The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

Question About Domain Experience

Remove ads while supporting the Unscripted philosophy...become an INSIDER.

G

Guest92dX

Guest
@MJ DeMarco

I'm 2/3rd's of the way done with Unscripted. I'm enjoying it better than TMF.

My question is why "idea extraction" is knocked. I was following along and then lost your train of logic. About 10 minutes earlier in the book you list several "trends" that were started in society. I take issue with the "BigCommerce" listing.

It feels like part of the book was punted.

BigCommerce the multi-billion dollar company was started by idea extraction, not domain experience.

However, you say that asking about problems plays second fiddle to domain experience. The guy only had domain skills. He could program and design, nothing else.

I do however understand that people on the forum who half-heartedly try extract ideas without giving a real shot are bad. I do understand that it takes more than just posting on a forum.

Where I'm stuck is the area of why you think finding problems without domain experience means you'll play second fiddle.

----

Fwiw, I did my best to get a "job" and spent time learning skills. I didn't understand process at first, but I was giving my all.

All that learning to get a "job" amounted to 30 - 50 first rounds, 0 second rounds, and 0 offers. By the time I had done all that stuff, I had put in over 1k job applications.

WTF!?

I literally live in the second worst place in America to get a corporate job or all around bum a$$ job anyway. This is not an excuse also. If I really wanted to now, I think I could find a way to get a job with a deadbeat a$$ company that could barely or fail to pay on time.

However, I don't really see how me doing my GD best and even trying to change my situation means that I'll play second fiddle just because I didn't "work" in the industry first.

---

IMHO please explain this.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

OP
OP
G

Guest92dX

Guest
@Vigilante @JAJT @Andy Black

Someone please explain. I'm asking a legitimate question about the book.

There is one-liner at the end of the chapter where MJ says something to the effect that effort negates this, but there is some real meat to the statement.
 

amp0193

Legendary Contributor
EPIC CONTRIBUTOR
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
May 27, 2013
3,198
14,218
2,804
United States
IMHO please explain this.
If you work in the space, you're immersed in it daily, and the problems and opportunities are right under your nose constantly.

If you're on the outside looking in, you're trying to "extract" this experience from others, without a real idea of what you're looking for. It's like finding a needle in a haystack, except you don't know you're looking for a needle.

However, I don't really see how me doing my GD best and even trying to change my situation means that I'll play second fiddle just because I didn't "work" in the industry first.
So do you GD best then, and tell us how it goes. People have done it. It's just a more difficult path than leveraging past work experience.


P.S. Tagging all of the forum mods after you don't get a response in 24 hours comes across as a little rude.
 
OP
OP
G

Guest92dX

Guest
P.S. Tagging all of the forum mods after you don't get a response in 24 hours comes across as a little rude.
Oops, I didn't know man. I won't do it again.

Of course I'll give my best. That's all there is to give. I was previously caught up on the idea that most successful people had domain experience. So, the result is that you're kind of stuck on winning the job lottery for a) growing industry b) position that exposes you to interesting problems.

I've also looked at Scot's thread completely and realized that domain experience doesn't necessarily have to come from a job like it was stated in the book.

It's not linear.

So, Maybe it's not true (about the successful people part). Or, if it is true then you can just pick something interesting and learn about it, while getting involved in groups and stuff.
 

ZF Lee

Platinum Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jul 27, 2016
2,341
4,134
1,026
22
Malaysia
If you work in the space, you're immersed in it daily, and the problems and opportunities are right under your nose constantly.

If you're on the outside looking in, you're trying to "extract" this experience from others, without a real idea of what you're looking for. It's like finding a needle in a haystack, except you don't know you're looking for a needle.



So do you GD best then, and tell us how it goes. People have done it. It's just a more difficult path than leveraging past work experience.


P.S. Tagging all of the forum mods after you don't get a response in 24 hours comes across as a little rude.
It is more of a psychological thing.

To really experience the industry at large would be to understand which idea is relevant, and what ideas can be joined together into a steady process.

Idea extraction CAN work, but do you understand how to put the pieces together?

