Many ideas fail even if one believes that it will transform the world and earn millions. Consider Brad who is an engineer and young entrepreneur who believes that his latest idea is amazing and innovative and that there’s absolutely no way for people to not take a liking to the product the inventor is creating once they hear about it. Let’s now take Marni who would like to establish a business, but she’s not able to do it because she believes that she has to have an incredible innovative idea that can be able to compete with the existing ones. Brad and Marni are both Brad as well as Marni are taking it in the wrong direction and making it too complex. Here’s why:
You should never engage in competition. If you’re competing based only on price you’re losing at the very beginning. What are you, an insignificant fish (at at least in the beginning) will you compete against sharks? To be successful from the start, you must meet these three criteria that I’ve successfully copied and adapted from a person known as Eben Pagan.
- It is essential to offer something that people feel an unfounded desire for. People purchase based on their emotions, so think about the issues that people are able to avoid and what needs they might experience when using the product. If you don’t do this, you’re going have to be more aggressive in responding to competitors and convincing people to purchase. If you’re required to convince them then the business has already failed.
- The customer must be convinced or accept that there are no alternative options for what you offer are available. If you are able to offer a lower price than a competitor, but your product is identical it could be a win for you however it will require a lot of work to establish credibility and beat other competitors. You must differentiate yourself and meet the emotional needs of people. Inflict shock on them.
- Your client must be actively seeking solutions your service or product can provide.It’s a lot easier to increase sales if people come to your company rather than knocking on doors trying to convince them to buy to buy something. If you do this repeatedly, you’ve already lost.
That’s how to know if something is going to succeed and will succeed with. How do you determine the right idea? The ideal idea lies between three factors that people are looking for: what they want desperately and what you’re skilled at and also what you’re interested in. What is it that I talk about the things the people “want” and not what they want? Because people don’t always make decisions that are best for themand they react to their the emotions of others. If you’re providing something that they require, then great but remember that most people, even when you’re selling a business-tobusiness (B2B) product will be focused on the way something makes people look as well as how it consider their friends, colleagues and even the other sex. I suggest finding something you are knowledgeable about and interested in because you’ll discover an idea more easily that is the way to go, and you will be able to avoid many pitfalls during the initial phase and will benefit from your personal experiences and expertise to save you time, effort and frauds.
I can assure that I began my journey exactly as Brad as well as Marni. At first , I was overwhelmed that I needed the ability to think of a amazing idea that nobody thought of before for me to have any chance to be successful. This logical thinking made me create an idea that was so revolutionary and original that only a handful of people even thought of it and even fewer took it on. It was a method for understanding patterns of psychology in the market and gaining profit from price fluctuations which I sold to traders. If it seems confusing and like something you would find in a thesis paper, my potential customers believed the same.