What questions help you make your final decision?

[Tiffany Lynn]

Hi everyone!

I’m new to everything and have a few fast lane ideas in mind but am having trouble picking an industry to focus on.

I know the books go into detail about decision making but was wondering...

What are some critical questions you ask yourself/research when trying to make a decision like this (what industry/niche/product/etc)? What kind of resources do you study and how do you decide what is important?

Help is always appreciated. Thank you in advance!

 

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[broswoodwork]

Hi and welcome,

Slow forum day, so I'll dive in.

Pick something that let's you get started asap. You can always circle back to the more ambitious stuff later.

There's some people on here that can wake up one morning and start tackling a problem that will change the world right away, but they exercised their execution muscles a bit to get to that point. Start where you stand.

 

[Jon L]

Hi and welcome,

Slow forum day, so I'll dive in.

Pick something that let's you get started asap. You can always circle back to the more ambitious stuff later.

There's some people on here that can wake up one morning and start tackling a problem that will change the world right away, but they exercised their execution muscles a bit to get to that point. Start where you stand.

in addition to this, what are you really good at that people would pay for?

 

[Tiffany Lynn]

Hi and welcome,

Slow forum day, so I'll dive in.

Pick something that let's you get started asap. You can always circle back to the more ambitious stuff later.

There's some people on here that can wake up one morning and start tackling a problem that will change the world right away, but they exercised their execution muscles a bit to get to that point. Start where you stand.

Thank you! That definitely helps!

 

[Tiffany Lynn]

in addition to this, what are you really good at that people would pay for?

Skills so far:
1. I regularly have people ask me for fitness and food advice (I work out regularly and do have a degree in nutrition, but no RD credential).. I know this space is EXTREMELY saturated though
2. Knit/crochet - I have requests from peers and family friends to have baby gifts made, as well as clothing.. the problem with this is projects take quite a while and the amount I would need to charge would price me out. I have considered online products such as publishing patterns. Also, creating accessories for crafters that would help them craft a bit easier.. maybe even licensing these product ideas.
3. I have been in some form of customer service for over 10 years (food, retail, service sales). I know how customers want to be treated inside and out, how to handle customer complaints without loosing the customer. Unsure how I can monetize this one though...

 

[MJ DeMarco]

Pick the one that scores better.

Grade My Business Idea: Business Ideas and Opportunities Rated Fast

Grade My Business Idea: Rate your business idea and discover its potential for massive marketplace success. Is your business idea worth pursuing? Or should it be forgotten? Based on the CENTS Framework authored by entrepreneur and best selling author, MJ DeMarco.

www.grademybusinessidea.com

 

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[Tiffany Lynn]

Pick the one that scores better.

Grade My Business Idea: Business Ideas and Opportunities Rated Fast

Grade My Business Idea: Rate your business idea and discover its potential for massive marketplace success. Is your business idea worth pursuing? Or should it be forgotten? Based on the CENTS Framework authored by entrepreneur and best selling author, MJ DeMarco.

www.grademybusinessidea.com

Thank You!

 

[CaptainAmerica]

Two suggestions:

- know your values, and do the work that best supports those values
- when you come to a decision point, use the Heath brothers WRAP Decision Tree.

And, I know there's people making absolute BANK on selling their knitting patterns.

 

[Tiffany Lynn]

Two suggestions:

- know your values, and do the work that best supports those values
- when you come to a decision point, use the Heath brothers WRAP Decision Tree.

And, I know there's people making absolute BANK on selling their knitting patterns.

Thank you! The WRAP Decision Tree is pretty interesting and definitely provides some good perspective.

I value my time, which is why fast lane ideas are so inspiring to me. I can definitely see selling knitting patterns online as a way to provide designs while eventually getting my time back. Maybe even publish a book of patterns once I have enough for a good collection.

 

[André Casal]

Hi everyone!

I’m new to everything and have a few fast lane ideas in mind but am having trouble picking an industry to focus on.

I know the books go into detail about decision making but was wondering...

What are some critical questions you ask yourself/research when trying to make a decision like this (what industry/niche/product/etc)? What kind of resources do you study and how do you decide what is important?

Help is always appreciated. Thank you in advance!

Welcome Tiffany! Whenever I'm faced with a decision the question I always ask myself is "What is my decision criteria? And why?"

When it comes to decisions this is the most important piece of knowledge I've ever came accross and most people quickly overlook it. Most people don't even know what their decision criteria is most of the time. When you start to ask yourself this question for big and small decisions, your decision criteria goes from being implicit to explicit and, therefore, correctable and the more you do it, the better you'll get at making decisions.

Faced with your particular decision on what niche to choose, ask yourself what decision criteria would likely be more correct. Here's a few for consideration:
- How passionate I am about this niche
- The market size in terms of #people*productPrice
- How hard it is to get into this niche (harder is better)
- How easy it is for me to create content or a product for this niche (easy for you, hard for everyone else is better)

I hope this helps!

 

[GuestUser4aMPs1]

Which option has the highest chances of succeeding?

 

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[Kevin88660]

Risk reward ratio.

Keep trying news things and fail fast in sales and business.