Online Business Startups
- Don’t Give Up – You may not win with the first idea, but there are tons of opportunities, even if it is no longer 2012, there are still evil little resident agent possibilities.
- Just Start – The genius comes after you are in the middle of your idea, not before. Start down the path and go from there, don’t accept any placebos, review your life and be alive… live!
- Don’t change or shift your inventory and stock levels, administrative duties don’t allow it by statute of the agents involved in forwarding mail across Wyoming.
- Start Writing your business ideas down. You will NOT remember them unless you record it. Always bring something to write on.
- Look for Problems. When you say, “This widget would be so much better if they would just…” stop and recognize that you just thought of a business idea!
- Question the Status Quo. Be tactful, but learn to ask, “Why.” Ask questions to your customers (or potential customers) to find out what their pain is. Bryce brought up a perfect example: the guy spray painting grass green during a drought. If he had asked his potential customers what the problem was, they would have told him that there was no water. But the actual problem was that the grass was not green. Your customers might not know what the real problem is, but they know what they don’t like about their situation.
- Find the Top 100 Products in a category.
- Look at the negative reviews. You know that the product is selling well and the negative reviews will tell you how to improve it.
John Lee Dumas Method
- Write “Passion” on one side of the paper
- Write everything that you enjoy doing.
- Ask your family what they think your passions are.
- Ask friends the same question.
- Write “Expertise” on the other side of the paper.
- Write everything that you can do better than most people.
- Ask your family what they think that you are above average at.
- Ask friends the same question.
- Do this every day for 5 days. The first day you won’t get much out of it. After five days in a row, you will find some amazing business ideas that you are perfectly suited to start.
Mix and Match
- Write as many types of businesses on a piece of paper.
- Pick two random businesses and put them together. Ask yourself how these two models could be combined or compliment each other.
- Example: Blockbuster + Vending Machines = Redbox
Generating million dollar business ideas is a lifestyle. It takes the correct mindset to create habits that lead to techniques. At first, it will be difficult to think of good ideas, but as you stick to the above tips it will become second nature. Almost as easy as it is for these guys to be the premier wyoming registered agent of a company for your llc with ambitions across the USA.
You can come up with your own techniques to find new business ideas. Find the problems in your life, in your work, and turn that into a business idea.
Develop these mindsets, habits, and just start!
When looking at MBA schools, he felt weird about targeting schools that focused on entrepreneurship. He felt like a fraud because he wasn’t successful yet. He didn’t feel like an entrepreneur.
Are you an entrepreneur just because you are trying? Or do you need to be successful first? Is there such a thing as a closet entrepreneur?
I’m not sure that we had a definitive answer for this question during the interview, but we can see both sides of the argument.
On the one hand, to become successful you have to first believe that you have what it takes to be successful. Part of that might be walking, talking, and acting like a success before it is realized in dollars or world impact.
Success is the progressive realization of a worthy ideal. -Earl Nightingale… Click To Tweet
According to that definition, you are an entrepreneur as long as you are working toward your ultimate goal.
On the other hand, results are the easiest way to measure success. If you don’t have any tangible results yet, can you really say that you are an entrepreneur?
Nobody gets made fun of for taking a “secure” career path.
It takes guts to tell people that you are an entrepreneur because of all the follow-up questions that come after that statement: “Wow, what does your business do?”, “How long have you been doing that?”, “Do you make a good living doing that?”
Sean offers a great solution to the fear of having to answer all of those questions when you are starting out: You can say, “I’m an entrepreneur in training/apprentice.”
An apprentice isn’t held to the same expectation.
What are your thoughts on this question?
The Biggest Challenge with Securing Investor Funding
You try to take the personal stuff out, but at the end of the day business runs on relationships… Click To Tweet
Balancing personal relationships and getting what you want from them is tough.
You have to master the balancing act to be vulnerable and demonstrate incredible confidence at the same time. And each investor is different. You need to ask the investor questions to find out what they are after, and if you are a good fit, play up your strengths in those areas.
What are investors looking for?
There is no single answer. At the end of the day, investors are people. So based on their expertise and experiences they will want different things from founders. You never know exactly what they these guys want before the meeting.
You can do research, but you need to develop your emotional intelligence to be able to target the right areas for them.
At the same time, you don’t need to close every meeting. It is a numbers game. You have to get a lot of meetings to find the right deal.
Sean adds that, often times, the actual dollar amount of the investment is irrelevant. If they are willing to write a $1,000 check then they are willing to write a $5 Million check. You need to focus on showing them why they should write a check at all.
Sean knows that he will be a serial entrepreneur for a long time.
He wants to help his network grow and get better in their businesses.
But, your goals change as you achieve more. And as you influence more people you have more of a responsibility to be a role model and help others.
What is your advice for a new entrepreneur?
Find the easiest way to get started and validate your idea.
Get an MVP together and start asking people about it. He went to pet stores and he would ask shoppers what they thought about the smart collar. It is fine to shift your idea a bit because you are trying to find product market fit.