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[HELP] Feeling Discouraged …

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Idea threads

th.ri.ll

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Apr 23, 2021
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Hi Everyone,

Recently I’ve been feeling discouraged and somewhat depressed because I can’t find a business Idea to pursue.

I know MJ says to look for unmet needs and complaints, and to look for value skew opportunities.

Does anybody have any practical tips to find industries and how to find problems within them?
 
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Johnny boy

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I say this everytime the "what should I do to start" question comes up.

You fall into either 1 of 2 groups.

1. You have some sort of unique circumstance, or know someone, or have access to some special thing or equipment, or have a family business, or some insane skill.

2. You don't. You're just ambitious.

So first, look around you at what ADVANTAGES you would have. A man with access to a high end CNC machine is in a GREAT spot to start some sort of manufacturing business. A man with a dad who runs a successful family business making headstones is in a GREAT spot to start making headstones too. So first thing: see which obvious tools and assets are right in front of you. If you've got a truck, even that's an asset. If you ski a lot and there's always something about it that annoys you. Like tightening boots is a chore. You think "Ah....I bet if you made a ski boot that tightened itself a certain way, it would be so much more convenient". That's a business. If you are trying to find something and it's hard to find or the only company that sells it has terrible customer service...that's an opportunity. Having trouble finding someone to actually show up and take care of your lawn on a regular schedule and have auto-payments set up each month? My company solves that little problem too.

That's what I recommend for getting started in business. Looking around for what unique opportunities you have that others don't. Because if you have something special already, it makes it infinitely easier than someone else doing the same thing without the opportunity you have. It's like this... which race would you be likelier to win... a race where you start off at the beginning with everyone else, or a race where you start off halfway done and everyone else has to start at the beginning. Use your advantages to your advantage and then you can always move to something else once you've got the "pile of money" advantage. Now that I have a little more cash I can do so many other things that I couldn't before. But once I've got a big ole' pile I can do a LOT more. At that point the problem I'll have is that so many things will be possible but not worth my time.
 

th.ri.ll

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Apr 23, 2021
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I say this everytime the "what should I do to start" question comes up.

You fall into either 1 of 2 groups.

1. You have some sort of unique circumstance, or know someone, or have access to some special thing or equipment, or have a family business, or some insane skill.

2. You don't. You're just ambitious.

So first, look around you at what ADVANTAGES you would have. A man with access to a high end CNC machine is in a GREAT spot to start some sort of manufacturing business. A man with a dad who runs a successful family business making headstones is in a GREAT spot to start making headstones too. So first thing: see which obvious tools and assets are right in front of you. If you've got a truck, even that's an asset. If you ski a lot and there's always something about it that annoys you. Like tightening boots is a chore. You think "Ah....I bet if you made a ski boot that tightened itself a certain way, it would be so much more convenient". That's a business. If you are trying to find something and it's hard to find or the only company that sells it has terrible customer service...that's an opportunity. Having trouble finding someone to actually show up and take care of your lawn on a regular schedule and have auto-payments set up each month? My company solves that little problem too.

That's what I recommend for getting started in business. Looking around for what unique opportunities you have that others don't. Because if you have something special already, it makes it infinitely easier than someone else doing the same thing without the opportunity you have. It's like this... which race would you be likelier to win... a race where you start off at the beginning with everyone else, or a race where you start off halfway done and everyone else has to start at the beginning. Use your advantages to your advantage and then you can always move to something else once you've got the "pile of money" advantage. Now that I have a little more cash I can do so many other things that I couldn't before. But once I've got a big ole' pile I can do a LOT more. At that point the problem I'll have is that so many things will be possible but not worth my time.
Thanks for your response. Do you think it’d be worthwhile to continue and expand my parent’s trucking carrier business? I can see it being possible to grow it by 5-10x and then selling it to a bigger logistics company.
 

Johnny boy

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Thanks for your response. Do you think it’d be worthwhile to continue and expand my parent’s trucking carrier business? I can see it being possible to grow it by 5-10x and then selling it to a bigger logistics company.
Think about it this way, you have something that 99% of people have no clue about, no access to, no experience with...you have a massive advantage and it would be the most likely chance for success. If you want to message me and we could chat more about it I could give my opinion on it.
 
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Kak

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Thanks for your response. Do you think it’d be worthwhile to continue and expand my parent’s trucking carrier business? I can see it being possible to grow it by 5-10x and then selling it to a bigger logistics company.
What sucks about the industry? What does the industry need? You know better than most.
 

thechosen1

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Thanks for your response. Do you think it’d be worthwhile to continue and expand my parent’s trucking carrier business? I can see it being possible to grow it by 5-10x and then selling it to a bigger logistics company.
@Johnny boy and @Kak are right.

I also come from a family biz. The big question is, do you have any ownership? When might you gain it? Is this something you’ll achieve in 5 years or 50 years - and is that OK with you?

Also consider that you might be able to do more than one thing, especially if this is giving you a good support network and stable foundation. You might want to try other things on the side - it could work, or teach you a lot.
 

Johnny boy

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@Johnny boy and @Kak are right.

I also come from a family biz. The big question is, do you have any ownership? When might you gain it? Is this something you’ll achieve in 5 years or 50 years - and is that OK with you?

Also consider that you might be able to do more than one thing, especially if this is giving you a good support network and stable foundation. You might want to try other things on the side - it could work, or teach you a lot.
It doesn’t even mean you have to be the owner or get anything from the current business. Help out, learn, get some money, and if they don’t want to let you grow, start your own. The point is that you’re deep into it and know the industry. “Knowing the industry” is a cliche but it’s incredibly valuable to have important information like years of hearing customer feedback, knowing which needs aren’t met, seeing where actual demand is, knowing about managing employees in that industry, I could go on and on for days about the advantages. In all honesty there’s probably 100 major things that you get as a benefit of being a part of a family business. I’ve got two friends who are doing mid 6 figures a year in their 20’s who don’t even fully own their family’s businesses they’re still killing it. Not taking anything away from them, they’re still great entrepreneurs.
 
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Kevin88660

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Hi Everyone,

Recently I’ve been feeling discouraged and somewhat depressed because I can’t find a business Idea to pursue.

I know MJ says to look for unmet needs and complaints, and to look for value skew opportunities.

Does anybody have any practical tips to find industries and how to find problems within them?
Look at where people are making the money.

Figure out what product/service they are delivering and serving what kind of need.

Look for area that you think you can out execute the existing business.

You don’t have to be first. Just cheaper, better or faster.
 

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