What Business Should I Start?
A horse wonders for days looking for food until finally stumbling on an open farm. After entering the barn, the horse notices two piles of hay on either side. Both appear to be the same quality, quantity and distance away.
What does the horse do? He’s hungry. No, he’s starving. But which pile does he go to? “Both” your mind automatically says. But he can’t. He has to choose left or right first.
I have too many options in business. I could do SEO, front end website development, sell souvenirs in Panama Cit Beach, and a hundred other things. I’ve studied every book relevant. I’ve quizzed every mentor I’ve had. I’ve asked every friend I know. In short, I’ve done everything except decide. So here’s how I will decide…
- I’m writing a list of every demographic I’d like to deal with. And by “deal with”, I mean people I’d like to spend time talking to, selling to and helping. If I were filthy rich today which would you spend time hanging out with? Then, I’ll carefully consider each one, prioritize and cross out until i’m left with just one. I’ll keep this list in my pocket forever to remind me that I made a choice and analyzing time is over.
- Next, I’ll research their problems and look for recurring opportunities. I’ll read amazon reviews, reddit.com threads, comments on blog posts, talk with companies that already sell to my chosen group, and anything else I think of. I’ll keep these notes on the back of my demographic list, and formulate an idea for a big business.
- And lastly, I’ll carve off a sliver of opportunity from this big business idea so I can start. To help me test the idea, I’ll message the people I noticed in my research. If it works, great! I’ll build on it. If it fails, fine. I’ll go back to my ideas and carve out a different sliver.
Once I’ve successfully validated an opportunity by making some pre-sells, I’ll focus on building a system that provides the product or service to more and more people (read: without needing me present).
Out of all the books I’ve read, I’d recommend the following 3 if you ever find yourself in a similar business-choice paradox.
- “Poke The Box” after you create a demographic list.
- “The dip” after your research, idea generation and note taking.
- “E-Myth” after you’ve validated an idea and are ready to focus on building the business.
But that’s it, no more. Just these 3.
And then start.
Don’t hide like I have, for years. Otherwise, you’ll end up like the horse and die hungry.