How did you select your business idea?

[Rincewind]

I started my first online business five years ago and sold it last year. All the time we didn't make big money, simply because our product didn't solve an existing problem. Since then I try to make the best out of the first approach and learn as much as possible.

I read "Will it fly?" from Pat Flynn and really like the idea of selecting a target group and then researching places, people and products to find the unsolved problems for that target group. It's kind of the way MJ describes the recognition of needs in the fastlane book, combined with a detailed process to execute that research.

So now I try to spot unsolved problems every day wherever I go. I try to speak with people in my everyday life I usually wouldn't speak to. I try to get the 'feeling' for the problems around me. I can get much better still, but looking for opportunities is a good thing. But when should I take a problem and commit to the execution?

Here is my question: How did you select the problem that you finally addressed with your business?

 

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[JokerCrazyBeatz]

I started my first online business five years ago and sold it last year. All the time we didn't make big money, simply because our product didn't solve an existing problem. Since then I try to make the best out of the first approach and learn as much as possible.

I read "Will it fly?" from Pat Flynn and really like the idea of selecting a target group and then researching places, people and products to find the unsolved problems for that target group. It's kind of the way MJ describes the recognition of needs in the fastlane book, combined with a detailed process to execute that research.

So now I try to spot unsolved problems every day wherever I go. I try to speak with people in my everyday life I usually wouldn't speak to. I try to get the 'feeling' for the problems around me. I can get much better still, but looking for opportunities is a good thing. But when should I take a problem and commit to the execution?

Here is my question: How did you select the problem that you finally addressed with your business?

Well being unsuccessful in my niche (hip hop, rap , & R&b music producer) for about 7 years luckily gave me a HUGE knowledge of the market . I can almost tell you what they like to eat for lunch lol . But using that knowledge applied with the ideals of business I'm creating hopefully one of the biggest "all in one" music platform online , I know what they want , and exactly what tools they look for to get there so why not bundle them all up with a pretty bow and sell it as a package deal ?

 

[Rincewind]

Well being unsuccessful in my niche (hip hop, rap , & R&b music producer) for about 7 years luckily gave me a HUGE knowledge of the market . I can almost tell you what they like to eat for lunch lol . But using that knowledge applied with the ideals of business I'm creating hopefully one of the biggest "all in one" music platform online , I know what they want , and exactly what tools they look for to get there so why not bundle them all up with a pretty bow and sell it as a package deal ?

That sounds great. Did you encounter a specific problem again and again that you want to solve now?

 

[JokerCrazyBeatz]

That sounds great. Did you encounter a specific problem again and again that you want to solve now?

Yes exactly

 

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[samuraijack]

I would say, if the problem you are solving is a big enough market, and you are really adding value go for it. If anything you will learn a ton. Then next time you have a better idea, you will execute that much faster and better.

 

[Ravens_Shadow]

Here's a story about how i selected a business idea, and decided not to pursue it, and then how I validated a current idea and started pursuing it to the fullest.

Last year I decided to try my hand at competing in the carbon xprize competition. Prior to signing up a team for ~$5,000 i decided to use what I call the $600 startup method. The essential goal is, if you can't validate an idea (within reason) with $600, it's probably not a very good idea to go with.

The world largest biofuels, biomaterials, and biotechnology convention was taking place in San Francisco and frankly, the cost of just the tickets alone to get into the convention were between $2,500 and $5,000 depending on when you bought them.

I called the guy who was funding the convention and hosting it, and asked him if i could simply volunteer because I couldn't afford to pay for the tickets. He agreed and said I could meet all the big bio company and oil company CEO's back stage as well.

So for $600, i got a round trip plane ticket and a 5 night stay in a cozy little hotel in china town about a mile away from the convention.

I had note books full of engineering drawings that I came up with to produce more efficient biofuels, along with a pitch to get a license from the xyz oil company CEO for one of their new algae's.

The day before the convention I got to talk to 20+ scientists about my idea and slowly learned why my idea wouldn't be feasible without hundreds of millions of dollars.

The next day, day 1 of the convention I talked to a few people who had personally raised hundreds of millions to find an answer for better biofuels. After learning just how difficult it would be to go even remotely fastlane with these ideas as they were all bleeding money. I called in sick for the other 3 days of the convention and explored San Francisco and enjoying the bay and talking to random people. So for $600 and a wonderful week in San Francisco, i learned that my business idea just wasn't that feasible by going to the one place where everyone in that space meets, and asking the right questions.

Not to mention I made fantastic friends and networking connections from it.


Now the short version of how I validated my current business idea. With my current business, I simply asked people if they would like xyz product or service. They agreed, so i gave them a sample of my product or service. They really liked it, told me what I could improve on with honest feedback. Then I improved on it and they saw that it was worth money, and I got a nice little contract from them. They then told their friends about what I can provide for them and their friends decided that my product or service had some market value to it.

I helped my fellow man, and the money came. I provided value, and the money came.

Hope this helps you out. Just go ask people what they think, offer your product or service for free, for honest feedback, build and improve on it, or leave it in the dust.

