All businesses have to start from an idea. But just how important is the original idea behind a business? How much of a business’ success can be attributed to the idea versus the follow up work?
We know there is no real point in putting in all the work if that initial idea is not something special.
But on the other hand an idea, even a great one, is not worth much without the follow through and the means to execute it.
That being said, what is it that differentiates the so-so ideas from the great ones?
If you’re interested in these questions we’ve got an awesome treat for you: a 60min in depth audio discussion with the answers as well as 6 examples of great business and product ideas.
In this podcast episode, we look at what can define a brilliant business idea by cycling through some examples and examining the appeal of certain products.
The Fizzle Show is here to unpack what makes some business ideas successful and what makes others flop!
Listen to this episode and you will learn the crucial customer mindset and product presentation necessary to make your products and business at large succeed. Two of the concepts you really need to understand are the importance of simplicity as well as the concept of ‘niching down’ on a simple idea to really target your market.
Tune in to hear all about it and add your comments below!
“What makes a brilliant business idea and how to apply it”
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Key Points From This Episode:
- The two sides of the business coin, ideas and execution. [0:03:40.4]
- What can go wrong in the idea stage and how to identify these problems. [0:08:07.1]
- Simplicity is usually preferable to complexity, especially when it comes to business ideas. [0:11:27.9]
- Finding a brilliant business idea vs searching for perfection. [0:14:38.9]
- Embracing the reality of alienating people through belief in your idea. [0:19:50.1]
- Dissecting the strengths and weaknesses of… a coffee mug!? [0:21:30.0]
- The economic concerns of pricing a product according to your costs and market. [0:29:32.7]
- Discussing Donald Miller StoryBrand and what has made it so successful. [0:33:02.7]
- What makes the idea behind Onnit a great one? [0:37:23.1]
- The role of authentication such as clinical studies to back up marketing. [0:44:01.6]
- Comparing Instacart and Webvan and the different execution of the same idea. [0:47:27.1]
- Convertkit and niching down in a crowded market. [0:50:30.2]
- Overlap, adaptation and execution. [0:56:19.2]
““An idea is not a thing set in stone, like a stone tablet that you pass down.” — @chase_reeves ”
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Links Mentioned in Today’s Episode:
““The most complicated skill is to be simple.” — @stephcrowder_”
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The Top 10 Mistakes in Online Business
Every week we talk with entrepreneurs. We talk about what’s working and what isn’t. We talk about successes and failures. We spend time with complete newbies, seasoned veterans, and everything in between.
One topic that comes up over and over again with both groups is mistakes made in starting businesses. Newbies love to learn about mistakes so they can avoid them. Veterans love to talk about what they wish they had known when starting out.
These conversations have been fascinating, so we compiled a list of the 10 mistakes we hear most often into a nifty lil’ guide. Get the 10 Most Common Mistakes in Starting an Online Business here »