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EXECUTION finding the best idea

Discussion in 'Progress/Execution Threads' started by Alex Nolte, Jun 25, 2018.

  1. Alex Nolte
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    Alex Nolte Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    So the past months I've been procrastinating on my fastlane journey for really dumb reasons. A few months ago I already "discovered" several business ideas (that would solve needs) in different niches but since then I've been procrastinating any further evaluation. Therefore I haven't progressed or taken any action on my fastlane journey.

    To change that I've created this thread --> commit myself + provide value for you

    My plan is to journal my fastlane journey:

    1. how I decide for one out of several ideas
    2. how I execute on that idea
    So first off I will journal how I evaluate my ideas and after I've decided for one the plan is to go into execution.

    I hope that I can help some members with that thread, even though I am in the very early stages of my fastlane journey.​

    BTW I've stumbled across the Blue Ocean Stragegy and was wondering if you can you recommend it for the evaluation of ideas?
     
    Last edited: Jun 25, 2018
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  2. Alex Nolte
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    Alex Nolte Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Day 1 - Tuesday 26th of June
    1. Evaluation of Ideas

    I started by writing down my ideas. Then I made a CENTS* checklist for each idea so I could compare how fastlane the ideas are.
    *if you don't know what CENTS stands for go read Unscripted. NOW!
    An excerpt of my checklist:

    Time :
    - Is the value the business shall be providing detached from you? -
    Yes / No
    - Can the idea be automated and systematized to operate alone one day? - Yes / No



    After I've applied the checklist on all of my ideas I was able to make a shortlist of the two best ideas, the two ideas which violated the commandments of CENTS the least.
    "The least? The commandments should never be violated!"
    -> Both of the ideas are a physical product and I will start out on amazon, so the commandment of control will be violated in the beginning. Later I want to sell my product on amazon + my own website.

    After that step I compared my two ideas:
    One idea was a cashflow business while the other was a disruptor business.

    • The term cashflow basically means that there is already an existing market with similar products (--> in this case your product should be better than the competition)
    • The term disruptor means that the world hasn't seen a product like this before, so it's basically an innovation. According to Ryan Daniel Moran (RDM) these businesses can normally be scaled higher but are harder to execute (CENTS)
    Based on:
    - RDM's recommmendation of starting out with a cashflow business (as your first business)
    - having a smaller downside on it
    - the disruptor model being riskier
    - my gut feeling and my passion that tell me to go for it

    -> I've decided for the cashflow idea

    Summary

    • make sure the CENTS commandments can be fulfilled in the long run
    • start with cashflow rather than disruption
    • trust your gut feeling
    • choose the idea you're more passionate about
    BTW while I was writing this Blue Ocean Strategy arrived by mail. I will try to finish it as fast as possible and see if there is some value for this thread.
     
  3. LittleWolfie
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    LittleWolfie Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Hmm, maybe the reason I'm having trouble executing is because I'm mostly going with disrupter rather than cashflow approaches.
     
  4. Alex Nolte
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    Alex Nolte Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    The entry barrier for cashflow businesses is generally lower which makes execution easier. So yeah maybe you should look for an existing market with imperfect products that you can make perfect.
     
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  5. Alex Nolte
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    Alex Nolte Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Day 9 - Wednesday 4th of July
    1. Evalutation of Ideas

    Rather execute on an imperfect idea than never executing! You will always try to find excuses to not execute. Therefore there will never be the 'perfect idea'.

    2. Execution
    Little Update on my progess so far:
    • as my product will be a supplement complex I spent the last week researching possible ingredients and checked Examine (Independent Analysis on Supplements & Nutrition) for the scientifical evidence to make sure I sell no bullshit. Can highly recommend you this website if you want to research supplements and nutrition from a scientific perspective.
    • finished the formula
    Next Up:
    • searching possible manufacturers and sending requests for my formula
    • finding ways to build an audience
    => As cashflow businesses have a lot of competition I figured I need something besides a better product to win against the competitors that already have costumers: My plan is to build an audience for my product. An audience would eg stay with your product even though a competitor sells your formula for a cheaper price.

    Possible ways to build your audience that I know so far:
    - facebook groups
    - influencer marketing with influencers that you have a good relationship with
    - providing value on your brands social media pages
     

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