How to Test Your Next Business Idea So You Don’t Waste Your Time and Money – Pat Flynn
Notes on the poscast interview with Hal Elrod
- How does the idea fit in the market? does it solve a problem.
- How does it fit with you and your 5 year plan? It has to make sense emotionally.
- Mission design: looking inwards, does it fit for you.Do the airport test, where you meet someone after a long time and you explain what is great about your life. Choose four categories and say what would be great for you. Back to the past: pull 3 different jobs you had and a best memory for each what you liked and the worse memory. It will help you find the things you like doing.
- Refine idea: mindmap, create order to your idea so you can share the idea better
- Market research: PPP (Place, People, Product)
- Flight simulator: testing the idea, make early adopter preorder and pay for it. Get a few people to buy in the idea. For example you can announce that you will release the product if you have at least 12 orders. The idea behind it is that if people are willing to pay for it in advance then it might answer a need. friends telling you it’s a good idea is not enough unless they commit in buying it. Kind of kickstarter. You sell the product before it is finished so you can validate it’s usefulness. Use guidance from customers to build your product.
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