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Hi,
Let me start by saying i really liked TMF , which is the reason why i’m here. So, if you find in my writing (this or any later posts) anything which is in disagreement with the book, know i meant no disrespect, i am merely posing questions/my thoughts to come at a better understanding of the subject.
The following is a combination of what i know (or think i know) so far, and what i am wondering about as i failed to find a good answer elsewhere.
I’m not sure this is appropriate as my first post, but i have to start somewhere.
Those who are wondering about the same questions, please jump in with your own thoughts and we can learn together. And those who have already passed these processes please share your knowledge and experience.
________________________________________________________________________________________
A lot has been written about ‘’getting’’ ideas, but many more questions have been posed than have been answered.
Ok, on this forum and in THE book ideas are regarded as events, but are they really?
I understand that ideas can simply occur to you spontaneously, but this is a result of a subconscious process, which must first be programmed into your brain.
Also there is a second option - to actively seek out ideas. There is a variety of processes for this, but invariably they all involve asking more or less stupid questions, like:
My point here is that you get an idea, and then put in days of work, till you finally realize that it’s not viable, or too expensive, or would take 15 years of development, etc.
So, Question 1: how can we increase the productivity of our idea generation (how to increase the ratio between good ideas and pointless ideas)?
One method is for us to stick only to subjects/niches we are ideally suited for, but this constraints and limits us severely, also it eliminates cross-correlation of different fields. Are there any better ‘’filtering mechanisms (processes)’’?
On the same note of ideas, when you have a rough estimate of a price and performance (if applicable) of your product, how do you estimate the market size?
I understand this is best done through putting a mock up (early prototype) on the market, but is there a good verification process you can do prior to this phase?
By reliable i mean in the range of +- 50%, and by market size i mean people who would actually buy it, and not all people who could use it (i hear people say that the market size is equal to the number of people who can afford the product, but this is just not a realistic estimation).
Things are relatively simple if your idea is a product similar to already existing products that are relatively established on the market, but what about if you are releasing a new or previously fringe product/service? How can you predict the sucessfulness of such a product?
Let’s take Red Bull as an example. Energy drinks existed long before Red Bull, but they were far from popular. Public opinion about energy drinks was far from good, but then Red Bull completely changed this in a few years. Now energy drinks are a big industry, yet Red Bull (in spite of high prices) still dominates the market.
Is this solely the effect of a great marketing campaign? Or was there something more?
And why do they remain on top, even though other companies have equal (even exactly same) products at lower prices?
I bet there is a lot for us to learn from this.
Now i will skip a few chapters and a few years of development and testing, and go straight to selling.
After you turn your idea into a working design and create a physical prototype or conduct physical tests, it’s time to cash in.
I see 2 options (please tell me if you know of any more):
I understand option 2, a lot has already been written on it and i don’t think (at present) that anything has to be added.
Option 1, on the other hand, is quite underrepresented in on-line texts (i don’t know about books though). Granted, it brings in less money than if you sell your own product by yourself, but it also requires less starting capital and a lower total time investment. However for a certain period you are sort of an employe of your buyer.
Nevertheless this is an interesting and potentially very useful option. It is neatly discused here: https://answers.yahoo.com/question/index?qid=20061011055155AA7xHm2
But what remains untold here, is how you approach the potential buyer. I suppose it is the same as approaching VCs, but how do you approach a VC? A lot has been written on meetings and interviews with WCs (also recently on this forum https://www.thefastlaneforum.com/community/threads/trying-to-post-useful-general-purpose-stuff-for-fellow-fastlaners.61094), but you must first get to that point. Hence question 4:
This is the question that i am really the most interested in. I can find or make a method for everything else, but i am lost on this one.
My mode of thinking of this is that i have to sell what i’ve got, but on the other hand you don’t want to sound too much like a car salesman, especially if the product is technical (every physical product is, and websites are too), as that can be a red flag.
It’s the very first minute of conversation, or text in the e-mail, that i wonder about. It’s that ‘Hi, i am name_string, and i made prototype_description. Would you listen to my pitch?’ seems unlikely to get a positive reply. Something about how they benefit should be put in.
Am i wrong on this?
Would learning copywriting help in such pitches? Or would it hurt it (investors are not general public, thus i presume they might be turned off by ‘’salles’’ approach)?
I understand there is no one size fits all with any of this, but anything that you can share fills a piece of the puzzle.
Thank you
Let me start by saying i really liked TMF , which is the reason why i’m here. So, if you find in my writing (this or any later posts) anything which is in disagreement with the book, know i meant no disrespect, i am merely posing questions/my thoughts to come at a better understanding of the subject.
