Don’t Start A Business Unless It addresses One of these 3 Needs: One Big Idea from “Expert Secrets” by Russell Brunson

January 26, 2020

“Michael, I’ve got a great business idea. So you know how ketchup…”

Stop. Time to get primal.

Time to swing our machetes deep through the jungle of human psychology.

Before you dump your life’s savings into that business idea, ask yourself one simple question:

Why do people buy?

Business mythology tries to convince us that a good business idea comes around in the following ways:

  • LIGHTNING BOLT idea that, through divine intervention, strikes into the mind of the superhero entrepreneur
  • This lucky idea happens to come at the PERFECT TIME
  • The entrepreneur dictates the terms by which MILLIONS will FORK OVER their hard-earned CASH without hesitation

And while the occasional miracle like this can happen, the reality, thankfully, is much simpler.

…And much more to do with listening skills than dumb luck.

This will change the way you look at the world and business:

Find A Market Need and Address It!

What’s a market need?

When you’ve discovered that a specific group of people have a gap between a painful problem and a solution to that problem… That’s a good sign of a market need.

What’s a business?

It’s a person or group that can serve a market need profitably.

“But Michael, hold on a sec, I get it, but it seems like people need, or at least want, so many things. For example: My friend, Elijah, bought sushi on Tuesday… the next day he bought shoes… then he went online to order an action figure for his Ninja Turtle collection…

“So, how do I choose what business to start?”

Introducing: Russell Brunson.

As founder of the marketing software, ClickFunnels, Russell is a household name in the world of online entrepreneurship.

In his book, “Expert Secrets,” he provides a mental model about how to look at the world when preparing to start a business.

Imagine for a moment that, though it may seem like people are buying many different products, they are actually only trying to satisfy 1 to 3 of these basic needs at any given time. From the book:

Behind all the opportunities in these areas, bridging the gap between the painful problem and the solution for your market is actually more about the underlying emotions.

Masochists and monks might try to convince you otherwise, but DEEP DOWN:

  • Everyone wants the freedom of being rich (WEALTH)
  • Everyone wants to feel attractive & healthy by being in good shape physically and medically (HEALTH)
  • Everyone wants the social acceptance and sexual satisfaction of having smoking hot significant other OR to have strong bonds with friends/family/etc. (RELATIONSHIPS)

“Is this true?”

Let’s dive deeper into the example of Elijah from earlier:

  • Instead of the usual pizza, he went to buy sushi to start eating healthier because someone recently poked fun at his weight
  • Then he went out to buy nice shoes so that he could impress his new date on Friday
  • And the ninja-turtle action figure? Turns out it was the last one he needed to complete and sell his rare set on eBay so that he could afford his dream vacation to California

The reality is: People buy to address emotional needs and desires.

Since starting a business has to do with what people will buy, challenge yourself to use this mental model.

Look at the the brick-and-mortar businesses you see every day, the websites you see online, what you’ve bought in the past… and ask yourself:

Which of these 3 markets is in play here?

“So, does this mean I can’t pursue my passion project of inventing a brand new ketchup dispenser and applying for Shark Tank?”

No, [technically] nothing is stopping you from doing that…

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Find the book here: https://expertsecrets.com/freebook

© 2020 – Michael J. McGovern