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Hello everyone!
I’ve got a business idea that makes CENTS, but I am afraid that my odds' ratio to succeed is very, very low.
So, basically, I am in a WhatsApp group with fellow vegetarians and vegans. I have noticed that a lot of people are struggling to buy products that are in line with their ideology. I often see text messages of people asking if they know a skincare product, for example, that is vegan and is made with sufficient human rights.
(And with the language cues we learned in the Millionaire Fastlane ) I recognized a business opportunity. What if I make a multi-vendor marketplace (like eBay, Amazon, etc..) where only products are sold that are good for the planet (eco-friendly), for animals (no animal-harm / animal-testing), and for humans (sufficient human rights and quality products).
I worked out the list:
[Commandment of Control]: In this scenario, I would own the website and marketplace. When it succeeds, the businesses on the marketplace lose a bit of control (in the sense that they depend on the platform). On the other hand, at the start, I’m not in control because the marketplace can only succeed if the businesses join the marketplace.
[Commandment of Entry]: Building online shops is getting easier these days, but it does take a lot of time to research the different certificates and all the complications. Also, building the marketplace, finding customers, and getting businesses on the platform is difficult.
[Commandment of Need]: If I have to believe these people around me (and my own struggles), there is a need for ‘guilty-free shopping’. Being able to just go to a website and be confident that you can buy guilt free.
[Commandment of Time]: Once the marketplace is made, businesses are on the site, and I’m technically detached from labor. However, once I get to this point, it will be all about marketing, problem-solving, and growing the business.
[Commandment of Scale]: In theory, this marketplace can fit the whole world (But mostly Western countries, where people are worried about these topics). I do not yet have an exact TAM (total addressable market) number.
Replication can definitely be done because building marketplaces is getting easier. This means that I have to focus a lot on branding to stand out from the crowd.
I truly think that this can be an opportunity for a lot of small businesses with good quality products (eco-friendly, human-friendly, animal-friendly, organic) to grow in sales and to find a customer base in the long run.
But, my struggling...
Besides the obvious doubts about whether this will actually work, how to convince businesses that they should put products on the site, etc. I was reading a chapter in ‘Unscripted : The Great Rat Race Escape ’ that talked about odds (56. The Expected Value Strategy), and one sentence says: “If you never started a business and your first business idea is to take your $5,000 and start the next Amazon, you’re delusional. […] Your probability for success in that venture is exactly zero - potential outcomes are irrelevant.”
So, now I have an additional concern, cause this is an Amazon-like website. Is it, therefore, worth pursuing? Or am I ‘delusional’?
I would love to hear your thoughts on this business idea.
~ Ivo (MisterT2003)
I’ve got a business idea that makes CENTS, but I am afraid that my odds' ratio to succeed is very, very low.
So, basically, I am in a WhatsApp group with fellow vegetarians and vegans. I have noticed that a lot of people are struggling to buy products that are in line with their ideology. I often see text messages of people asking if they know a skincare product, for example, that is vegan and is made with sufficient human rights.
(And with the language cues we learned in the Millionaire Fastlane ) I recognized a business opportunity. What if I make a multi-vendor marketplace (like eBay, Amazon, etc..) where only products are sold that are good for the planet (eco-friendly), for animals (no animal-harm / animal-testing), and for humans (sufficient human rights and quality products).
I worked out the list:
[Commandment of Control]: In this scenario, I would own the website and marketplace. When it succeeds, the businesses on the marketplace lose a bit of control (in the sense that they depend on the platform). On the other hand, at the start, I’m not in control because the marketplace can only succeed if the businesses join the marketplace.
[Commandment of Entry]: Building online shops is getting easier these days, but it does take a lot of time to research the different certificates and all the complications. Also, building the marketplace, finding customers, and getting businesses on the platform is difficult.
[Commandment of Need]: If I have to believe these people around me (and my own struggles), there is a need for ‘guilty-free shopping’. Being able to just go to a website and be confident that you can buy guilt free.
[Commandment of Time]: Once the marketplace is made, businesses are on the site, and I’m technically detached from labor. However, once I get to this point, it will be all about marketing, problem-solving, and growing the business.
[Commandment of Scale]: In theory, this marketplace can fit the whole world (But mostly Western countries, where people are worried about these topics). I do not yet have an exact TAM (total addressable market) number.
Replication can definitely be done because building marketplaces is getting easier. This means that I have to focus a lot on branding to stand out from the crowd.
I truly think that this can be an opportunity for a lot of small businesses with good quality products (eco-friendly, human-friendly, animal-friendly, organic) to grow in sales and to find a customer base in the long run.
But, my struggling...
Besides the obvious doubts about whether this will actually work, how to convince businesses that they should put products on the site, etc. I was reading a chapter in ‘Unscripted : The Great Rat Race Escape ’ that talked about odds (56. The Expected Value Strategy), and one sentence says: “If you never started a business and your first business idea is to take your $5,000 and start the next Amazon, you’re delusional. […] Your probability for success in that venture is exactly zero - potential outcomes are irrelevant.”
So, now I have an additional concern, cause this is an Amazon-like website. Is it, therefore, worth pursuing? Or am I ‘delusional’?
I would love to hear your thoughts on this business idea.
~ Ivo (MisterT2003)
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