Read Millionaire Fastlane!
- Oct 10, 2021
I understand that I truly need to obsess over every detail before I fully commit. The plan needs to be impenetrable so there is no excuse or doubt on "can it work." That limits the only variable to how much effort I am putting in. Exactly the point I want to be.Yes. But, I start with the concept first. I start with checking out the market and how my business idea fits. I need to understand the nuts and bolts of what and where I'm going to be putting my heart and all of that work. That takes gathering a LOT of information and understanding. I talk to everyone. I try to find people doing what I want to do so I can ask them all of my questions. I ask what they would have done differently if they were to start the same business today. What are their strengths and weaknesses? I try to find the people who have failed so I can ask why. I read everything that I can about my target business and that industry.
These are my basic questions to answer:
Who am I going to serve?
Do they need new products?
Who is serving them now?
Are those sources doing a good job?
Does the market need a new source for products?
When I determine that the market is "deep" enough, I then must decide that I still want to jump in. After doing my research, does it still feel like a good idea? I examine how I feel in my gut. If the answer is yes, I can then start checking out what is going to take to make my idea work.
I know that most businesses that fail in the first 5 years, simply run out of operating money. The business owner cannot support himself and the new business during the start-up phase. Do I want to take the financial risks that come with a new startup? Do I want to work that hard? Do I still think I will create a profitable business? Will I still love it in 5 years? 10 years? What level of success do I need to achieve in order to feel it was all worth it?
And this is only a thumbnail version of how I vet a new business idea... Does it help you?
You ask, "Are you this meticulous in every part of your life?"
The answer is no longer. I created habits and ways of thinking a long time ago. I no longer must think through every move that I make in my daily life. Compared it to being a professional athlete. They practice every little move that they make in their chosen sport until those moves become a part of them. Business and healthy living are the same way. In time, those decisions and ways of thinking become part of who you are. Decisions become intuitive rather than deliberate. They are effortless.
I'm also grateful you showed me that vetting my idea should take weeks, if not months- rather than days. I'm confident you have helped me avoid several mistakes in this thread alone.
Thank you @WJK.
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