Great episode of SPI if you're thinking about what business you want to get into.
Pat chats with Ryan Levesque, author of the book "Ask" which has become hugely successful with it's method for identifying what an audience wants to buy.
Ryan is launching a new book "Choose" which aims to plug a gap he's seen - picking the right market to begin with.
Interesting episode and the examples are aimed more at the B2C market. Although there's a relevance for B2B.
- Most people think the single most important thing with a business is deciding what to sell. It’s not what. It’s who
- The market you choose needs to set you up for success. It has to have the potential to be profitable AND to "fuel your soul". If you're not fulfilled, you'll struggle over time or when things get difficult.
- There are 4 types of entrepreneur - the mission based, the passion based, the opportunity based and the undecided. Know where you are and the pitfalls to look out for.
- There are 5 factors that make the right market:
- Evergreen - it's never going away
- Enthusiast market - can sell multiple products to the same person
- Solves an urgent problem immediately - builds credibility from the start
- Market needs future problems - after each obstacle there's another they need help with
- Filled with players with money -don't sell to broke people