I spent 2+ months on my xprize drawnings and researching various chemical reactions etc so that I could do it. I learned it wasn't feasible, and I wasn't attached to it, so I let it go like i was supposed to. And i'm so much better off that I did.

 

[Rincewind]

Here's a story about how i selected a business idea, and decided not to pursue it, and then how I validated a current idea and started pursuing it to the fullest.

That's a great story, thank you!

I did a similar validation last year, but my idea wasn't feasible due to German tax laws. I wanted to build a platform for entrepreneurs to exchange their services with each other. While I got an email list of 200 interested people within one week, my lawyer told me about the risks and problems with such a platform, since I would introduce my own kind of currency. So I learned a lot and had to move on.

Since I'm a software developer, I tend to see solutions as soon as someone talks about a problem. I started too fast several times, so I still have to get better in deciding which problems to address and which not. And I still can get much better in seeing these problems in the first place.

 

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[5holiday]

I'm not sure how the pros on the forum do it, but I haven't seen others with much success when they sit down and brainstorm ideas.

When I think of the entrepreneurs that I personally know that have done well, they usually got there by branching off something they were already doing. They 'fell into it', if you ask them.

For example, one guy worked in legal putting deals together. Down the track he went out on his own putting the deals together himself. He knew the business and roughly had the same skills.

Another chap worked in a media company selling products to media companies. He noticed media companies kept having a particular problem so he made the product himself and sold to the same audience. Again, this guy knew the industry and used roughly the same skills.

I think you might know a few of these types of people aswell.

Meanwhile, I've sat down and brainstormed ideas which haven't worked out so flash because I was both learning the business/industry and the skills associated with that business. Ditto for basically taking other's ideas from the forum.

Now I wonder, what if we focused on learning a business from others and branching off on our own? Personally, I can only speculate.

 

[nradam123]

Here's a story about how i selected a business idea, and decided not to pursue it, and then how I validated a current idea and started pursuing it to the fullest.

Last year I decided to try my hand at competing in the carbon xprize competition. Prior to signing up a team for ~$5,000 i decided to use what I call the $600 startup method. The essential goal is, if you can't validate an idea (within reason) with $600, it's probably not a very good idea to go with.

The world largest biofuels, biomaterials, and biotechnology convention was taking place in San Francisco and frankly, the cost of just the tickets alone to get into the convention were between $2,500 and $5,000 depending on when you bought them.

I called the guy who was funding the convention and hosting it, and asked him if i could simply volunteer because I couldn't afford to pay for the tickets. He agreed and said I could meet all the big bio company and oil company CEO's back stage as well.

So for $600, i got a round trip plane ticket and a 5 night stay in a cozy little hotel in china town about a mile away from the convention.

I had note books full of engineering drawings that I came up with to produce more efficient biofuels, along with a pitch to get a license from the xyz oil company CEO for one of their new algae's.

The day before the convention I got to talk to 20+ scientists about my idea and slowly learned why my idea wouldn't be feasible without hundreds of millions of dollars.

The next day, day 1 of the convention I talked to a few people who had personally raised hundreds of millions to find an answer for better biofuels. After learning just how difficult it would be to go even remotely fastlane with these ideas as they were all bleeding money. I called in sick for the other 3 days of the convention and explored San Francisco and enjoying the bay and talking to random people. So for $600 and a wonderful week in San Francisco, i learned that my business idea just wasn't that feasible by going to the one place where everyone in that space meets, and asking the right questions.

Not to mention I made fantastic friends and networking connections from it.


Now the short version of how I validated my current business idea. With my current business, I simply asked people if they would like xyz product or service. They agreed, so i gave them a sample of my product or service. They really liked it, told me what I could improve on with honest feedback. Then I improved on it and they saw that it was worth money, and I got a nice little contract from them. They then told their friends about what I can provide for them and their friends decided that my product or service had some market value to it.

I helped my fellow man, and the money came. I provided value, and the money came.

Hope this helps you out. Just go ask people what they think, offer your product or service for free, for honest feedback, build and improve on it, or leave it in the dust.

I spent 2+ months on my xprize drawnings and researching various chemical reactions etc so that I could do it. I learned it wasn't feasible, and I wasn't attached to it, so I let it go like i was supposed to. And i'm so much better off that I did.

Great read.

 

[JAVB]

I called the guy who was funding the convention and hosting it, and asked him if i could simply volunteer because I couldn't afford to pay for the tickets. He agreed and said I could meet all the big bio company and oil company CEO's back stage as well.

Your story is inspiring... but the part I'm quoting is really what made the huge difference. Calling the host of such a big conference and asking to volunteer? Just because you couldn't afford it? That's thinking out of the box.

I'm not sure how the pros on the forum do it, but I haven't seen others with much success when they sit down and brainstorm ideas.

I completely agree with you. In fact, I'm in the middle if this issue right now. I've been investing lots of energy brainstorming and it doesn't feel like making much progress. This post reply talks to it.

 

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