How did you find your industry??

[Andy Black]

You're consuming a lot of content OP.

Would you say you're on team Consumer or team Producer at the moment?

Which team do you want to be on?





"You don't learn until you launch." (Dan Norris)


Here's another post that might help:

• Launch and Learn

 

[Andy Black]

"You don't need to be an expert."

 

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[ZeroTo100]

I feel like nobody has experienced this more than I have, but now I'm learning it seems to be a common thing.

I'm trying to attack it from multiple angles. I'll explain more in my progress thread about how i'm dealing with it.

I've had some success in the past, and a lot of failure after. I've also experienced idea overload.

Here is what i'm learning...

A) If you're selling a physical product, the product doesn't really matter all that much. Find something that you can change just a little bit. The problem doesn't have to be that big.I think the way it's marketed has more to do with it.
B) You don't have to have passion to build something successful. When you start making money, YOU'LL DEVELOP PASSION for business. Put passion into building a brand, not the product. It makes sense too. If you sold junk cars for $600 a pop and you were selling 9 a day, or selling gold watches and making $200 but you only sold 1 a week...Which do you think you would have more fun with?
C) F.O.C.U.S - FOLLOW ONE COURSE UNTIL SUCCESSFUL...

(C) I'm still currently trying to figure out. I've got multiple things going on and I'm trying to validate projects before I decide to focus on the 1 that will get me to where I want to be. I really think passion is BS. You can have passion for other projects after your successful and made some money...

Good luck!

 

[Mr4213]

This question is aimed more at the people who have already achieved noteworthy success in a field.

I read A LOT of books related to business and finance. I listen to podcast all the time (Recently I have been listening to some of Mj's interviews and youtube) I read blogs (Like Mark Cuban) I'd say at minimum I spend 12 hours a day just learning s**** relevant to business. Some days I even read two books and take notes on them. I studied 14 hours a day and taught myself JavaScript in one week (The fundamentals) I have learned a good amount of information, but while useful, I feel it is too broad. I also have nothing tangible to apply that knowledge to.

I want to be focused on one single industry and kick a** at it. If I spent the 12 hours a day learning I do now on one single focus I feel I would be able to do so much more and I could actually start producing tangible results. I would be able to analyze one specific industry and identify opportunities with it.

I feel that my biggest issue is that I can not choose a industry to jump into for various reasons.

So for all of you successful fastlaners out there, how did you choose your industry?

Were you searching for a need and found one? Then jumped into the industry?

Or did you already have a set industry and then you found needs within it?

Should I stop analyzing and just say f*** it and jump into something and give it my all?

And what advice would you give to someone in my situation?

Thanks for any and all insights.

 

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[sWALK90]

I just said f*** it and jumped into something i knew and since then ive learned alot more about it ....

 

[CPisHere]

My wife's kid's retail store came from her love for kids, which gave her a target market, which lead us down the rabbit hole of filling needs.

My janitorial company came from researching business models that would be inexpensive to start/scale. A key factor was that I was my own customer, as I will be selling to people in the same position as my full-time job.

 

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[illmasterj]

I picked IT because I was always good on a computer. A friend picked dentistry because he knew there was heavy demand and not enough supply. Another became a printer because an opportunity presented itself at the right time (he just sold his printing company for multiple millions). Many went into construction because they didn't know what to do and it was the family trade.

Don't over think it, the more things you try the better idea you will have. Better to try something for a while, hate it and know rather than researching what you might like online. Experience is great for personal growth.

 

[jesseissorude]

Start with the customer.

Who is a community of people that you would wake up every day excited to help?

I'm an electrical engineer with an extensive background in rapid prototyping and digital design... so I was pretty much always going to make electronic doodads to sell. But--without getting into too much detail about what I do--I also belong to a community of people that loves buying new devices for their hobby/job and will spend extravagantly on just the right one.

Sorry to be vague, I just don't want to share too much about what it is that my business sells, but the point is this:

I chose the customer first, then found where my skills intersect with a need they had.

 

[Jon L]

Thank you for you wisdom , however that seems to be my issue . I'm not sure what you mean by dig into "something" .

start with an industry that:

1) You have a little bit of interest in
2) Already has people spending money

And do something...anything...even freelancing.

For example: I've been around the computer industry for years, and I like computers. So, I started doing freelance Access programming. My eventual goal is to build a SaaS business. Right now, though, I'm still doing custom software, but I'm managing the process and am not doing programming anymore. I hire people to do that for me.

The fact that I was a freelancer and in control of my own destiny gave me the ability to change my business slowly but surely into something that is more than just a freelance gig.



