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I am taking a long time to choose a startup idea.

JohnFuture

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Hi guys,

I have many ideas written down for a while (long time) and I have been postponing to execute any of them because I don't know if the idea is worth to invest.

I do know that the action is the key and I could course correct if something goes wrong. But still, what would you do?

Would you make surveys and better know your customer, or just execute the best idea and work from there? What pre-tests should I do before completely wasting many hours of hard work?
 

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Davejemmolly

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No risk no reward!

Pick your best idea, and make a minimum viable product (MVP). Then get your concept in the hands of a select group of customers that will give you brutal feedback.

Iterate on that feedback to make the product better.

Rinse and repeat!
 

RazorCut

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The learning is in the doing. Pick one.

I think someone quoted Gary V on here recently with his words:

Ideas are shit, execution is the game.

You will learn nothing until you pull the trigger. You are just another wantrapreneur and you don't what to be that do you?

If they all have merit pick the one that if successful fits closest with your principles and the way you want to live your life. If finances are an issue pick one that will cost the least to set up.

Once you pick one take all the others and bury that list deep in an archive someplace as you do not need distractions. You FOCUS on that ONE project EXCLUSIVELY. I can't emphasise how important that is.

If you need to pre-qualify the idea then once you have picked one find out where your avatar hangs out and join their community. See what pain points you can discover. Your business could well have to adapt when you have more data.

If it's a product see if there is anything similar on Amazon and see what reviews it has to gauge sales potential.

If it's totally new get some image mock ups done, build a landing page and get a Google Adwords voucher and test market it.

There are loads of things you can do but don't do the dumb action faking of:

Finding the perfect domain name
Get a company registered
Have business cards manufactured
Pontificate on your corporate colours
etc..
etc..

And lastly don't be afraid of failure. It's not failure it's feedback. This building a business is a test. It's an experiment. If it works, great! If it doesn't you take what you have learned and apply it to your next experiment.

_
 
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JohnFuture

JohnFuture

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Guys, amazing responses. I do like 'MVP concept.

Thus, the conclusion is to execute something rather than nothing.

But isn't the point to keep going forward without asking customers for the feedback at the beginning?

I have two ways in my vision that I would like to do.

1. Deliver product/service within the IT (as I like technical stuff) and I know IT can solve many people problems in my case deal with IoT.
2. Be a life coach/mentor anything that allows me to speak in public and make an impact.

I am trying to figure out if I can link or do both, or perhaps I would serve best in the second after I would have some experience in the first choice? Or perhaps I can relate my current life experience I have already?

Otherwise, there are many 'entrepreneurs' that deliver obvious things for a fee (but I am not here to judge, I just want to deliver the best as possible).

But as always there are this idea butterfly getting in my head producing new ideas, then thoughts perhaps I should stick with social media business, then with a car business.. etc. it drives me nuts.

What would you do?
 
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MetalGear

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Where do you see yourself creating the most value?

I am in the same boat. So many ideas, and am just finishing up a real estate venture.

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The Abundant Man

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Where do you see yourself creating the most value?

I am in the same boat. So many ideas, and am just finishing up a real estate venture.

Sent from my SM-G935V using Tapatalk
Let's cure type 1 diabetes

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Robert Hull

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I'm in the same boat as you JohnFuture, I'm leaving my current niche which I have been in for over 10 years, and looking for something new to get into.

A couple things I'm keeping in mind:

- Make sure you put at least as much focus on what the market wants, as you do on what works for you and what you are good at. In my next venture, I will be making sure there are already plenty of competitors selling to the market and making boatloads of money.

- In the beginning, find something you can test QUICKLY with a small-enough capital investment.

Regarding your questions

Would you make surveys and better know your customer, or just execute the best idea and work from there?
Please please please do NOT just execute your idea without knowing if people are willing to pay for it. That's a surefire way to failure.

What pre-tests should I do before completely wasting many hours of hard work?
One important test you can do before creating anything yourself, is to make sure other people are already making money selling exactly or almost exactly the same thing as you are planning to sell.

Another pre-test is to survey and ask people in your target market if they would be willing to buy what you plan on selling. A great place you can see this in action is in the show, The Profit, where Marcus Lemonis uses focus groups to get insight into a product before investing in it fully.
 

civilpro

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Start with small steps. One thing I do with my ideas is purchase a .info domain for $1 on godaddy and create a web page for the product. For me this is fun, easy, cheap, and quick. I just find a free template and change the text and pictures and I create a website in 10 minutes. I just created something and that feels good gives me positive feedback about myself.... remember its all about feedback loop.

Or, draw pictures of your idea/product on paper and upload them to instagram. Ask people if they would be interested in your product, ask for feedback.

Remember the feedback loop. If you get a few people liking your idea that's motivation right there.

Its like working out. Which muscle should I work out???? You can't work them all out, just pick a few muscle groups and see if you can improve those. Many people start with dumbells and see their results and that gives them the feedback to move to other muscles.
 

MetalGear

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  • Create a list
  • Research and rank your ideas
  • BUT give yourself a deadline to decide and then just GO
"... you simply won’t know what’s needed until you need it. The odds of picking the right weapons before they’re needed are about as far-fetched as someone picking pepper spray and plastic for the forest. In the end, we confuse preparation and busywork for execution, when the real mettle comes from entering the forest and experiencing firsthand what the game demands."
 

PureA

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Deadlines.

Give a friend £XXX and then if you don't hit your deadline, he gets to keep the cash/donate it to something you hate.
 

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ZeroTo100

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Most importantly, I think a good place to start is where your personal insight/knowledge is.

From there, I would do a quick google search into the market - see what kinds of sites are running. Take notes on things you like, things you don’t like, and how you can differentiate yourself.

