What would you do if all you knew was to Start with the Who?

[TomTrepreneur]

Hello

If all of your knowledge about industries / markets / demands / needs and wants /, and all of your interests, passions and skills were removed, and you were left with just one thing, and that was your knowledge about how to do business, how to understand what is going on in the markets, industries, how to find out what is going on in trends, and you had one thing repeating in your mind, which is "Start with the Who".
What would you do?

How would you go about finding out the information you would need in order to provide value in an area where it is lacking, or perhaps, for starters just compare the different types of businesses out there so that you can make a decision as to which topic/market you should enter, while ignoring your very own, passions, skills etc, and focusing solely on the needs, wants and problems of others, so that when you have this information you can then go about learning the necessary things which will help you solve these problems?

I have been reading forums, books and articles for the past few months now, and the question I had in mind was completely wrong. I was searching for guides for doing market research, whereas all along I should have been searching for guides on how to gain market intelligence.

I feel as though there must be a systematic way to approach this type of research. I feel as though there are simply too many things going on in the world to just hope I am reading the right stuff.

I am certainly not ready to go into business for a variety of reasons, lack of money, lack of knowledge, I am not even sure yet what I could specialize in, I have only been studying marketing and business books all along, and of the most valuable things I have learned is to be in business for the WHO, basically finding out how I could solve other peoples problems, and helping other people improve any aspect of their lives, businesses, health, technology or whatever it may be. What I am aiming to do is find a niche / market and become knowledgeable and skilled in that field, so that I can eventually provide value.

My main question here is, how could I approach the acquisition of market intelligence? Rather than simply starting with my own interests, typing something into Google and randomly looking at loads of websites one after the other, is there a proven strategic way of doing this?

Any advice would be greatly appreciated. Also, if you can think of any books that would be helpful for this please suggest.

Thank you

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[RogueInnovation]

Imo, the fact that you are trying to start with the who, shows that you aren't yet knowledgeable about what problems even are, and if you don't know what they are, then how will you see anyone with them?

Usually b2b services start with someone working in or around a trade, so they realise "hey this x is a problem" and they go off and aim to build a way to fix it for businesses (it might be something people don't even notice because they are so engrained in their way that they are used to compensating for the inefficiency). You spot that inefficiency and you ask yourself if its viable as a solution for this problem.
Client services can start in a similar way, where they see what customers are asking for regularly when purchasing and then they fix that.

Who, is very vague,
I mean are you asking who has the worst problem? Are you asking who has the most prevalent problem? Are you asking what the guy with cash's problem is?

Some guys are annoyed because their car won't start, some have trouble finding a park, and some guy is worried someone scratching his brand new sports car.
Some solutions are weak, others work for a while, some are overkill, and some suit peoples NEEDS perfectly.

If I look at a guy with car trouble, is his problem that he is going to
a) be late for work?
b) that he is going to have to spend money on a tow or a newer car?
c) that he has a mindset that is always going to keep him in this cycle of frustration?
d) that he is an entrepenuer who is building a business online but has yet to launch

Our assumptions can be decieving, on one hand the guy might need a phonecall, a recommendation, a question, or something totally independant of that situation or problem you see in front of you.

You have to sweep away all the assumptions and you need to look at the NEED.
Businesses NEED to run efficiently, peoples lives NEED to have value in them. How are you going to help them? Why do you even care? What can you do about it TODAY?

I might wanna be a car manufacturer after seeing a guy struggle with his car, and say "I'm going to create a car that never breaks down", but think it through, is that smart?
You waste all your time learning something you don't know to not even help the guy in front of you.

There is no actual solution, when a situation is subjective, so try to make it more objective.
1) What do people around me need right now?
2) What can I get started on right now?
3) Is anyone interested (can I validate this, yes? Can I get presales? Yes?)

Who rarely matters when thinking about finding a need, because any GOOD solution, will TELL YOU who its for. You just have to be ABLE to start work on it, not have the payment for it be in monopoly money or an abstract woo woo concept, and to be able to do it in a reasonable amount of time.

 

[TomTrepreneur]

Imo, the fact that you are trying to start with the who, shows that you aren't yet knowledgeable about what problems even are, and if you don't know what they are, then how will you see anyone with them?

