SNM055: Choosing the Right Project
I spent an entire year working on a project for my partner only to have him back out the moment my part of the project was completed. Â Months and months of effort wasted….all because I trusted the wrong person and invested in the wrong project.
Learn from my mistakes, before you invest time in the wrong project.
Follow the 3 Ps
Passion – Staying with a project you aren’t enjoying is a nightmare. Find a project that actually gets you excited.
People – Find the audience before you start the project. Â Are you filling a need in the market or simply hoping people will want it?
Profit – Is this something that people will pay for? Â Do they value your work as much as you do?
Educating the Market
Many inspired entrepreneurs are proud of “creating a category” or a product that requires “educating the market.” Â These are nightmare projects that cost millions before they make any profit.
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Teaching your market that they have a problem and then that you are the solution and then that they should pay your price is much harder than simply fixing a problem they already know bout.
Giving Up Too Soon
If you perform your research correctly, then you know your project will be profitable. Â I do not teach about projects that cost a great deal of money to get off the ground. Â This focus is on projects that only require your time. Â Start there and minimize your risks.
We often decide a project is a failure when we are in the last 10% of the game. Â Don’t let fear of failure destroy your future.
Would I Buy This?
Be objective. Â Would you buy a book with a garbage cover? Â Then why are you trying to sell one?
Key Points:
- Follow the 3 Ps
- Focus on research before you launch a product
- Don’t sell something that you wouldn’t buy
Resources Mentioned:
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