i just joined the forum, wrote an introduction and was encouraged by @Akeem to create a separate thread for my business idea.
I would love all your input and sage advise as I embark on what I hope to be my first ever fastlane business adventure.
This will be my update and execution thread, and right this moment, I'm at the idea research/development stage.
A short back story
I finished TMFL and was halfway into unscripted when my sister finally called me back. I had been trying to reach her for a while, knowing that she just lost her job when the company she worked for went bankrupt, and I wanted to make sure she was ok.
Fast forward to the job convo, I asked her some questions about where she wanted to go next, and we spoke briefly about her desiring to start a business, but not being sure on what kind. I recommended TMFL and we ended the talk.
Me, being an idea generator on speed, I texted her a few hours later that I had a business she could do with me if interested.
I haven't actually told her about the business yet, as when she asked me about it, I told her to read TMFL and I would tell her about it when she's back from her trip. She comes home today!
Now, I know to be careful with partnerships and I've never had any interest in mixing family and business before, but the more I thought about it, the more I liked it for this particular idea.
Truth be told, I have had two additional ideas since reading the book, so a total of three potential business ideas as of right now.
My first idea was a import/e-commerce in a very narrow, but huge niche. I still like a lot of things about this idea, but it has no proprietary elements, even though there is virtually no/poorly executed competition. I would like some proprietary element if I move forward with this business,in addition to having to test the market for productocracy AND it's not keeping me up at night with enthusiasm. It's simply just a particular product solving a huge need.
My second idea is a product manufacturing business that stems from my own and others dissatisfaction with current solutions. It is a huge market, but also a lot of very big players and the business require a lot of start-up capital. The biggest obstacle with this idea for the moment is even if I get funding and raise capital, it violates the non-compete in my job, and I still have things to learn and do there.
So the third idea is the one I came up with wanting to help my sister out. It's basically an e-commerce that fulfills a particular service need. My sister is a great fit to this one, and I'm so into it, I can't even sleep. There are a lot of possibilities to create added value in this one, and therefore I'm less worried about not having proprietary elements.
What's next...
Obviously I'm telling my sister about the idea and checking if she's into it and what a partnership might look like. I know she, like me, is not a big fan of working with family, so she might very well turn it down.
After I get her feedback, I need to decide which idea to execute.
For the moment the last one is the one I get most excited about now, but I'm still keeping the first one as an option as well. The import/e-commerce one fits my expertise the best and I'm probably more comfortable with that niche, while the e-commerce/service one fits my sister better based on interests and market knowledge, but both have potential.
So, until next time, I don't actually have a fastlane business yet, but rather ideas that could be turned into one (with some hard work and a bit of luck).
Stoked to see where this takes me, and thanks for creating a forum for us madpreneurs.
I would love all your input and sage advise as I embark on what I hope to be my first ever fastlane business adventure.
This will be my update and execution thread, and right this moment, I'm at the idea research/development stage.
A short back story
I finished TMFL and was halfway into unscripted when my sister finally called me back. I had been trying to reach her for a while, knowing that she just lost her job when the company she worked for went bankrupt, and I wanted to make sure she was ok.
Fast forward to the job convo, I asked her some questions about where she wanted to go next, and we spoke briefly about her desiring to start a business, but not being sure on what kind. I recommended TMFL and we ended the talk.
Me, being an idea generator on speed, I texted her a few hours later that I had a business she could do with me if interested.
I haven't actually told her about the business yet, as when she asked me about it, I told her to read TMFL and I would tell her about it when she's back from her trip. She comes home today!
Now, I know to be careful with partnerships and I've never had any interest in mixing family and business before, but the more I thought about it, the more I liked it for this particular idea.
Truth be told, I have had two additional ideas since reading the book, so a total of three potential business ideas as of right now.
My first idea was a import/e-commerce in a very narrow, but huge niche. I still like a lot of things about this idea, but it has no proprietary elements, even though there is virtually no/poorly executed competition. I would like some proprietary element if I move forward with this business,in addition to having to test the market for productocracy AND it's not keeping me up at night with enthusiasm. It's simply just a particular product solving a huge need.
My second idea is a product manufacturing business that stems from my own and others dissatisfaction with current solutions. It is a huge market, but also a lot of very big players and the business require a lot of start-up capital. The biggest obstacle with this idea for the moment is even if I get funding and raise capital, it violates the non-compete in my job, and I still have things to learn and do there.
So the third idea is the one I came up with wanting to help my sister out. It's basically an e-commerce that fulfills a particular service need. My sister is a great fit to this one, and I'm so into it, I can't even sleep. There are a lot of possibilities to create added value in this one, and therefore I'm less worried about not having proprietary elements.
What's next...
Obviously I'm telling my sister about the idea and checking if she's into it and what a partnership might look like. I know she, like me, is not a big fan of working with family, so she might very well turn it down.
After I get her feedback, I need to decide which idea to execute.
For the moment the last one is the one I get most excited about now, but I'm still keeping the first one as an option as well. The import/e-commerce one fits my expertise the best and I'm probably more comfortable with that niche, while the e-commerce/service one fits my sister better based on interests and market knowledge, but both have potential.
So, until next time, I don't actually have a fastlane business yet, but rather ideas that could be turned into one (with some hard work and a bit of luck).
Stoked to see where this takes me, and thanks for creating a forum for us madpreneurs.
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