And consider that the people you ask can have their own biases or cognitive dissonances. They may have opinions that may not 100% reflect the actual stuff.

Do you have time to weed out the cream from the data?
 
OP
OP
G

Guest92dX

Guest
Ok, this makes some more sense. I get it now.

People say what THEIR problem is not what EVERYONE's problem is. So that means you have to work even harder to find out what the general consensus is. Whereas if you're in a job you'll have a general consensus of the problems.

I don't fully agree with the line of thinking though. A retail service person or fast food employee won't be exposed to significant problems to sell to the industry. I had a job like that.

Usually people in decent roles at a company get to see the problems out there. I don't think all jobs were created equally.

I saw one problem while working retail. These people had bought some cheap kitchenware, but it broke in their food leaving glass all over the edible stuff. They were pissed. Was it a general industry problem? No. Not in my current experiences having bought cheap kitchenware. It was a problem with that specific company's line of products.

Fwiw, I'm probably overthinking this. Most actions aligned with your goals and strategy are good. There are a million ways to skin a cat.

Thanks guys!
 

ZF Lee

Platinum Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jul 27, 2016
2,341
4,134
1,026
22
Malaysia
I saw one problem while working retail. These people had bought some cheap kitchenware, but it broke in their food leaving glass all over the edible stuff. They were pissed. Was it a general industry problem? No. Not in my current experiences having bought cheap kitchenware. It was a problem with that specific company's line of products.

Fwiw, I'm probably overthinking this. Most actions aligned with your goals and strategy are good. There are a million ways to skin a cat.
I'm wondering why people have phased out of using metal plates.

I use a bunch of them for steaming vegetables and having rice, and they have lasted me since CHILDHOOD.

Although you don't have to be the user of the product belonging to the industry you want to tackle, the user experience itself can help too.

I'm currently working on the household market. I do most of my house chores, unlike most males, and I found some lackings in my present tools.

Numerous entrepreneurs have discovered their ideas as well as industry insights as users of inferior products as well.

James Dyson got sick of crappy bag vacuum cleaners.

Joy Mangano had problems with her mop when working as a waitress.

You don't need to use the competing products for years. Same goes for jobs. You don't need 10 years to work at a job to know an industry in-depth.

Work, use, get what you need to know, and go provide value.

Chances are, it MAY OR MAY NOT be enough, but there will be more better gumballs in your machine.
 

biophase

Legendary Contributor
EPIC CONTRIBUTOR
FASTLANE INSIDER
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 25, 2007
7,291
33,856
5,083
Scottsdale, AZ
Where I'm stuck is the area of why you think finding problems without domain experience means you'll play second fiddle.

IMHO please explain this.
This is because you will never know all the intricacies of a niche unless you are immersed within it. Just like your Bigcommerce example, you can tell that the people running Bigcommerce have never owned their own online store. They never knew what features the store owners wanted.

If you look at my first post in this thread (GOLD - I will help you find a product to sell on Amazon), do you think someone who does not own a coral reef tank can sell coral frags?

Seller #1. Doesn't have a coral reef tank. Yes, can sell them but doesn't really understand them. It's easy to take photos and list them run PPC to them. But that's about all he can do.

Seller #2. Has many coral reef tanks. Continuous improves upon coral plugs year after year. Runs a FB page all about coral growing. Has 25k follower IG account with daily progress photos and innovations.

So year after year, Seller #2 is innovating. Seller #1 can only copy. 5 years later, Seller #2 is 50x bigger than Seller #1.
 
OP
OP
G

Guest92dX

Guest
@biophase

If I do pull ideas then I need to immerse myself in the industry after the product is built. I need to understand my customers and work to understand the industry.

What you said sounds like a challenge more so than a hindrance. It sounds like a process that can be learned.

Basically, make my industry my hobby right?

Edit: I read your entire Amazon post
 
Last edited by a moderator:

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
30,694
112,689
3,751
Fountain Hills, AZ
My question is why "idea extraction" is knocked.
I never knocked it, just expressed frustration at the # of entrepreneurs who think it eclipses domain experience.

