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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.
An excerpt of my checklist:
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.
After that step I compared my two ideas:
One idea was a cashflow business while the other was a disruptor business.
Based on:
Summary
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.
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
- 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)
- 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
- 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