ElaineSaaSLady
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- Nov 23, 2023
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Just found MJ's GradeMyBusinessIdea by browsing through the forum and it's simply amazing! lol
What is my Idea? It's a web application where you enter your travel details, and it presents you with a list of visas, government documents and general items you need for the country you're visiting. For example, many Schengen countries have certain entry requirements for certain nationals, it's not easy figuring out what these are and whether you qualify for them, so I aim to streamline the process for travellers. How will I make money? By selling the leads who use my app to travel agencies/services.
Generally speaking, I've always used CENTS to as a rule of thumb for approving ideas.
However in this GradeMyBiz website, it highlights:
1. "The size of your market is a huge concern." - how do you actually determine this?
- In another thread MJ comments that looking at your competition could help determine size of your market. However my project is innovative and I can't find any competition for it (which I know is a major red flag, but I genuinely think the solution could help my customers - hence why I intend to test demand via a landing page)
2. "Because your idea is difficult to replicate, you will have scaling challenges" - isn't this contradictory?
- In MJ's book he said if an idea is difficult to replicate then it's usually a good sign that there is a strong barrier to entry and you won't get a Tai Lopez saturating it with courses on "how to build [insert idea] in less than 3 hours"
Looking forward to your thoughts on this!
What is my Idea? It's a web application where you enter your travel details, and it presents you with a list of visas, government documents and general items you need for the country you're visiting. For example, many Schengen countries have certain entry requirements for certain nationals, it's not easy figuring out what these are and whether you qualify for them, so I aim to streamline the process for travellers. How will I make money? By selling the leads who use my app to travel agencies/services.
Generally speaking, I've always used CENTS to as a rule of thumb for approving ideas.
However in this GradeMyBiz website, it highlights:
1. "The size of your market is a huge concern." - how do you actually determine this?
- In another thread MJ comments that looking at your competition could help determine size of your market. However my project is innovative and I can't find any competition for it (which I know is a major red flag, but I genuinely think the solution could help my customers - hence why I intend to test demand via a landing page)
2. "Because your idea is difficult to replicate, you will have scaling challenges" - isn't this contradictory?
- In MJ's book he said if an idea is difficult to replicate then it's usually a good sign that there is a strong barrier to entry and you won't get a Tai Lopez saturating it with courses on "how to build [insert idea] in less than 3 hours"
Looking forward to your thoughts on this!
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