Do you want to start a business but have no idea? Do you have a killer idea but are still stuck with your other ideas? In this video, I share my best strategies for choosing the right idea to pursue.
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You probably have tons of startup ideas floating around in your notebook.
All begging for your attention - hoping for the day you’ll double down, gather the courage, and bring it into the world.
But what stops you ISN’T a lack of courage.
It’s a lack of decisiveness - all caused by an overwhelming anxiety that the idea you chose to pursue TODAY will have lifetime ramifications for both you and your family.
It’s no small thing.
And a single wrong decision can set you back years financially and professionally.
That’s why it pays to have a process for choosing the right idea.
I’ll share that with you in a sec, but first a quick story:
When I moved to San Francisco in 2008 I actually hired a personal CTO.
My goal was to have someone build little tools & utilities that would allow me to explore different ideas and improve my workflows.
In a 9 month period we built about a dozen apps.
Now these were simple little things...
ex: We built a tool that allowed me to get relationship data for twitter accounts (think LinkedIn for Twitter).
What’s crazy is I still use a couple of these tools every week.
It was in doing this work that I came up with the core engine for Flowtown - a web app that would append social and demographic data to an email address.
The reason I share this story is because out of the dozen or so ideas I had built, I had to decide on the right one to pursue as a business.
So in this week's video I actually go through 5 selection filters and the #1 strategy that makes me different than most entrepreneurs (hint: I assume I’m wrong)
Here’s what you’ll learn in this video:
- Idea Generator
- Riskiest Assumptions
- Pain Killer vs. Vitamin
- Domain Experience
- Multiple Ideas / 2 Week Tests
The most important out of the 5 is #2... it’s actually a framework I teach my students called the Riskiest Assumption Validation.
You list out all the key assumptions you have about the business model, then you rank order them by most risky...
... meaning that if this one doesn’t pan out, then the whole business would never work (ex: I can pay someone $10 dollars for something I can bill out at $30).
It’s obviously a more involved process but that’s the general idea.
How have you chosen the right idea to pursue?
Be sure to leave a comment with your thoughts or feedback.
Can’t wait to hear from you!
Don't forget to share this entrepreneurial advice with your friends, so they can learn too: https://youtu.be/i2oSYTSMgrk
ABOUT DAN MARTELL
“You can only keep what you give away.” That’s the mantra that’s shaped Dan Martell from a struggling 20-something business owner in the Canadian Maritimes (which is waaay out east) to a successful startup founder who’s raised more than $3 million in venture funding and exited not one... not two... but three tech businesses: Clarity.fm, Spheric and Flowtown.
You can only keep what you give away. That philosophy has led Dan to invest in 33+ early stage startups such as Udemy, Intercom, Unbounce and Foodspotting. It’s also helped him shape the future of Hootsuite as an advisor to the social media tour de force.
An activator, a tech geek, an adrenaline junkie and, yes, a romantic (ask his wife Renee), Dan has recently turned his attention to teaching startups a fundamental, little-discussed lesson that directly impacts their growth: how to scale. You’ll find not only incredible insights in every moment of every talk Dan gives - but also highly actionable takeaways that will propel your business forward. Because Dan gives freely of all that he knows. After all, you can only keep what you give away.
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