Usually b2b services start with someone working in or around a trade, so they realise "hey this x is a problem" and they go off and aim to build a way to fix it for businesses (it might be something people don't even notice because they are so engrained in their way that they are used to compensating for the inefficiency). You spot that inefficiency and you ask yourself if its viable as a solution for this problem.
Client services can start in a similar way, where they see what customers are asking for regularly when purchasing and then they fix that.

Who, is very vague,
I mean are you asking who has the worst problem? Are you asking who has the most prevalent problem? Are you asking what the guy with cash's problem is?

Some guys are annoyed because their car won't start, some have trouble finding a park, and some guy is worried someone scratching his brand new sports car.
Some solutions are weak, others work for a while, some are overkill, and some suit peoples NEEDS perfectly.

If I look at a guy with car trouble, is his problem that he is going to
a) be late for work?
b) that he is going to have to spend money on a tow or a newer car?
c) that he has a mindset that is always going to keep him in this cycle of frustration?
d) that he is an entrepenuer who is building a business online but has yet to launch

Our assumptions can be decieving, on one hand the guy might need a phonecall, a recommendation, a question, or something totally independant of that situation or problem you see in front of you.

You have to sweep away all the assumptions and you need to look at the NEED.
Businesses NEED to run efficiently, peoples lives NEED to have value in them. How are you going to help them? Why do you even care? What can you do about it TODAY?

I might wanna be a car manufacturer after seeing a guy struggle with his car, and say "I'm going to create a car that never breaks down", but think it through, is that smart?
You waste all your time learning something you don't know to not even help the guy in front of you.

There is no actual solution, when a situation is subjective, so try to make it more objective.
1) What do people around me need right now?
2) What can I get started on right now?
3) Is anyone interested (can I validate this, yes? Can I get presales? Yes?)

Who rarely matters when thinking about finding a need, because any GOOD solution, will TELL YOU who its for. You just have to be ABLE to start work on it, not have the payment for it be in monopoly money or an abstract woo woo concept, and to be able to do it in a reasonable amount of time.

Thanks Rogue, maybe I overemphasized the who. The thing is that I have not chosen an industry / niche or anything yet, and I'm just trying to figure out the best way of approaching it. I've heard it over and over again that so many people get into business for the wrong reasons, such as their own passion, interests, their own wants or whatever. Therefore, I'm just trying to figure out what is the best way to get a good bit of knowledge of what's going on in the world of business, broadly, then start to niche down so that over time I can find something that I can become a part of.

What I'm trying to find is a good way to learn about the trends that come and go, which ones stay the longest, why, which one's bring in the most money, which one's do not. Basically, any information that is important to know about the markets/economy.

I think what I'm trying to ask is way too complicated for forum discussion, I tried to ask this same question on the INSIDERS area a few days ago, but I got no response, which is why I rephrased the question so much here. And yes I feel the irony, not being able to express my own needs and wants

If your own interests and your own passion, and simply choosing the industry where most of the money is being generated are not the right answers, then what is? Basically what I'm trying to do is find an in between, a mix of my interests and a place where making money is a good possibility. A suitable industry. A way to study the industries, and once I find something, focus on developing the skills that I would need in order to be effective in that industry.

I heard a lot that you need to be reading trade journals and industry reports, government reports and so much other stuff, but for starters, would a lot of the stuff in this context be found in the magazines/subscriptions that you get from places such as: INC Magazine, Entrepreneur Magazine, Forbes, Barrons etc...?

All along I have been reading books and listening to courses, and although there are many success stories involving people within many different industries, I won't learn much about what's going on right now from listening to that stuff. I've been focusing too much on the theory for the past two years, and definitely need to be learning more about current events.

I know I need to get involved in something in order to learn what problems exist, but I don't want to just pick something because it's fun, I want to make sure it's something important, something valuable. I know I could just jump straight into the health industry, the recycling industry, education etc... but I'm just trying to find a way to get a good look at what's going on so that I know I'm making a good choice.

 

[RogueInnovation]

Thanks Rogue, maybe I overemphasized the who. The thing is that I have not chosen an industry / niche or anything yet, and I'm just trying to figure out the best way of approaching it.

