Lesson Details:
February 14, 2020
Video Transcription: Boom boom okay is it too expensive is it too competitive is it too long to launch no industry experience does it need more work or a time that you can put in okay let's use these and now let's put your current idea that you made from the worksheet through this test so for our convenience I've got my for business idea listed that I'm using as examples of course yours will be different and I've got the five objections right here I'll even bullet point it for you so that it's very easy to see them now let's see this one let's put it through this test and see is this a good idea or not okay it's a good there's a couple of reasons why it might be a good idea big market maybe people suffering from procrastination big market they're not going anywhere this is a common problem that people have and artificial intelligence it's it's it's kind of like you know you're in the startup world it's it's the technology of tomorrow so a lot of things are right about it and the technology tomorrow is going to open up a lot of use Kay business use cases so we're in the right space here now let's see these questions is it too expensive well maybe not expensive if you can learn to program but if you learn to program then it's going to require a lot of a tremendous amount of work in time to learn the programming and if you don't learn the programming then it will be expensive so at least one of these is a yes and and the other one is a no right the fifth question is a or the fifth and the first question.
Now is it too competitive well if you have a new approach you kind of you it is come it is battling procrastination is a competitive space but if you have a new approach you can turn the industry on its head so you so having the artificial intelligence piece in there can make it not as competitive because you have this unique approach do you have enough expertise or experience yes for me at least I have a lot of people that my clients who struggle from procrastination and I help them with it but I don't have experience in artificial intelligence so I would say almost like a no and yes and of course I think that the AI their artificial intelligence part of it would be a really big learning curve and that's a problem too long to get off the ground yeah because I'd have to learn AI but if I learn AI I'm gonna be giving myself a skill that's gonna be marketable tremendously marketable for the next like 10 15 20 years so you know you take all that with a grain of salt and the question really becomes do you are you passionate about AI do you want to invest your time in it if yes it's a pretty good idea not to mention that this idea of helping people fight procrastination can only be a beginning and your next idea in the RAI space can be something far bigger so you can build on it and if you have a bigger goal that's gonna help you achieve the bigger goal now .
Let's take a second I business idea through this travel photography for how sports bring people together in different cultures all right is it too expensive it's a little bit expensive somebody's gotta pay for the travel and the photography and all the time that you're gonna be spending there it's an extended period of time now this also takes a toll on your personal life if you're traveling most of the time you you essentially have no actual home and so this really you know traveling is nice but this but having no set home that also takes a toll on a person so that's a challenge it does it take too long to get off the ground maybe a little bit because you know you have to plan so much travel and all that experience or expertise this is you know if you've got photography experience I think this really taps into something special that you have to actually be good with new places because you'll die idea behind this business is that you'll constantly be going to new places but it does solve the question of is it too competitive because guess what if you want to do anything in photography anything and travel anything in sports those are such popular things that it they're wildly competitive but guess what if you're gonna do this combination of industry and the sports and the photography and bringing people together you're probably gonna be the one person in the world doing that so right away you'll make things so much less competitive for you to promote AHA so you see it's like almost always an in person in perfect set of balances.
If you as like a scale right you if you put things on one end of the scale it gets tipped over but the other part of the scale is struggling and what you want is that point that sweet spot where it's a perfectly balanced thing it's not too expensive it's not too competitive it's a good opportunity it's fun for you to do it too good industry it's where you want to be it doesn't take too long to get on the ground and you can actually pull it off and if you find the business like that you can so you have to continuously adjust the strategy of these businesses and you have plenty of ammunition for doing so you have all these psychographics you can reference now demographics you can reference now all the different goals we create you listed all the different industry you have so many combinations to work with sorry I scroll too far you you have so many combinations to work with that adjusting your business handy it becomes really easy and you're gonna keep taking little adjustments and then it's gonna dis balance some of the objections and it's gonna be perfect more perfect in one way and it's gonna become less perfect in another way and you're gonna adjust the idea a little more it's gonna continuously get adjusted adjusted adjusted adjusted but and when you've turned the knobs perfectly enough you have an ideal business idea that you think is ideal of course you got to put it through the test of getting feedback from different people and all that stuff and bringing it to market then you know of course your idea will evolve that point even more and it become better even further but this is gonna be giving you a fantastic place to get started with your business idea once you have your ideas that pass five objections test you no way that's you still confident about them as good ideas for you .
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