Struggling with Business Ideas? Do This One Thing to Never Run Out of Fastlane Opportunities

[jpa0827]

Hey @KLaw I understand you just want to learn by observing other people's successful businesses. You want an idea? Here you go bro:

1. Make a list of a bunch of industries that you want to contact...food, construction, plumbing, roofing, anything that comes to mind.

2. Contact the TOP 2 players in each industry.

For example, dive into the construction industry and ask the top 2 players, "Hey what machine part breaks down the most often for you? Which part needs replacement the most often?"

3. Find out what that part is then offer to send them a batch of orders FREE. BUT the key is that the part you offer to them MUST be of higher quality than the part that consistently breaks on them. This is where process comes into play. Many will enter, few will win LOL. It's about giving value, my friend. If you can provide a better quality product, you better believe they will want to deal with you...even if that means paying you slightly more.

4. Repeat this process for as many industries as you like. When you deal only with the TOP 2 players in each industry, you will receive massive amounts of orders simply due to the fact that they operate on a massive scale.

5. You can even pull off a JackEdwards style business and hire a bunch of women to contact these big players. Get creative with it.

I get it.... I get it... But seriously what's your product?? Pm me... I can keep a secret. I won't copy I promise.. JK

Thats some fantastic advice you posted above!

 

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[Oztrepreneur]

So who here can say they have had success from the 'idea extraction' process. It is talked about so much. Using cold emails, cold calls but I haven't really seen anyone come out the other side of the process, in a fastlane direction.

I know Dane Maxwell has some examples, but given the abundance of this process amongst entrepreneurs in recent time I would expect to hear more 'success' stories as a result of asking a business what their pain points are.

Not a criticism (as I myself am going through the process) but an observation. Did any of the guys here on the fast-lane or close to actually find their success this way?

 

[jpa0827]

I can't say i have had success necessarily, but i have found problems that are opportunities. For me its deciding if its an opportunity i want to go after.

I think it really depends on how you execute the idea extraction process that determines your results.

From my experience the better quality questions come after you get through the surface level questions. For example, i spoke with a business owner who was having trouble finding a software that could work efficiently for his distribution business. I didn't learn of this problem until about 40 minutes into our conversation.

For me... Software is not really what I want to do. I'm much more interested in the B&M business models that Mr. jackedwards and others speak of. I think there are better and bigger opportunities to find.

I really think the main point to take away from idea extraction is to learn to listen. I find myself in normal conversations with people about what they do for a living and often times i start directing the conversation to... How did you get started in x? Do you enjoy it? What is it like to do x? And so on... Just talk to people and have fun. I even do it when i'm shopping sometimes. Its good practice.

I also think it may be helpful to have an idea of what type of business you want to go into so that you can have a better understanding of what questions might pry up some answers. This is an area i'm currently struggling with because I like the wholesale model, but know very little about it... For now that is.

 

[MJ DeMarco]

Understand but...if u got the goods, who cares. Its about execution - right? I read on here all the time about the idea doesn't matter. Its about execution. So what's the big deal about posting the actual product?

Did you even read the post Allen linked? Of course you didn't.

 

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[KLaw]

Did you even read the post Allen linked? Of course you didn't.

Yes. I did read it.read it when you first posted it. Doesn't mean I agree with it. For example, the paint brush cover. . Anybody could have stolen that idea. Sal was completely transparent. Yet he crushed it.

 

[MattCour]

@KLaw this has been posted a few times but it's kick a$$! If you want to sell a physical product, read this... http://www.fastcompany.com/3021229/chaim-pikarski-the-amazon-whisperer

He added value to existing products on Amazon simply by reading tons of reviews of popular sellers and then made the improvements customers asked for or complained about. That's a very easy to start,actionable strategy IMO..

 

[KLaw]

I think it's a fair question to ask if you saw me selling a $1,997 educational course or a $97 e-book on this forum. If someone is selling something then I want to see tons of factual evidence to back up their claims since I'm putting my money at risk.

I'm a bit amazed that you have no questions regarding that short 5-step action plan that I posted above. I hope someone on this forum uses that plan and turns it into gold.

I'll make a deal with you, become a major contributor here and I'll be more than happy to tell you what I do. A lot of the major contributors here know exactly what I do: my products, marketing strategy, distribution channels, everything.

OP, please forgive me I sincerely apologize for this thread losing its focus to some degree.

Fair enough and I am sorry for tearing up this thread. If one of the mods could move this off topic stuff to mj's secrecy post it would be a much more appropriate space for this conversation. sorry to the op. Much respect!

 

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[MJ DeMarco]

Doesn't mean I agree with it.

You don't agree with it because you've paid no price. You have no memory of a struggle. No memory of a sacrifice. No memory of toil. When you pay the price that it takes to build something that you can call your own, maybe then you will agree with it.

 

[IceCreamKid]

So who here can say they have had success from the 'idea extraction' process.

The idea extraction process is simple at its core, but everyone makes it complex in their mind. It's essentially about listening to the other person and asking questions based off their answers.

Me: "What's your biggest pain?"
Owner: "Getting more customers."
Me: "Okay, how do you currently get customers?"
Owner: "Postcards in the mail."
Me: Who makes the postcards?
Owner: "I hand write the postcards myself."
Me: "Wow, what if we automated that with a printer or something?"
Owner: "Oh hell yea that would save me tons of time."

Okay I gave a really simplified example of idea extraction, but hopefully you get my point how one question builds off the next if you truly listen. Some people don't listen and completely miss the opportunity to ask a deeper question. If you learn to love others and truly want to help their needs, your attachment to self benefit fades away and it becomes much easier to listen to their needs with clarity.

For my current business, I idea extracted a bunch of customers instead of business owners because I wanted a product that had broad appeal instead of a very niche product.

I should do an INSIDERS call or write an article about idea extraction someday.

 

[KLaw]

You don't agree with it because you've paid no price. You have no memory of a struggle. No memory of a sacrifice. No memory of toil. When you pay the price that it takes to build something that you can call your own, maybe then you will agree with it.

Good point.

 

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[IceCreamKid]

You don't agree with it because you've paid no price. You have no memory of a struggle. No memory of a sacrifice. No memory of toil. When you pay the price that it takes to build something that you can call your own, maybe then you will agree with it.

On some level there is almost an emotional attachment that entrepreneurs have with their business, like it's their living baby. For me it's almost become an obsession that I think about all day to the point where it's unhealthy. It's what I think about when I first wake up in the morning and before I go to sleep at night.

My ladybird is visiting from out of town. She arrived last Wednesday and I haven't even seen her yet because I only want to focus on my gig like a high powered laser. I better reach out to her soon or else she'll be quite irritated with me.

 

[HarryR]

Hey @KLaw I understand you just want to learn by observing other people's successful businesses. You want an idea? Here you go bro:

1. Make a list of a bunch of industries that you want to contact...food, construction, plumbing, roofing, anything that comes to mind.

2. Contact the TOP 2 players in each industry.

For example, dive into the construction industry and ask the top 2 players, "Hey what machine part breaks down the most often for you? Which part needs replacement the most often?"

3. Find out what that part is then offer to send them a batch of orders FREE. BUT the key is that the part you offer to them MUST be of higher quality than the part that consistently breaks on them. This is where process comes into play. Many will enter, few will win LOL. It's about giving value, my friend. If you can provide a better quality product, you better believe they will want to deal with you...even if that means paying you slightly more.

4. Repeat this process for as many industries as you like. When you deal only with the TOP 2 players in each industry, you will receive massive amounts of orders simply due to the fact that they operate on a massive scale.

5. You can even pull off a JackEdwards style business and hire a bunch of women to contact these big players. Get creative with it.

@IceCreamKid how do you figure out who the top 2 are? Id probably end up calling everyone, but top 2 sounds much much more efficient...

 

[RHL]

Think of it this way. I'm 6'3", 210lbs. I'm not a small guy.

I could easily kill a raccoon with my bare hands or feet. There's basically zero chance that it could kill me or even seriously hurt me in a confrontation.

I'm still not going to try and kill a rabid one that wanders near me with my fist. Bites need stitches. Scratches can mar your appearance. Rabies jabs rival childbirth for the pain they cause. Yeah, I'll definitely live, and it won't even be a long term pain, but who needs that aggravation?

So, your question is like asking, "Why not just leave my back door open when you know that a rabid racoon is outside, since you can easily kill it?"

I've got a better question for you: Why not just leave the door closed? Just because I'm big enough to win easily, doesn't mean I'm big enough to win painlessly, especially when the win has ABSOLUTELY NO VALUE. I gain nothing, not one damn thing, from letting that animal into my house. It doesn't make me a better businessman anymore than letting a rabid animal in my house makes me bigger or stronger; I was all that before the fight started, or before I revealed my business model. It doesn't make me a better family man. It doesn't increase my health or my wealth or my freedom. People don't think I'm cool for doing it, they'd say, "you idiot, why did you let it in and fight it instead of leaving it outside to wander aimlessly and die, like it was doing before you opened the door?"

Look what happened to Bio: Revealing too much resulted in NEGATIVE VALUE. People moved into his space and stole his copy whole-cloth, lazy action fakers twice attempted to copy him using a toll-ticket he'd already paid for in terms of making mistakes for others, sending good money after bad learning the industry, sleepless nights, and uncertainty. He gained nothing from making those posts, and lost money. He didn't get into a Ferrari by making a bunch of negative-value decisions over and over, and nobody else will, either, which is why no comprehensive business plans are being shared here.

 

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[IceCreamKid]

@IceCreamKid how do you figure out who the top 2 are? Id probably end up calling everyone, but top 2 sounds much much more efficient...

LOL I love you bro
http://lmgtfy.com/?q=top+2+tech+companies

 

[KLaw]

Think of it this way. I'm 6'", 210lbs. I'm not a small guy.

I could easily kill a raccoon with my bare hands or feet. There's basically zero chance that it could kill me or even seriously hurt me in a confrontation.

I'm still not going to try and kill a rabid one that wanders near me with my fist. Bites need stitches. Scratches can mar your appearance. Rabies jabs rival childbirth for the pain they cause. Yeah, I'll definitely live, and it won't even be a long term pain, but who needs that aggravation?

So, your question is like asking, "Why not just leave my back door open when you know that a rabid racoon is outside, since you can easily kill it?"

I've got a better question for you: Why not just leave the door closed? Just because I'm big enough to win easily, doesn't mean I'm big enough to win painlessly, especially when the win has ABSOLUTELY NO VALUE. I gain nothing, not one damn thing, from letting that animal into my house. It doesn't make me a better businessman anymore than letting a rabid animal in my house makes me bigger or stronger; I was all that before the fight started, or before I revealed my business model. It doesn't make me a better family man. It doesn't increase my health or my wealth or my freedom. People don't think I'm cool for doing it, they'd say, "you idiot, why did you let it in and fight it instead of leaving it outside to wander aimlessly and die, like it was doing before you opened the door?"

Look what happened to Bio: Revealing too much resulted in NEGATIVE VALUE. People moved into his space and stole his copy whole-cloth, lazy action fakers twice attempted to copy him using a toll-ticket he'd already paid for in terms of making mistakes for others, sending good money after bad learning the industry, sleepless nights, and uncertainty. He gained nothing from making those posts, and lost money. He didn't get into a Ferrari by making a bunch of negative-value decisions over and over, and nobody else will, either, which is why no comprehensive business plans are being shared here.

I agree to most of your points but to say he gained nothing from posting Is a bit over the top. Im sure he rec'd some ideas and advice that he learned from. Hell someone even wrote some copy for him. But I get your point.

 

[HarryR]

LOL I love you bro
http://lmgtfy.com/?q=top 2 tech companies

LOL

 

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[jpa0827]

LOL I love you bro
http://lmgtfy.com/?q=top 2 tech companies

Le me google that for you....That service fills a need for me all the time at work LOL. Makes for a good laugh.

 

[jpa0827]

@IceCreamKid or anyone else with mass market product businesses....When you first started working on your business did you go to the customer first and ask them what products they wanted that weren't available? Or did you take an existing product for a market and ask them what they liked and disliked and then tweaked it like the amazon whisperer?

Also, it is my assumption that most people on the forum believe in branding a product....any cases for not doing this?

I personally am looking to bring a product to market and learn more about wholesaling to retailers. Because I have so much to learn, my thoughts are to go to flea markets and see if I can sell to the vendors when starting out.

 

[IceCreamKid]

When you first started working on your business did you go to the customer first and ask them what products they wanted that weren't available?

No, because sometimes the customer doesn't realize what they want until you smack them across the face with the product. Have you seen Eskil's thread about his new prototype? Holy shnykies I was in love the moment I saw it and didn't even realize I wanted the product beforehand.

Or did you take an existing product for a market and ask them what they liked and disliked and then tweaked it like the amazon whisperer?

I took an existing luxury product and tweaked the design a little bit so that the price could be more affordable for the masses.

Truthfully though, there is more than one way to dress your mistress. My way is not the only way. I could give you a dozen different models for how to carve out a business depending on what the need is. I am far from being the king of angles though btw it's probably best to ask JackEdwards or zen******* what angle to attack from when you find the need.

The core principle is basically understanding the need better than anybody else so that you know the best possible way to solve it. Most people don't spend enough time on fully understanding the customer or the need because they're so focused on finding the million dollar idea.

Why am I working on a Saturday? I'm supposed to be drunk right now.

 

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[MTF]

Most people don't spend enough time on fully understanding the customer or the need because they're so focused on finding the million dollar idea.

And it all goes back to MJ talking about listening to other people instead of focusing on yourself and your egoistical reasons to get into a business.

So much gold in the recent posts. Thank you all for your contribution to this thread!

To all the guys asking questions like "what's your product" or "how much do you make", etc. - you have the wrong money-chasing mindset IceCreamKid mentions frequently in his posts. I know, because I also struggled with it for a long time.

Until you realize that entrepreneurship is NOT about you, you'll keep asking these questions and only reading stuff instead of taking action. MJ makes it very clear in his book, yet it's difficult to understand it unless you take active action (e.g. start talking with your potential customers).

What would reading that one of the forum members here makes $10 000 per month selling cat toys change for you? If you would enter this market simply because you read you can make $10 000 selling cat toys, you would enter the market for the wrong egoistic reasons.

That's why I recommend idea extraction - once you start talking with your potential customers and learn about their pains, something will change inside you.

You'll notice there are business opportunities everywhere. You'll see that MILLIONS of people are struggling with THOUSANDS of different things.

If you only forget about yourself for a while, you can HELP these people and get rewarded proportionately to the value you bring to their lives.

I have a challenge for some of you that may change your mindset.

Starting today, focus solely on problems of people around you and offer them your help absolutely for free.

Your brother has no idea for a birthday gift for his girlfriend? Brainstorm ideas with him and make sure she'll get the best birthday gift ever. Your parents suffer from back pain? Find them a good massage therapist. Your favorite coffee shop has a badly designed website? Help them create a new one for free.

As long as you're mostly a consumer in all your daily interactions, it will be difficult for you to spot business opportunities because you'll look at things as a consumer, not as a producer.

You can't do a proper idea extraction if you only think in terms of how much money you can make off someone.

If you can't enjoy providing value to other people without monetary compensation, perhaps entrepreneurship is not for you as it all starts with selflessness.

 

[IceCreamKid]

To all the guys asking questions like "what's your product" or "how much do you make", etc. - you have the wrong money-chasing mindset IceCreamKid mentions frequently in his posts. I know, because I also struggled with it for a long time.

LOL bro, you will not believe how many people unfollowed me after I made the post in the "astonishing secrets of zen*******" thread where I explained how if you blindly follow a system, you will ultimately fail. I win the gold medal for losing a record number of followers with one amazingly truthful post.
The Astonishing Secrets That zen******* Never Told You…Exposed!

Everyone wants to know "what's your product" "what steps do I take" and "how much do you make". KLaw is just one of the few who has the guts to ask it in public. I admire the guy for his guts.

SHOW ME THE MONEY!!!!

 

[Oztrepreneur]

You'll notice there are business opportunities everywhere. You'll see that MILLIONS of people are struggling with THOUSANDS of different things.

MTF not calling you out or challenging you but this was what I am alluding to in my earlier reply. Although I agree there are millions of problems I would say an absolute minute percentage would represent true business opportunities. If there were truly millions of problems then we wouldn't spend so much energy searching for a viable business idea. Viable being key.

I believe the mindset change is a necessity and whole heartedly agree with that I guess I am somewhat sceptical of the idea extraction process as it is portrayed in popular entrepreneur lines. I am tending to think it is almost a risk avoidance mechanism or process, which again is not a bad thing, trying to ensure the downside is reduced.

I have been thinking more lately that perhaps an alternate (note I didn’t say better) method would be to emulate an already successful business and improve by innovation. Now innovation comes in many forms...not just the obvious of improving the physical product. I believe this may ultimately prove more successful for traditional B&M businesses.

They key I believe is to truly understand all forms of innovation and become creative.....this is the 'angle change' that is often mentioned and associated with Zen and Jack Edwards perhaps.

Again just a point for discussion in an already great thread.

 

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[KLaw]

This is why this forum rocks. I went against the grain an posted some comments that were probably not popular. I even kinda called out ick - one of the most popular members. I did not get flamed or ganged assaulted. Just honest feedback. I F*ckin love it. Be cool my friends.

 

[IceCreamKid]

Although I agree there are millions of problems I would say an absolute minute percentage would represent true business opportunities. If there were truly millions of problems then we wouldn't spend so much energy searching for a viable business idea. Viable being key.

With idea extraction, you will come across many ideas and only a few will be viable business opportunities. This is where you must test and analyze before you throw all your chips in. I can pretty much guarantee though that if you do enough idea extractions, you will eventually come across a viable idea that will allow you to replace your income if you execute on it.

I believe the mindset change is a necessity and whole heartedly agree with that I guess I am somewhat sceptical of the idea extraction process as it is portrayed in popular entrepreneur lines. I am tending to think it is almost a risk avoidance mechanism or process, which again is not a bad thing, trying to ensure the downside is reduced.

I think popular entrpreneur lines advertise idea extraction as some kind of process that allows you to come up with BRAND NEW, NEVER BEFORE SEEN ideas. In my experience, it also helps you uncover pains in which you only need to innovate something that already exists in order to create a business. JackEdwards' businesses have all been born from talking to the customers and realizing there is a huge need there. So in a sense, I guess you could say he idea extracted them. I haven't spoken to Z about his specific businesses so I can't comment there.

Look at Dollar Shave Club as an example...you could've totally idea extracted a bunch of everyday males and eventually come to the realization that they're tired of constantly having to go to the store to replace their shavers.

Anyway, you have nothing to lose other than a few minutes of your time by trying it so why not just try it out lol.

EDIT: Look zen******* is idea extracting right here out in the open.
AMA, let me provide some value to the community.

There is value in asking questions to dig deeper towards the problem/need.

 

[throttleforward]

Idea extraction is the most valuable thing I've done to date.
-You get over your fear of calling people
-You realize that business ideas are literally a phone call away
-You learn that when you approach this whole process with "how can I help you" instead of "pay me for this thing I came up with" that you just FEEL better and more confident, because you know in your heart that you are trying to help people instead of sell people
-You learn what is perhaps the most valuable lesson, which is that not only is it OK if you don't know everything, you'll be far more successful if you realize and communicate to others that you don't know everything. I pride myself on being smart, so it was a hard lesson to learn, but once I realized the power in recognizing that I can succeed by telling people I know nothing about them or their industry, and inviting them to share what they knew that I didn't, it was like a huge burden was lifted off my shoulders. I didn't have to come up with something out of whole cloth and try to see if people wanted it - I could extract it from others what they wanted and evaluate if it was right for me (I've had idea extraction calls end with the person on the other end of the phone offering to pay for development if I created a solution for them, because the pain point they identified though the idea extraction process so painful).

I came to the recognition that the smartest people aren't those who know everything about everything, but those who were humble enough to recognize that it doesn't matter if they (ethically and legally) borrow every good idea, strategy, tactics, etc from someone else...what matters is that they are smart enough to ask the right questions, assimilate the right information, and execute on that information.

 

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[Oztrepreneur]

EDIT: Look zen******* is idea extracting right here out in the open.
AMA, let me provide some value to the community.

Sorry gents I must have mis-communicated my thoughts. I completely agree with the philosophy of identifying pain points or areas to add value...I just do not have too much belief currently in the method being touted...as in cold call / cold email. Although I am still very early on in the process and yes nothing to lose by trying.
I was just airing my thoughts that perhaps looking at existing success and then being creative with how you could innovate to add value may also be a tactic overlooked. I don't think that this process necessarily requires 1000's of cold calls and emails. It does take one to be intuitive and creative and able to accept some risk...but hey if you can validate then why not!

 

[MTF]

MTF not calling you out or challenging you but this was what I am alluding to in my earlier reply. Although I agree there are millions of problems I would say an absolute minute percentage would represent true business opportunities. If there were truly millions of problems then we wouldn't spend so much energy searching for a viable business idea. Viable being key.

I think you're overthinking it. It's true that not all ideas are million-dollar ideas, but it doesn't mean you can't start a smaller company just to get going. You can either keep looking for a perfect business idea and do nothing (or keep working 9 to 5) or start a small company, solve some problems, make some money and learn new things (and perhaps notice another business opportunity when talking with your customers).

Most business ideas are viable if you execute them properly. Another printing service company may not be a viable business idea from your perspective, but it can be a great Fastlane opportunity for someone who finds a way to offer extremely fast service and guarantee (e.g. "send your project at 8 PM, it will be done by 6 AM").

I see so many businesses with stupid names and guarantees it's crazy. If a guy who tells his customers that his business motto is low prices and high quality makes enough money to stay in the business for 10+ years, you surely can do at least as well as this guy who knows nothing about marketing and differentiation in the market.

I am tending to think it is almost a risk avoidance mechanism or process, which again is not a bad thing, trying to ensure the downside is reduced.

As for the downside, listen to Richard Branson.

Idea extraction focuses on your potential customers. So many entrepreneurs avoid talking with their customers for as long as they can, almost as if they were afraid of them. Your business is your customers. If you start a business without validating it first by talking with your potential customers, you're much less likely to succeed (or prepare to lose money in the first few months).

I have been thinking more lately that perhaps an alternate (note I didn’t say better) method would be to emulate an already successful business and improve by innovation. Now innovation comes in many forms...not just the obvious of improving the physical product. I believe this may ultimately prove more successful for traditional B&M businesses.

You still have to talk with your potential customers to see if it's viable, unless you're willing to start a business with no customers and hope that you'll find enough customers before you blow through all your starting capital.

It is possible and many successful people started their company first and then looked for customers, but why increase the risk of failure when you can look for customers first and then start your company?

I just do not have too much belief currently in the method being touted...as in cold call / cold email. Although I am still very early on in the process and yes nothing to lose by trying.

Send 1000 e-mails or call 1000 people first and then perhaps you'll have more belief in this method. Don't assume, test everything.

It doesn't require a lot of work - you can find someone to collect 1000 e-mail addresses for you for around $50-100 and then it will take you maybe 20-30 hours to send them. You could do it over the weekend.

Out of these 1000 e-mails, with a simple script (which doesn't necessarily have to be super personalized) you can expect at least 30-40 good replies, all of them coming straight from people willing to pay to solve their problems.

 

[Oztrepreneur]

If a guy who tells his customers that his business motto is low prices and high quality makes enough money to stay in the business for 10+ years, you surely can do at least as well as this guy who knows nothing about marketing and differentiation in the market.

It's true that not all ideas are million-dollar ideas, but it doesn't mean you can't start a smaller company just to get going.

Agreed. Apologies if my posts came across negative...definitely not the intent. Was trying to open up conversation on looking at a different angle of idea extraction or should I say idea innovation. Really enjoy the discussions here, great to see constructive input and not the normal bickering and defensiveness that happens on other forums!

 

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[MTF]

They didn't came across as negative at all. I understand your skepticism and don't think idea extraction is the only way to go. It's just a good way to learn about profitable business opportunities.

It doesn't mean that you can't come up with profitable business ideas without sending e-mails or calling people. Sometimes it's just a matter of listening, such as in the case of MJ. But then again, the whole concept of idea extraction is to listen to the market. You can listen to the market without sending e-mails or calling people.

If you have ideas that you feel can be profitable, just remember to validate them before you start your business. I don't use idea extraction for all my businesses. If I have an idea I can validate quickly and without spending much money on it, I'll do it.

The key is to make sure that your idea solves a real existing problem, everything else (methods you used to learn about this problem) isn't that important.

 

[jpa0827]

I look at idea extraction as simply a way to speed up the flow of opportunities and target an area of interest.