You know, everyone "choses an industry" when they start and I think it overlooks some stuff.
I mean, when I look at people trying to find a niche or a market, I look one step beyond and see a lot of people going into an industry or sector and then sucking at it, trying to lever and cheat their way up. Do you wanna be that kinda entrepenuer? Worrying about if you got into the right market, trying to throw mud at the other guys, and trying to upsell every customer you get?
Its obsessive compulsive and its not a very enjoyable way to do things, and when you measure your results doing it this way vs another, you might find other routes just as effective.

Personally, I think that its easy to "tell" a guy he has to get into an industry and learn that, because it narrows the learning curve (supposedly), and gets him off your back with all his questions and forces him to focus on precident and gaining parity within an established market, but initially, everyone sucks, there is no escaping it. The only way to help stop sucking so much is to make yourself awesome. So rather than worry about what other people think you should do, worry about who you'll become if you do exactly as they SAY.
If you do as people say and choose an industry, you are certainly no longer a threat to anyone, you are bottom rung. If you stay out, maybe you will work twice as hard to compensate, or maybe you'll get lazy. Either way, they don't care what you do, so why should you listen to what is designed to sweep you aside as an irritant.

To choose an industry, just do research in different industries until something clicks. Don't be a copy cat, rung climber, just look (and keep looking and looking and looking) before you leap in and make sure you approach it (whatever it is) the best you can, and with the highest standards you can. Industries don't make entrepenuers, entrepenuers shape and change and create the directions these industries move in.


Personally, I wouldn't worry about industry I'd focus on diligence, and scanning through company set ups, and possible avenues. You can't build a house on horrible foundations, and in business you can't build a business on a wish and good faith.
I'd strengthen the skills I'd need IMMEDIATELY though, and I'd avoid doing anything pathetic or weird.
You only need enough to teeth on when you start, so you can pound away at your mindsets in an attempt to release the gold within yourself. Diligence is a good place to start.
What is diligence? How can I do it? How can I master such an understanding? How can I make my work effective? How can I avoid wasting my time?

Be careful of commitments that will lead you no where.
Be positive and helpful, and don't make it all about you (if you can).
And every day, DO SOMETHING (and do that one thing the BEST you can).
Record your progress and look over it (helps manage yourself going forwards).

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[RogueInnovation]

I don't want to just pick something because it's fun, I want to make sure it's something important, something valuable.

You know, its weird... I wanted to do stuff that is valuable. Then I realised that what I really wanted was to not be like everyone else. Valuable to me was "not being that douchebag" or "that douchebag" and eventually I realised that this "value" thing is really just a negative mindset, was really just ego.

I was afraid it was ego because then I thought that meant I had no valuable ideas. And if that was true, then everyone else was right and I deserved to suck.

Well, look, you will suck until you reach your potential.
The question is therefore what will you do until you can unleash that potential, what will you do until you CAN see as all these badass entrepenuers around you can?

Why NOT work somewhere FUN, you can shove a stick up your a$$ LATER, when you actually have SKILL. Or you can build value every single minute of every single day (I tried that) and realise in the end, that you might have to throw a lot of it away WHEN you actually know what you re doing.

Stubborness isn't value, being open and accepting to people is. Get into the best opportunity you have, and get to work, EVERY DAY. It doesn't matter what you do, it just matters THAT you do. ACTION is value. The rest of your value will develop as you grow.

 

[timmy]

IMO As entrepreneurs.....too many questions and distractions create nothing but frustration and lack of direction. The consequence being that of disappointment and in extreme cases burnout. The speed at which the road is travelled depends on your own abilities and drive. That said, Every task / problem can be broken into micro processes that can be then aligned to acquire a specific piece of required knowledge. I accumulate a data base of knowledge relevant to MY business model. Writing details down in a paraphrase format leaves me with a goldmine of golden nuggets for future reference and is in itself proof of a steady progressive stride forward.......! Hope this helps a bit.

 

[Get Right]

Analysis paralysis.

Get in the game bro.

Love to see action in your next post! Go get it!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[limitup]

You are correct to start with the who. Most people start with a product and then try to figure out how and who to sell it to, which is completely backwards.

Probably the best/easiest/safest way to get started is to sell stuff to people with urgent and immediate problems and/or people who are irrationally passionate about something.

