The Game with Alex Hormozi How to Recognize Opportunity in a Marketplace | Ep 261
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Dec 22, 2020 What makes a market truly profitable? A deep dive into identifying viable market opportunities sets the stage. Key characteristics for success are revealed, along with a straightforward framework to select the right market. Alex emphasizes the importance of aligning personal experience with market needs. Plus, valuable tips on asking the right questions to unlock potential are shared. This discussion is a goldmine for entrepreneurs seeking to navigate today's marketplace!
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Choosing the Right Market
- Choose a market you can add maximum value to, given your skills and experience.
- Prioritize markets where you understand the customer's pain points deeply.
Key Market Characteristics
- A strong market exhibits four key traits: pain, growth, discoverability, and purchasing power.
- Customers must desperately need your product, especially during tough economic times.
Newspaper vs. Masks
- Alex's friend struggled to grow his newspaper business in a declining market.
- Switching to mask manufacturing during the pandemic, his business boomed.
