Lesson Details:
February 14, 2020
Video Transcription: In this video we're going to begin the part of the course that's going to test your business ad I'll show you how to refine it show you how to get new business ideas just in case you already have your business idea you don't want to test it you feel confident about it skip ahead to the next section of the course where we're gonna begin to talk about execution of the business idea but if you feel like you need business idea fundamentals or you to adjust your idea or you need to come up with a good one the totally new one this is gonna be great for you so in this video I'm going to give you a test it's not going to be a complete test but it's going to help you test your idea if you have one so it's gonna be a five point test the first point is does it require more money than you have I see very often people want to open a restaurant well you know opening a restaurant or a gym or other kinds of brick-and-mortar businesses that's great to dream about but sometimes they start they they require a hundred thousand dollars to get started and then you get stuck trying to raise that money never raised enough money and really never get going so is that something that's gonna hold you back or is it easy to begin another is are you getting into an extremely competitive industry travel yeah it's fantastic but it's really competitive so some industries are so competitive that you really really really need to think long and hard about maybe a sub niche in the industry and we're gonna talk about how to find sub niches but still if it's very competitive for a new entrepreneur for a first-time entrepreneur it's very hard now.
Another thing is does it take too long to launch maybe you've thought of a new innovation or a new type of technology but maybe you're not an engineering it's gonna take you forever to get it made maybe in China or somewhere and it's just gonna take so long and a lot of money just to launch that that adds so much risk that maybe it's not the best idea it sounds nice it sounds cool but it's not practical so we're after what's practical what we can start soon because you want to start relatively early so you can begin learning next phases of the business you don't want to remain on the outside looking in and dreaming about it planning is good but you don't want to over plan and stay on the sidelines for too long also one major mistake people tend to make is getting into a business where they have no experience in no knowledge and then everything becomes a learning experience for the first six to nine to twelve months that's fine but you but you might struggle during that time and it's much better to get into an industry and a business idea where you have experience and knowledge and expertise maybe if not you then definitely somebody on your founding team and another issue that sometimes comes up is does your idea need more time to execute then you can give if you have to start making money in a month and in three months if you're getting into a business idea that takes six to twelve months to pull off you might end up having to quit that idea before you can really get started so you generally just want to be aware of these things and I would say these are just very broad type of errors that many people fall into be aware of these when you're evaluating your idea and ask yourself am I currently falling into any of these issues how can I begin solving this and as we go on throughout the course we're gonna learn how to adjust your idea so that it becomes more realistic and practical to pull off successfully.
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