When you sell to these groups of people, your products/services can literally sell themselves.

So how to find these groups of people? There are many ways. Here's one that's quick and easy ...

Just go to Google and type in variations of "how to ..." and similar questions.

Here are some off the top of my head.

Do this for a few hours and you can come up with a dozen solid niches to pursue ...

how to get ...
how to lose ...
how to become ...
how to reduce ...
how to improve ...
how to cure ...
how to get rid of ...
how to stop ...

 

[MJ DeMarco]

How would you go about finding out the information you would need in order to provide value in an area where it is lacking

Engage in life. Engage an industry.

I saw opportunities/needs/issues in the limo biz because I was in the industry.
I see opportunities/needs/issues in the publishing biz because now I'm in the industry.
I see opportunities/needs/issues for forum software because I'm in the industry.

The multimillionaire we had on the INSIDERS call saw his opportunity because, well, wait for it.... "he was in the industry."

 

[TomTrepreneur]

Thanks everyone, not the answers I was looking for, but definitely the right ones.

I overcomplicate things way too often, I would be here forever if I went ahead studying every major industry, which would probably make me even worse, I'd never make up my mind. I have a big enough interest in technology, not in a professional way, but I enjoy reading about it and I love finding new apps for my phone. I often do think of things that would be great as an app, many things which were released already, and in some cases some things came out after I thought of them, they were only small things, and I know I know how worthless ideas are on their own, but I see it as practice. I'm in college now, which I think is a great opportunity get idea's and learn from other students, and the team projects will certainly be good for me, but don't worry, college is not very expensive in Ireland.

Cheers.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[bboyu]

Even I thought this premise would be "the" universal way to find markets then delve into their needs. I thought if you could use market segmentation and create an avatar of what your customer would be like then you can delve into different industries that "that" specific customer would transcend. But now this seems like a lifelong worth of studying...if one was to go down this path.

If you're not engaging in life because you're an introvert and are only working a 9-5, paying your bills, occasionally going out and majority of the time staying in and reading or doing family stuff - don't have much of an intuition/business acumen/creativity - how else can you then find needs?

Some guys are annoyed because their car won't start, some have trouble finding a park, and some guy is worried someone scratching his brand new sports car.
Some solutions are weak, others work for a while, some are overkill, and some suit peoples NEEDS perfectly.

If I look at a guy with car trouble, is his problem that he is going to
a) be late for work?
b) that he is going to have to spend money on a tow or a newer car?
c) that he has a mindset that is always going to keep him in this cycle of frustration?
d) that he is an entrepenuer who is building a business online but has yet to launch

Our assumptions can be decieving, on one hand the guy might need a phonecall, a recommendation, a question, or something totally independant of that situation or problem you see in front of you.

You have to sweep away all the assumptions and you need to look at the NEED.

I might wanna be a car manufacturer after seeing a guy struggle with his car, and say "I'm going to create a car that never breaks down", but think it through, is that smart?
You waste all your time learning something you don't know to not even help the guy in front of you.

There is no actual solution, when a situation is subjective, so try to make it more objective.
1) What do people around me need right now?
2) What can I get started on right now?
3) Is anyone interested (can I validate this, yes? Can I get presales? Yes?)

Who rarely matters when thinking about finding a need, because any GOOD solution, will TELL YOU who its for. You just have to be ABLE to start work on it, not have the payment for it be in monopoly money or an abstract woo woo concept, and to be able to do it in a reasonable amount of time.

This wouldn't necessarily be me - but my thought patterns would be relatively the same! I'm scared now thinking I may never be able to change my life around because of the way I think. How can one find needs? Yes looking around locally there are recycling services, plumbers gas electric technicians, car parts, bakeries, retail stores, fast food joints, etc etc - basic needs to move on to the next day in life are already being met - I mean even all of us are customers for somebody else day in day out for at least one thing or another.

I mean if the next guy we buy a bottle of water from or a burger on the way to somewhere - and you're driving a very nice car and he knows you're a baller for example - wanted to find another "need" of yours - if he can't live on that level - he will never be exposed to your needs - so how else would he find those needs if he doesn't create an avatar of you as his potential customer?