There are many online models to choose from. That may be a good place to start.

How I’ve started in the past and how many successful people I know got to where they are is from putting the work in to learn first. You see it everywhere - guys on this forum (insurance guys getting their licenses, finance guys learning the business). How could you launch an authority site without actually using the product or knowing the market? You can’t! So start there.

When I launched my event business, I worked for someone first. Then eventually, I launched my own business and built a team through networking.

I posted this on another thread and I think it’s suitable here...

I think you need a SKILL AND A PROBLEM! It doesn't matter what that skill is...

Master a skill set so that you can increase your value to others. This may not get your super wealthy, but you'll never go broke. People are always looking for ideas, ideas, ideas, ideas....Master a skillset that aligns with your personality FIRST, than execute on providing value. Learn how to drive paid traffic, learn funnels, lead gen, direct response marketing, importing, amazon, learn copy, learn SEO, design...Pick 1 skill to learn and become a master of it to a point where it's an art.

Than, use that art to solve a problem and prove your value to your customers. Everybody has problems bro throughout their everyday life. If you don't, go get one. It's not only about problems either...People have needs...They have emotions...They have feelings...Sell something they want!

Utilize that skillset to make money.

Perfect example are members on this forum..They have become so good at making money on selling on amazon that now, not only are they using that still to continue to make money on amazon but they are selling YOU services and products to make money on amazon. They are selling you the tools, the shovels that you need and they are doing it at the perfect place - a place where entrepreneurs congregate.

Use your skills to provide value[/QUOTE]

Let me know if you want to talk. I’m finishing up a RE deal myself but I have some ideas too. I also have some skills.
 

JH23

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I think you need a SKILL AND A PROBLEM! It doesn't matter what that skill is...

Master a skill set so that you can increase your value to others. This may not get your super wealthy, but you'll never go broke. People are always looking for ideas, ideas, ideas, ideas....Master a skillset that aligns with your personality FIRST, than execute on providing value. Learn how to drive paid traffic, learn funnels, lead gen, direct response marketing, importing, amazon, learn copy, learn SEO, design...Pick 1 skill to learn and become a master of it to a point where it's an art.

Than, use that art to solve a problem and prove your value to your customers. Everybody has problems bro throughout their everyday life. If you don't, go get one. It's not only about problems either...People have needs...They have emotions...They have feelings...Sell something they want!

Utilize that skillset to make money.

Perfect example are members on this forum..They have become so good at making money on selling on amazon that now, not only are they using that still to continue to make money on amazon but they are selling YOU services and products to make money on amazon. They are selling you the tools, the shovels that you need and they are doing it at the perfect place - a place where entrepreneurs congregate.

Use your skills to provide value
Not to hijack the thread but, I joined the forum two days ago.
Yesterday, I finished reading TMF.
I've spent 2 hours tops browsing the forums. A number of posts, including, in particular, this one, have already helped a huge amount in helping me clarify just what it is I'm trying to do.
Thank You. Much appreciated.
Good Luck with whatever you're working on.
 

maverick

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Flip the ideas on their head.

How are you going to find customers? Which idea gives you the easiest access to customers? (e.g. because you work in this industry/field)

Without customers you don't have a startup but a hobby.
 

babyballer

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If you are indecisive and not taking any action, it is because there is something wrong with your body. A healthy brain will be able to make decision based on the information available. I would suggest you do a total detox and take care of yourself before even thinking to start any business.

=> https://thesupermandiet.com/detox/
=> How to Tell if You Have a Healthy Brain - Steve Pavlina

All the best.

Edit: Gary V is full of shit, do not listen to him.

Hi guys,

I have many ideas written down for a while (long time) and I have been postponing to execute any of them because I don't know if the idea is worth to invest.

I do know that the action is the key and I could course correct if something goes wrong. But still, what would you do?

Would you make surveys and better know your customer, or just execute the best idea and work from there? What pre-tests should I do before completely wasting many hours of hard work?
 

ZeroTo100

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Not to hijack the thread but, I joined the forum two days ago.
Yesterday, I finished reading TMF.
I've spent 2 hours tops browsing the forums. A number of posts, including, in particular, this one, have already helped a huge amount in helping me clarify just what it is I'm trying to do.
Thank You. Much appreciated.
Good Luck with whatever you're working on.
Thanks brother. Don’t be afraid to share what you’re working on in a progress thread. You don’t have to be totally transparent but sometimes the progress threads will help you stay on track and get constructive criticism.
 

minivanman

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If all else fails.... write them each down on a separate small piece of paper. Put them in a hat.... draw 1. Taadaaaa It should be started within 2 days of the drawing.

This also works for bills at the end of the month if you don't have enough money to pay them all and you are trying to decide which ones to pay. And that way you can tell those bill collectors that continue to call...... you keep f'ing around and you won't even get put in the hat to have a chance.
 

eliquid

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Wow, there are some really bad answers on here. lol

What are you an authority in?
What can you scratch of your own itch?

Combine both of those, and you will have narrowed down your list and increased your odds a bit.

.
 

Bdenner64

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If you are indecisive and not taking any action, it is because there is something wrong with your body. A healthy brain will be able to make decision based on the information available. I would suggest you do a total detox and take care of yourself before even thinking to start any business.

=> https://thesupermandiet.com/detox/
=> How to Tell if You Have a Healthy Brain - Steve Pavlina

All the best.

Edit: Gary V is full of sh*t, do not listen to him.
...Detox. Healthy Brain. Are you serious?
 

MetalGear

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Wow, there are some really bad answers on here. lol

What are you an authority in?
What can you scratch of your own itch?

Combine both of those, and you will have narrowed down your list and increased your odds a bit.

.
Listen to this guy, he knows what he is doing. :cool:
 

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