How to Come up with a Business Idea?

here's another question put to me by random gamers Steph I started to learn coding two years ago to pursue my dream to be an entrepreneur that's cool you gotta start right the problem is that all the ideas that I have already made when we try to read that again the problem is that all the ideas that I have are already made by someone how can I find a good original idea good question good question so what I have found the key to finding a really good idea as an entrepreneur is to get yourself into a particular market a particular domain and really understand it I learnt this a long time ago with my first business when I was in the importation business fish importing rare fish for public aquarium zoos and collectors I had a line of water purification products and so forth and when I learned in that I was like they started out when I was 18 what I learned in that that first business was that you don't really know what the market needs until you're in it deep and then you start to recognize what is important what isn't important so let me give you an example I was in the pet product business selling my own line of water purification products and I sold unusual food for fish breeders and stuff I know it's a weird business but that's what I did and so one day I got a call from a company down in Florida and they made bird food and I called this the story I called it the bird food incident and it really was a real big learning lesson for me any help they sold this type of bird food and he sold me on the bird the bird food is great it's amazing the bird food the birds you know it's super nutritious blah blah blah it's a great price competitive if they sent me all the specs and I had a couple Birds was okay so I had a couple Birds you know I guess I can do Birds I mean all these pet stores anyway so maybe I can distribute this new fangled bird food into the Canadian market so I said okay shoot me up a ton of bird food so they shipped me a ton of bird flu two thousand pounds of bird food and if yeah we'll try it out so we brought into bird food and then I gave out samples all kinds of professional bird breeders believe it or not there are a couple people out there they they'll breed parrots and parakeets and all kinds of other types of birds and they saw them two pet stores and wholesalers anyhow so all I saw the Isolda by I gave away a bunch of this newfangled bird food that sounded amazing on paper a great nutrition great you know fantastic good price so then I get a send it out in a couple weeks later I call up a couple of these bird breeders hey so how's that bird food and they said yeah it's no good the birds don't like it they what you mean they don't like it they don't like eating it they don't like eating the food no and then I realized and then it what I didn't realize then I was told by these bird breeders you said the number one thing that people look for in a bird food is whether it is palatable whether the birds want to eat parently birds are very picky about the food that they eat which was something that totally surprised me so when I was dealing with that guy in the company down in Florida and he was selling me on the virtues of his great quality bird food because I wasn't a bird expert I did not ask him that crucial question which was do the birds like eating it that's the number one thing if the birds don't like eating eating it that doesn't matter how nutritious the bird food is doesn't matter the price doesn't matter so I call that the bird so I had 2,000 pounds of bird food stinking up the place and birds don't want to eat the damn stuff fortunately I was able to find a bird breeder who decided to buy it off of me at cost and he would lead he did whatever he did with it but it wasn't it was just a terrible investment and because I had I didn't have good enough knowledge about the industry about breeding birds I wasn't able to assess whether that product was any good same thing with software development if you don't have expertise in the particular domain it could be the pet business it could be the coffee business it could be pillows who knows right if you're not an expert in that area or you're not like a hobbyist who knows it so well who knows whether or not this product needs fixing or there might be a demand for this kind of product if you're not in a deep it's very hard for you as an entrepreneur to assess whether or not your product will or service will work whether it's software or anything else and at that point in time if you don't know it is just a shot in the dark so as I said in other videos and my entrepreneur course I talk about each des you have to first and foremost get into the domain you're interested in penetrating translate that into non nerd figure out which type of business you like so let's say you like the gourmet coffee business well you got to become a gourmet coffee expert so drink a lot of coffee maybe not maybe you should then work at least a month or two at a gourmet coffee shop so you can understand what's going on behind the scenes and start doing some research start talking a coffee shop owner stop you know not just one but several and start you know just experiment getting a coffee blog so you understand where there might be a weakness in the coffee industry where you might be able to write a piece of software that the coffee industry or the gourmet coffee industry may may need right so it goes to any industry so as I teach a march for intercourse domain knowledge understand domain could be the coffee industry domain could be couch making industry a domain could be remote control industry a domain could be the speaker industry domain knowledge is more important for technical nerd knowledge domain knowledge is more important technical nerd knowledge so there is a entrepreneur or a pathway if you will in terms of becoming a tech entrepreneur number one you learn your foundational skills this way you have the eyes to assess all the technology choices that you have out there number two you become proficient in a particular domain that you're interested in and then when you're armed with that knowledge coupled with your good foundational knowledge and technology you can put that together and create a product potentially that could be used that could be successful in the marketplace that is how you find a good idea as an entrepreneur this applies for tech entrepreneurs any type of entrepreneurs and a final point with this you're going to have to pivot and you're going to have to refine even if your original idea was pretty good to begin with studio web my educational sass I built the prototype we designed it to prototype I designed about eight years ago and it's gone through many many many changes over the years in fact we just did a rewrite from scratch that now I'm deploying all new students on and we learned a lot over the years about exactly what it is the app had to do to make it work properly or at most effectively in terms of teaching people in fact there may be a hundred little changes and I don't know what the exact number is could be 75 110 but say for the sake of argument there is maybe a hundred little changes in the application that make it really effective you know you change this a little bit here it makes it half percent better change this a little bit here it makes it two percent better tire change that here makes it five percent better there but all these little changes add up and accumulate into a very effective piece of software and you're gonna see that in your entrepreneurial activities you can't get married to the ideas as I used to say that means that you got to be prepared to pivot all the time be responsive to the marketplace that's where humble is comes in handy good business people are humble as they are confident in fact when you're really confident you can be even more humble person who is arrogant is actually very insecure many times inside so being humble knowing what you know and knowing what you don't know will help you it's one of the most important tools and it's gonna help you very much when it comes to being an entrepreneur anyway if you want to learn all about this kind of stuff I got my entrepreneur course hours of training at this level and much better what guides my freelance course yes I'm shamelessly self-promoting but that's another rule of business in your life whether you want to get a job whether you want to freelance whether you want to set up a SAS and if you're dating you got a self promote to a certain extent now dating is a little bit more tricky you can't act you can't be so blatant about it but Evan this is not a dating vlog so I'm gonna get into that but nonetheless self-promotion is also a part of life and business as long as you do it with a certain level of respect for everybody else around you alright I hope you found this useful that's it for today bye bye you

Channel: Stefan Mischook

Views: 14,892

Rating: 4.9647799 out of 5

Keywords: businessideas

Id: JN_Z2QpiBj8

Length: 10min 1sec (601 seconds)

Published: Mon Apr 15 2019