...

If you like cars, become a car detailer. I met a guy that did very well for himself detailing luxury cars for rich people in Montecito. He had a whole crew of people working for him. While I think he does some of the work himself, he was the chief salesman, and he was very good at that part of his job. Who knows where he is today, but he could have used that business to build into something bigger.


...


yeah, sure, CENTS is great (read MJ's book), but some people like me need to start with something more basic and build from there.

 

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[ilrein]

This is similar to asking: what's the meaning of life, why should I be alive?

Isn't there any field that peaks your natural interest? Is there any subject that captivates your imagination?

 

[GuestUserX09]

My industry found me. (lol being dramatic.) I literally just started doing what I thought seemed cool and had a decent payoff. After a several years of toying around you'll forget that your toy projects are now big boy projects worth money. Do it for fun at first or you'll be disappointed.

Or like @sWALK90 said.. just pick something.

As @Andy Black said.. You don't need to be an expert but.. for me, I was never really confident about my work or making much money until I at least knew most of what was going on in the industry.

 

[ApparentHorizon]

I want

I DON'T KNOW WHERE TO FIND MARKETS

What do other people want?

 

[Jon L]

You won't really find your industry until you dig into something with everything you have.

Its not as bad as it might sound - when you actually do dig into something, it will likely morph over time into something that matches your core skills and interests. You won't know what those skills and interests really are, though, until you dig in.

Keep learning and reading, just don't do it 12 hours a day...1 hour a day is plenty. You'll learn much more by doing.

 

[Empires]

Looking for industries then finding needs is backwards in my opinion.

I didn't worry about what industry to be in. I just looked for needs in my day to day life and found many needs every day.

Ideas came from commercials, articles, thought sessions, etc. Not all of the ideas will suit you.

Keep a list of ideas and then narrow it down until you have the one that interests you most.

But don't get stuck on that step like I did, you eventually have to pick one and execute.

 

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[Andy Black]

This question is aimed more at the people who have already achieved noteworthy success in a field.

I read A LOT of books related to business and finance. I listen to podcast all the time (Recently I have been listening to some of Mj's interviews and youtube) I read blogs (Like Mark Cuban) I'd say at minimum I spend 12 hours a day just learning s**** relevant to business. Some days I even read two books and take notes on them. I studied 14 hours a day and taught myself JavaScript in one week (The fundamentals) I have learned a good amount of information, but while useful, I feel it is too broad. I also have nothing tangible to apply that knowledge to.

I want to be focused on one single industry and kick a** at it. If I spent the 12 hours a day learning I do now on one single focus I feel I would be able to do so much more and I could actually start producing tangible results. I would be able to analyze one specific industry and identify opportunities with it.

I feel that my biggest issue is that I can not choose a industry to jump into for various reasons.

So for all of you successful fastlaners out there, how did you choose your industry?

Were you searching for a need and found one? Then jumped into the industry?

Or did you already have a set industry and then you found needs within it?

Should I stop analyzing and just say f*** it and jump into something and give it my all?

And what advice would you give to someone in my situation?

Thanks for any and all insights.

@Mr4213 ... read this thread:

• Learnings from 700+ PMs with fellow forum members

 

[Leo Hendrix]

Do you have a job?

You could start off with any position in something that interests you and preferably in a position that you can see how the whole operation is run etc.

Another way, utilize what you have learnt as a service somehow to someone who can pay you for it or offer mentoring, equity or something else valuable in return, you could find something like this via craigslist for example if you cant find someone locally.

MJ found his opportunity while working and being active out in the real world in some field, so its better to get out there somehow.

 

[CaptainAmerica]

Sometimes, it's a matter of letting your mind percolate quietly in the background. Then you wake up one day and go, "Oh, people are already asking me for this product/service/advice. There may be a bigger market here."
Or the more you talk to customers, the more they tell you what they want. After my 3rd big customer asked for a book club, I created a turnkey club for their companies. I should have done it for the first.
Or, events just coalesce, and you're in the right place at the right time. I'm finishing up a book, and got a reminder notice from a trade forum. Hey, EP on the East Coast is about to retire...and his site still looks like crap. And, it's an election year... hmmm.... there's definitely an opportunity here!

You never know how the idea comes, or when. Write down all your quirky ideas. Just remember, action precedes motivation. I would never have been able to take advantage of the next big product development if I hadn't kept up with industry news, and maintained certain relationships.

