The importance of selecting a business idea with a sufficiently large market to ensure potential returns on investment.
The video emphasizes the importance of selecting a business idea with a sufficiently large market to ensure potential returns on investment. It also suggests testing the idea with potential customers and iterating based on feedback.
First, you want to pick an idea. Pick an idea where the market is big enough because that is going to ultimately, potentially give you the returns for that passion, for that sweat, for those tears that you’re going to be putting into it. It needs to be something that you’re extremely passionate about and somewhere where you can bring your skillsets and your expertise in order to execute flawlessly. You need to test your idea. Maybe you can pass it by ex-co-workers, by family members, by people that can bring you that constructive criticism and that feedback so that it can help you in optimizing and iterating whatever you have. Other ways in which you can get some feedback is by creating a landing page or a meaningful and viable product that you can put in front of potential customers, and you can see their reaction. You can also do quantitative analysis by getting a lot of people to fill
out a survey, or qualitative analysis, where you literally get on the phone, and you go into the conversation with a set of questions that you’re asking that potential customer. Next, you want to create a pitch deck. You want to create a pitch deck because the pitch deck is essentially grabbing the essence of the story, and you’re also putting it in slides so that you have it as a roadmap, so it can guide you, and so that also you’re able to explain it to potential customers, to potential employees, to potential investors. You can also create a one-page business plan. If you don’t have time for a proper pitch deck and putting all of the bells and whistles, one thing that you can do is create a one-pager, a one-page business plan, where you’re putting the thesis, or very simple bullets, like the roadmap or the steps to take in order to execute. Now, again, don’t make the mistake of going
out there to market, trying to market, and then all of a sudden, you realize that some of those assets are already taken, and then they can use that against you because then they’re going to try to get as much money as possible from you, and that may push you into actually pursuing a rebrand, which is where you grab your own brand and have to translate it or transform it into something else so that you can use whatever other assets that you could for that new brand. There are tools like Instapage, which allows you to create a page without any engineering work. You can use WiX. You can actually hook it up to Stripe or Square, the credit card processors, or even PayPal, so that you can start taking in the money and extracting the value from that value that you’re bringing into market. It’s really important to know if people are going to be willing or not to pay for your product or your
service, so getting this to market and understanding whether people are not willing to pay is going to be critical. So don’t wait. Make it as fast as you can. Finish your product or service. Really, you don’t need it 100% – never – because you always want to grab whatever is minimal, put it out there, see what kind of feedback that you get, and then continue to iterate on that.