Ask Steph: I have so many ideas, so how do I choose?
Jul 18, 2024
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This podcast episode discusses the process of choosing the right business idea, emphasizing market research and problem-solving. It highlights the importance of testing ideas, learning from failures, and connecting with the audience. The speaker shares a personal journey of starting a business and provides a step-by-step process for selecting the best idea.
Start by understanding market needs before choosing a business idea.
Prioritize ease of testing, solving pressing problems, personal interest, and alignment for business success.
Deep dives
Importance of Testing Business Ideas Before Implementation
Before pursuing new business ideas, it is crucial to test their viability to ensure they align with the market's needs. Conducting research and engaging with the target audience provides insights into the most pressing problems that need solutions. By starting with the market and understanding the audience's pain points, businesses can tailor their offerings effectively.
Critical Considerations in Selecting a Business Idea to Pursue
When choosing among multiple business ideas, one must prioritize the ease of testing, solving urgent problems, personal interest in delivering, and alignment with the vision, market, and skills. Selecting an idea that resonates on these fronts increases the likelihood of success and fulfillment for both the business and its target customers.
Iterative Approach to Business Development and Scaling
After testing a minimum viable version of the business idea and receiving positive responses, the focus shifts to refining, enhancing, and scaling the offering. However, if the initial test fails, it is essential to analyze the reasons behind it, such as messaging or market resonance, and iteratively improve or pivot the idea for better outcomes.
Today I am answering a question from a listener who has multiple business ideas but doesn't know which one to pursue. In today's episode, I'm sharing how I've used the wrong ideas in the past and reveal the 6-step process I now follow when making decisions.
- Why unique ideas are not always the best ideas—or what people actually want. - Why starting with the market you intend to sell to and brainstorming (their problems and solutions) is the first step. - The power of 1:1 client research to gain insight into their problems and what they need. - The importance of brainstorming for potential solutions to their most pressing problems. - Why testing your idea is a crucial step in the decision-making process.