 

[BeFound Faithful]

Shift from consumer to producer. I'm not too far ahead of you but that shift is necessary. I wish knowledge (don't get me wrong i'm reading stuff all the time) = $$$ like many of us were raised to believe but it's not true.

 

[WinTheDay]

What do other people want?

Thank you for thatI guess I was really frustrated not being able to get what I want and lost focus on what's really important like you said is what other people want .

Shift from consumer to producer. I'm not too far ahead of you but that shift is necessary. I wish knowledge (don't get me wrong i'm reading stuff all the time) = $$$ like many of us were raised to believe but it's not true.

Thank you for taking the time to post this , my thing is when you say shift from consumer to producer are you speaking in all aspects of your life . Or just key parts , examples if you don't mind
I must admit I'm consuming tons on stuff , books , podcasts ( listening to a podcast right now ) , motivation blogs , etc .. I'm taking in so much but releasing nothing . Very frustrating .

 

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[Jake]

I bought a product made from a under utilized material. I thought to myself..what else can I make from this?

 

[Jon L]

Thank you for this , I'm going to be following your first two steps thoroughly until I find something that fits good ! Thank you .

I occasionally freelance on Upwork I guess I'll get back to that not interesting in the least just brings in income .

when you do get back to freelancing, focus on what kinds of problems your clients are facing. See if you can enlarge the project they hired you for - not because you're trying to get more out of them, but because you've found something they truly need that they didn't know about before they talked to you.

Get into that mindset as soon as you can, and your freelance gig will grow quickly.

 

[ApparentHorizon]

https://www.google.com/trends/

 

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[Mr4213]

You're consuming a lot of content OP.

Would you say you're on team Consumer or team Producer at the moment?

Which team do you want to be on?





"You don't learn until you launch." (Dan Norris)


Here's another post that might help:

• Launch and Learn

I 100% agree, I have been thinking the same thing myself.

I would not consider the learning a waste though. If not for the books, I would be just another one of the masses after all. After reading a good book I have never regretted the lessons taught.

Believe me though, I am 100% ready to jump in. Just having issues finding what I would like to be involved with. Everything I have seen so far is just crowded and has low barriers to entry which I avoid for obvious reasons. I want to create real value and innovate. Not be another interchangeable business with margins competed away.

So up to this point I have just been learning and seeking out needs that need to be solved and or looking for things to improve on.

 

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[David Young]

There are a multitude of different areas to consider with a given industry. I can claim a degree of technical expertise in my chosen field, but this doesn't even begin to touch on all the other relevant fields (logistics, HR, finance etc). An alternative approach would be to consider a product or service that be applied to multiple industries. This would also provide some hedge against the economic cycles of a single industry.

 

[Sheps]

Did you read MJ's book yet?
http://www.amazon.com/dp/0984358102/?tag=tff-amazonparser-20

It's like Andy said; Help people.

 

[WinTheDay]

It seems that I am going through the same exact problem/phase as OP, it seems the hardest part for me is just picking an area. I'm not really concerned whether I will like it or not I'm more focused on just getting started and gain the experience and momentum I want.

I wouldn't say I'm indecisive it's more along the line as finding something that I believe has a reasonable chance of working.

I DON'T KNOW WHERE TO FIND MARKETS

 

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[TonyStark]

IT FOUND ME

 

[WinTheDay]

start with an industry that:

1) You have a little bit of interest in
2) Already has people spending money

And do something...anything...even freelancing.

Thank you for this , I'm going to be following your first two steps thoroughly until I find something that fits good ! Thank you .

I occasionally freelance on Upwork I guess I'll get back to that not interesting in the least just brings in income .

 

[Paul Thomas]

my industry found me.



but really - although I'm very new in what I'm pursuing, I just jumped in to something I saw demand for.

 

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[BeFound Faithful]

Thank you for thatI guess I was really frustrated not being able to get what I want and lost focus on what's really important like you said is what other people want .




Thank you for taking the time to post this , my thing is when you say shift from consumer to producer are you speaking in all aspects of your life . Or just key parts , examples if you don't mind
I must admit I'm consuming tons on stuff , books , podcasts ( listening to a podcast right now ) , motivation blogs , etc .. I'm taking in so much but releasing nothing . Very frustrating .

WinTheDay,

On what business to choose....

What need do people have that your strengths can help address and meet?

About switching from consumer to producer...

The idea is somehow to force change your thinking. I would suggest making yourself answer this question (and others) but maybe this to start.

With all this that I'm learning how am I going to put it to work?

and you could ask yourself

How can I make the transition from trying to get to actually giving?

The uncomfortable part is not letting yourself off the hook.