DiligentCourse5. Posted on Sep 17, 2020
I’m curious how everyone came to their current business endeavor and when they realized it was worth pursuing?
The moment I realized that I can truly help other people
when I found out that it was a critical problem of a small niche and people were willing to pay money for the solution
when you start to run ads for your business idea and see amazing ROI immediately.
When i was looking for something and got the solution and realized many people like me might be looking for it , i realized i could make money out of it.
It begins with a business plan and feasibility study, if the operations and numbers make sense you might just be on to something.
Once your idea goes from a concept to earning your first revenue, you begin to validated you idea and figure out if it’s got enough juice to become tried and true.
It’s a gradual process, you will see the faults, the advantages, scalability and viability as you go along and reassess at various stages.
When I see competitors doing really well.
When the open source project I created started to get serious traction and attention. That did not have a path to commercialization, but it showed the need and market that I could address in a different way.
When I simplified my thinking....the perfect idea came. We think too hard when we know the problems that need to be solved. And greed sometimes blinds us from great ideas!
When people started trying to buy my product when it was still completely conceptual and I had nothing tangible. I’d mention it was a concept I was toying with the idea of and people started offering me money for it before it existed.
Running through the business model. What seems like healthy margins, you might end up being nickel and dimed out of profit adding in all the expenses. The numbers are everything. Putting an idea down and realizing you have a ton of room to push everything even more than you initially planned is a great feeling.
When things become easy.
Typically, you work on an idea but you have nagging doubts. You kind of think the idea might work but actually, that is the fairy tale you constantly tell yourself as a reassurance. And deep down you know it is nothing but a fairy tale, no matter how developed your business plan is. Deep down you are not truly convinced, and maybe that other idea you have could be better. You have a tunnel vision on all the reasons why your idea can fail which depress you. You worry about the competitors. You spend time and effort mitigating risks, fixing issues. You are stressed, tired, worried. You are obsessed, restless. There is that lingering thought in your head that you are doing it all for naught. You are surrounded by negativity from everyone around you, who tell you to give up, who tell you all about how so many people failed before you, how your chances are ridiculously low. You see your savings melt before your eyes.
Then one day, out of the blue and for no reason, people start throwing money at you. Your bank account grows at a faster pace than your business plan predicted. You don't quite understand why, all of a sudden, people just buy without you doing anything special. All the negativity around you stops. People admire you, they want in, they praise your work, investors knock at your door. You develop an imposter syndrom: sure you worked hard on this project, but your body and soul are in the weeds grinding. You are used to working for no reward, and now you get a lot more than what you think you are worth.
When that happens, you know the idea was good.
When I kept seeing the same problem over and over again being asked in the facebook groups my wife was in. I turned to her and said, we can do that. From there the race was on.
When I finished installing the floors in my house, and 3 of my neighbors asked me to do the same for them.
Every new client = multiple other friends/relatives who will see it and consider updating their own home.
Seemed like a sustainable business model, and was just a little bit of a lateral shift from what I'd been doing before. All the planets just seemed to align, and then my job laid me off.
It was like the universe wanted me to jump so badly that it forced me over the edge.
There is no moment, it is a processes. Once you have an idea start testing it mentally, then start real world testing.
Do both from every conceivable angle and constantly evaluate and question yourself. Rip your idea apart, find its weaknesses, under what conditions does it fail. Embrace and live in the uncertainty. Don't justify it with reasons you are right look in every conceivable place for reasons why you are wrong. You will never know if it is a good business idea for sure until it starts making money for you or someone else.
The second they give you money for it
Pay 10 dollars for widget. Sell for 9. Money doesn't equal good
Second this, but add "a substantial amount of" before "money"