So my question is if you know that you are never going to be engaging in life on the level of a "particular type of a customer" you'd like to serve to know what his her needs are - how would you find needs in general? the only way to do it would be to find out what kind of life experiences that certain individual may go through and then look at it that way?

I though I had it all laid out In my head but I don't think I'll get this and that is scaring me.

 

[bboyu]

If you can't look at an industry or a customer - as a starting point - of starting a business within that industry or around "that" customer - how can one find needs day in day out for "people" in general? to then know whether this is something that could be pursued as a business if you have never looked at situations/experiences "people" are having in that way?

I mean if it was up to me no-one would be without the basic needs we need as humans and that would be the end of it. But then you have these other "needs" - which I don't think I can see unless I look at the segment of the economy that "allowed" or "didn't prevent" that person from having that experience.

Please Help.

 

[RogueInnovation]

If you're not engaging in life because you're an introvert and are only working a 9-5, paying your bills, occasionally going out and majority of the time staying in and reading or doing family stuff - don't have much of an intuition/business acumen/creativity - how else can you then find needs?

I dunno, steve jobs seemed kinda introverted to me. I wouldn't worry so much about your persona, I'm sure you are a likeable guy and totally capable of building conversations with people.
Instead of focusing on percieved weaknesses focus on your strengths, there are for example a lot of introverts in the world and you can hook into that.
Not only this but everyone has a more reserved side so don't think it is this big rally of extroverts vs you.

Spotting needs takes time and brainstorming off daily observations
"wow what a nice dress" (need, hot dress, compliments, strong proud image)
"hey this can is so intricately designed why the curve, why the rim, why the height, why 375 ml" (all clues to processes, logistics and functions necessary to think of in the soda can evolution, if you are paying attention everything has these fingerprints)
"why do I keep choosing these hot dogs over those other ones?" (maybe I need a level of security and the other ones seem foriegn)

You just drill away at this trying to over time develop a feel for deeper understanding of how and why and choices. Give it time, and don't make excuses why you can't, and you'll get better.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Boo Blizzi]

Since you dont really know where to start or what industry you are interested in. This is your answer...

You are correct to start with the who. Most people start with a product and then try to figure out how and who to sell it to, which is completely backwards.

Probably the best/easiest/safest way to get started is to sell stuff to people with urgent and immediate problems and/or people who are irrationally passionate about something.

When you sell to these groups of people, your products/services can literally sell themselves.

So how to find these groups of people? There are many ways. Here's one that's quick and easy ...

Just go to Google and type in variations of "how to ..." and similar questions.

Here are some off the top of my head.

Do this for a few hours and you can come up with a dozen solid niches to pursue ...

how to get ...
how to lose ...
how to become ...
how to reduce ...
how to improve ...
how to cure ...
how to get rid of ...
how to stop ...

After completing the steps above... follow these steps below:

• The next step would be to decide which of those problems interest you. I believe you have to be excited about something in order to become really successful at it.
• Next step... look at how people are solving those problems now. What products are they buying?
• Next step... can you get similar products at wholesale to sell to that market? (Look on alibaba, aliexpress, ebay, or whitelabel + "product", or wholesale + "product". For digital products look on clickbank)
• But wait... dont buy any product yet. First you need to find out how you are going to reach the people in that market and how much would it cost you.
• I usually test this by rotating a series of ads and squeeze pages with different value propositions to see which gets the most traction. This will also allow you to get an estimate of what click costs will be in that market.
• Once you have your click cost, do some quick math. Estimate your conversion rate at 1-2%, so that means 1 or 2 sales for every 100 visitors. Will you make money, break even, or lose? If it makes money or breaks even, then it is a green light. If it loses, you probably want to ditch the idea unless you can come up with a way to close the gap.

Do this simple exercise whenever you are considering entering a new market and it will keep you out of alot of hot water!

 

[bboyu]

I have 1 question if industries dont make entrepreneurs but entrepreneurs make industries how can one become a part of the latter group?

I feel as though when i am picking an industry to go into, just like picking a product to sell and push i feel as thiugh i have to have done homework on that industry to know how it came about and whether any future industries are on the horizon or could be created that i would be interested in? How do you feel about thinking of this sort?