“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:
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:
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:
“Is this true?”
Let’s dive deeper into the example of Elijah from earlier:
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…
Find the book here: https://expertsecrets.com/freebook
© 2020 – Michael J. McGovern