumo and a bunch of other successes.

They spend a lot of time talking about the basics of the CENTS commandments (not calling it CENTS, but the same idea)

In the interview they also bring up regular newly started entrepreneurs, and quickly debunk their ideas and help them out with the startup problems.

It's very much in tune with what TMFL teaches, and definitely worth a watch.

How Risk-Averse Entrepreneurs Succeed: Low-Cost Testing Using Reddit, PayPal, In-Person Pressure, and More

 

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[Mike Kavanagh]

I'd like to put notice on the writing tab next to him. (Noah)

Edit: Took some notes myself

Businesses are hypotheses. You're testing to see if it really you really meet the demand/need your product/service.

Side Note - I don't really understand the concept, maybe someone could explain it better?

Just because your an engineer doesn't mean anyone wants your inventions - instead find what the market needs, wants, or needs improvement on.

Worry about the first dollar, first, not the first million.

"Totem pole theory" - where is your business on the proverbial totem pole?

You're more creative if you have less money to spend

Keep swipe-files aka copied copy-writing that appealed to you.

Don't re-invent the wheel. They shattered the lady at the end "dream business." There was no market for it. Shocked her for sure.

Explain what the main goal of what you want your business to do.

Validate worth - Do small batches of testing before going "balls deep" with money. You can do multiple tests at the same time.

Specific targets - Cheaper to market to.

If there isn't any competition in a market, you should worry. Why aren't others doing it? Then validate need/want

I'll add my questions to another post this one is quite a monstrosity.

 

[Mike Kavanagh]

Questions -
In the video, they say something about a smaller audience. Wouldn't that be counter productive to scale?
Is it more for products in a niche like the biodegradable tooth brush? Or like SEO?

I really think that I answered this question with the "specific targets" notation I made.

Is there anything that I may have missed that someone else picked up?

 

[McCoyH]

Good share OP thanks

 

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[XOthermic]

usinesses are hypotheses. You're testing to see if it really you really meet the demand/need your product/service.

Side Note - I don't really understand the concept, maybe someone could explain it better?

Because of the nature of the statement. What they are saying is businesses are just an educated guess to support a theory on how to generate money.

Based on this. You never know if your "educated guess/ Best guess" will truly generate money until you are actually in business! Scary thought - I sometimes think I got a very good "money maker" but you never know until you have your skin in the game.

Also a hypothesis can never be proven right it can only be proven wrong.

 

[N.S.]

Thank you for this link, watched the 1st 10 mins and it's very interesting stuff - will watch it properly over the weekend. Love how he tested Appsumo for $60 before spending any more money or time on it.

 

[Hassassin]

I purchased their course(Nevilles and Noahs) on how to kill wantrepreneurism.
It's worth it, they give you detailed information on how to find a need and validate an idea
VS
HOPING shit will work out

Would definitely recommend it

 

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[vnusa1]

Thanks EM1L for posting. Informative.

 

[royalasg]

such an informative share.....thanks