I never need to get a job, I'll just idea extract!

Living domain experience and the problems is > "What problems do you have?"
 
OP
OP
G

Guest92dX

Guest
I am also interested in metal plates. I think people stopped making metal plates because the cost per lb of metal is too great. Metal also isn't microwavable I think. Don't know how old you guys are though.

If you look at scrap metal prices or straight out of the mine prices they're pretty high right now for most kinds of metal.

Copper = $1/lb+ @ just over scrap
aluminum = .75c/lb+ @ just over scrap
Iron = not sure
nickel = not sure

I imagine the last two are actually pretty expensive as well. You can't really make a normal sized plate and sell it mass market when the cost of a total set of plates would be like $100.

You're looking at the cost of electronics for a set of plates and saucers. The thinnest crappiest metal pots go for like $20+ and those prices are just like 5lb lightweight pots. Working backwards, 40% retail margin, minus 25% personal margin (sustainable business) on a $50 pot is like $12 - $15 in just production. This is for a roughly 10lb or 12lb multi-quart super pot. Divide it by 5 and you're looking at $2 or $3 each plate for production at scale (found it in Walmart fwiw).

$3 2lb plate + 50% retail + 30% personal margin = $5.50 per plate at rock bottom

+20% error

$6.50 or $7 per plate

5 plates 3 saucers and you're looking at spending like $50 before tax.

I never knocked it, just expressed frustration at the # of entrepreneurs who think it eclipses domain experience.

I never need to get a job, I'll just idea extract!

Living domain experience and the problems is > "What problems do you have?"
Understood. My point was more like it felt wrong that I don't even have a shot after being rejected like 1k+ times from a job. I even read business books and vocation specific books, but they want actual experience. Getting an interview wasn't hard. Getting in front of a hiring manager was the difficult part.

I tried every suggestion to beat the rigged game.

Extended employment length history. Check.
Told the truth. Check.
Tried to appeal to what they're looking for. Check.
Lie/fudge the truth. Check.
Show up on time. Check.
Look up interview questions. Check.
Try new platforms. Check.
Optimize the resume. Check.
Shorten the resume. Check.
Take courses. Check.
Lengthen the resume. Check.

Consider going back to college for a post-bac or advanced degree and taking on more debt. f*ck YOU.

Doing all of that and not getting a job for what is now like 3 years left a really bad taste in my mouth. It's a rigged lottery system where it's exactly who you know and not how hard you've worked.

Then I hear about people with 1 year of experience getting jobs where the requirement is like 10+ years, yet I can't pull off the 3 year or 0 year experience listings. WTF?

Thank you for clarifying MJ.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

Last edited by a moderator:

Bernardo D

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jan 31, 2018
7
14
22
38
Amsterdam
Came here to post about domain experience and found this post. I will try to reframe this issue a bit, and it would be great if someone could weigh-in.

  • Is trying to start a business in a domain you don't know much about a bad idea? For example, I'm currently a data analyst and am prospecting a cosmetic business idea. Am I much more prone to failing because of that?
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Sponsored Offers

  • Sticky
MARKETPLACE Fox' Web School's "Legend" Group Coaching Program 2020
This year has been quite crazy so far, and a lot of people have reached out to ask me if web...
  • Sticky
FEATURED! Introducing... WEALTH EXPO$ED, A Short Story By MJ DeMarco
Got it several weeks ago and have listened to it several times now. I've definitely met both...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Just got off the phone with @LightHouse. Having just a 45 minute conversation with him has...
  • Sticky
MARKETPLACE Kill Bigger Incubator
@Kak Out of curiosity, what types of businesses are you advising on? (I read this whole thread...
  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
Just bought 5 of your Upwork courses. Thanks for making valuable content Lex!
  • Sticky
MARKETPLACE Grow Your Business With a Book (An Unorthodox Marketing Strategy That Built One of the Largest...
Thanks for your offer to look at my book. Here's the link to the squeeze page Buy The Prosperous...



Forum Sponsor

sponsor

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom