Name: How Do You Know If Your New Business Idea Will Actually Work?
Uploaded: 2020-03-09T21:00:09.000Z
Duration: 4 min 26 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

assuming you have an idea and you have a product or service that you want to get out in the marketplace.

Present continuous

How do you know you are selling to the right market?

To-infinitive

Because the last thing you want to do is you spend a lot of time and money and effort starting a business, taking your idea to the marketplace and then find out.

Actually, no one wants to buy your stuff.

Whenever I enter into a marketplace, I'm gonna give you some criteria.

Now, these are very, very simple questions, but they are not easy toe answer.

You gotta think it through before you answer it.

Before I enter any marketplace beef like enter into any market, I would ask this first question.

Is dead paying sense of urgency or irrational passion?

Is there pain, sense of urgency or irrational passion?

What I am looking for are not just rational needs, not just logical needs.

I'm looking for emotional needs if there's paying.

In other words, I much prefer to sell painkiller Dan vitamins I want to sell.

I don't want to sell prevention ideally, because people are always more willing to pay for painkiller versus vitamins.

Oh, I want a soft The problem by spending this money.

If there's a sense of urgency that they need this badly, they have to solve this problem.

There's some pain greater than they're more willing to spend money as well.

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Golfers are very, very passionate about golfing.

They buy a lot of golf stuff, right, So if you're selling to that market a niche like that, that is not that versus you sell to a market debt.

You gonna have a problem asking for money and also charging for what you're worth?

The second thing that I look for is, are they actively looking for solutions?

Now the way that I do it is when it comes to online, I want to see what keywords are people searching for online, maybe through Google.

Are they actually searching for solutions on the Internet?

Because if they off and I know I could put my message, my story, my ads in front of them, right if I know there's a need, but I don't know where these customers are and they're not looking, not actively looking for solutions on the Internet.

Then I'll have challenges scaling the business versus if I go on lying and millions and millions of searches every month.

People are searching for this particular solution.

Third, is there a lot of competition now?

This would be dictated by whatever that you're selling.

If there's no competition now, that may or may not be a good idea, because maybe chances are whatever you're thinking is not new, right?

It means it means that maybe there may not be money in that market.

If you have too many competition, then you'll have problems trying to stand out, trying to cut through the noise.

Unless you have a new technology, a new breakthrough or something that a new angle that you're entering the marketplace with, there's something different, right, But sometimes that's not easy.

So those are the three things that I look for.

Whenever enter into a marketplace, you should spend a lot of time thinking about what market you want to serve instead of spending all your time focusing on the product, the service, whatever it is that you want to sell, that it's secondary.

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How Do You Know If Your New Business Idea Will Actually Work?

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