The following is a combination of what i know (or think i know) so far, and what i am wondering about as i failed to find a good answer elsewhere.
I’m not sure this is appropriate as my first post, but i have to start somewhere.
Those who are wondering about the same questions, please jump in with your own thoughts and we can learn together. And those who have already passed these processes please share your knowledge and experience.
________________________________________________________________________________________
A lot has been written about ‘’getting’’ ideas, but many more questions have been posed than have been answered.
Ok, on this forum and in THE book ideas are regarded as events, but are they really?
I understand that ideas can simply occur to you spontaneously, but this is a result of a subconscious process, which must first be programmed into your brain.
Also there is a second option - to actively seek out ideas. There is a variety of processes for this, but invariably they all involve asking more or less stupid questions, like:
- can i make this cheaper?
- can i make this more esthetic?
- can i make it ‘’eco’’?
- can i boost performance?
- can i make it easier to use?
- can i make/sell it as ‘’cool’’?
- if i join product 1 with product 2, can i sell it?
- can i market this product better than the competition?
My point here is that you get an idea, and then put in days of work, till you finally realize that it’s not viable, or too expensive, or would take 15 years of development, etc.
So, Question 1: how can we increase the productivity of our idea generation (how to increase the ratio between good ideas and pointless ideas)?
One method is for us to stick only to subjects/niches we are ideally suited for, but this constraints and limits us severely, also it eliminates cross-correlation of different fields. Are there any better ‘’filtering mechanisms (processes)’’?
On the same note of ideas, when you have a rough estimate of a price and performance (if applicable) of your product, how do you estimate the market size?
I understand this is best done through putting a mock up (early prototype) on the market, but is there a good verification process you can do prior to this phase?
- Question 2: what are good (reliable) methods of estimating market size?
By reliable i mean in the range of +- 50%, and by market size i mean people who would actually buy it, and not all people who could use it (i hear people say that the market size is equal to the number of people who can afford the product, but this is just not a realistic estimation).
Things are relatively simple if your idea is a product similar to already existing products that are relatively established on the market, but what about if you are releasing a new or previously fringe product/service? How can you predict the sucessfulness of such a product?
- Question 3: How to predict people's reception of a new (or previously fringe) product? And can we control their response?
Let’s take Red Bull as an example. Energy drinks existed long before Red Bull, but they were far from popular. Public opinion about energy drinks was far from good, but then Red Bull completely changed this in a few years. Now energy drinks are a big industry, yet Red Bull (in spite of high prices) still dominates the market.
Is this solely the effect of a great marketing campaign? Or was there something more?
And why do they remain on top, even though other companies have equal (even exactly same) products at lower prices?
I bet there is a lot for us to learn from this.
Now i will skip a few chapters and a few years of development and testing, and go straight to selling.
After you turn your idea into a working design and create a physical prototype or conduct physical tests, it’s time to cash in.
I see 2 options (please tell me if you know of any more):
- Sell the working idea (preferably for some immediate money + royalties)
- Open a company and start selling your product
I understand option 2, a lot has already been written on it and i don’t think (at present) that anything has to be added.
Option 1, on the other hand, is quite underrepresented in on-line texts (i don’t know about books though). Granted, it brings in less money than if you sell your own product by yourself, but it also requires less starting capital and a lower total time investment. However for a certain period you are sort of an employe of your buyer.
Nevertheless this is an interesting and potentially very useful option. It is neatly discused here: https://answers.yahoo.com/question/index?qid=20061011055155AA7xHm2
But what remains untold here, is how you approach the potential buyer. I suppose it is the same as approaching VCs, but how do you approach a VC? A lot has been written on meetings and interviews with WCs (also recently on this forum https://www.thefastlaneforum.com/community/threads/trying-to-post-useful-general-purpose-stuff-for-fellow-fastlaners.61094), but you must first get to that point. Hence question 4:
- Question 4: how to conduct your first approach to a potential buyer of your idea, or a VC?
This is the question that i am really the most interested in. I can find or make a method for everything else, but i am lost on this one.
My mode of thinking of this is that i have to sell what i’ve got, but on the other hand you don’t want to sound too much like a car salesman, especially if the product is technical (every physical product is, and websites are too), as that can be a red flag.
It’s the very first minute of conversation, or text in the e-mail, that i wonder about. It’s that ‘Hi, i am name_string, and i made prototype_description. Would you listen to my pitch?’ seems unlikely to get a positive reply. Something about how they benefit should be put in.
Am i wrong on this?
Would learning copywriting help in such pitches? Or would it hurt it (investors are not general public, thus i presume they might be turned off by ‘’salles’’ approach)?
I understand there is no one size fits all with any of this, but anything that you can share fills a piece of the puzzle.
Thank you
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