Warren Buffet – start with what you know. You don’t need to stray far from your own home to find great ideas.
I read the book you call the shots – Cameron Johnson. I am sharing the tips from the 4th chapter which I believe would be helpful to a lot of us.
1. If you have a passion or a skill you love and know, you should start with what you know means that you’ll have a solid grasp of what your customers want and how much they’ll be willing to pay for it.
2. One of the best ways to come up with a strong idea is to start with a problem- especially one you’ve experienced yourself- and see if you can spin it. Ask yourself, “How could u change the problem? How could I solve it?.
3. Go online and search to see if there other companies like it, and if there are, are they making it losing money? You can usually find out roughly how successful a company is and extrapolate from there.
4. Do you have all the expertise I need to do this well? And if not, what will it cost to pay someone who does that expertise?
5. You need to make serious capital investments in your idea.
6. Risk is inevitable, just make sure you take calculated risks. Don’t take a risk when you know the odds are against you!
7. Even if your business is starting to make solid profits, the best strategy is to pretend for a moment that these profits aren’t available and approach every expansion plans with the same questions you had when you started the business in the first place: what is the best return I can generate with the least expenditure?
8. Another very important thing to note is that you don’t necessarily have to come up with a brand-new idea. Another great strategy is to spot a trend that’s just starting to pick up steam and ride that wave.
Take a pad of paper and for the next ten minutes jot down any and all customer needs you can of!
Thanks for reading ❤️❤️