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.  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.  Are you filling a need in the market or simply hoping people will want it?

Profit – Is this something that people will pay for?  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.”  These are nightmare projects that cost millions before they make any profit.

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.  I do not teach about projects that cost a great deal of money to get off the ground.  This focus is on projects that only require your time.  Start there and minimize your risks.

We often decide a project is a failure when we are in the last 10% of the game.  Don't let fear of failure destroy your future.

Would I Buy This?

Be objective.  Would you buy a book with a garbage cover?  Then why are you trying to sell one?

Key Points:

  1. Follow the 3 Ps
  2. Focus on research before you launch a product
  3. Don't sell something that you wouldn't buy

Resources Mentioned:

Breaking Orbit

Serve No Master on Amazon

Send in your questions to podcast [at] servenomaster [dot] com

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