SNM098: How to Test an Idea Before You Throw All Your Money Down the Toilet
Not every idea is going to be a winner. For every million-dollar idea, there are a million stinkers. People spend tens of thousands of money on terrible ideas every day. I don’t want that to happen to you. There is no reason to invest your time and money in a terrible idea.
Passion or Strategy
When you are an inventor or creator, you attach a great deal of emotion to each of your projects. It feels like a little bird that you are releasing into the world.
This emotional attachment causes people to stick with ideas, even after years of failure.
They start heading down a dangerous path when they point out that nobody else seems to see what they see.
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A person cannot serve two masters and if your passion is in control, your logical thinking will suffer.
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I feel the same way about every product I create. I am dedicated to making the best work possible so that future generations will read my books in wonder at my brilliance. That’s the level of dedication that I put into my work.
So I don’t want to waste all that effort on a dead-end idea.
Measure Twice, Cut Once
In the past, we have talked about paralysis of analysis; where we have brilliant ideas, but we are afraid to take action.
The next mountain to overcome is the danger of taking the WRONG action.
Jumping in with both feet is great, but you better be sure the pool has water in it.
Testing doesn’t take a lot of time, effort or money but it is the step most people want to skip.
They are trapped by “confirmation bias.” They are so sure that their idea is right that taking the time to confirm it is just a waste of time.
Why spend money to have someone else tell you that you’re smart?
Running From Fear
There is another danger.
Once we make a statement that we believe something, we will then take action to confirm that belief.
This causes people to send good money after bad and to double down at the casino table.
We don’t want to test anything because the test might say we are wrong and we just can’t take the emotional hit.
We would rather live in blissful ignorance than admit we have invested years in an awful idea.
Blindsided
I watch a few shows where they put inventors and small business owners in front of focus groups.
So often, it doesn’t matter what the group says, the owner imagines the feedback he desires.
When the whole group hates the idea, the inventor can just say that they aren’t her target market anyways.
When we ignore the crowd, testing can be a waste.
If you’ve made the decision to go ahead with an idea, no matter the financial costs, then maybe it’s too late to save you….
Show Notes:
Key Points:
- Never try to educate a market
- You can test ideas without spending a ton of money
- What people like and what people will buy are very different
Resources Mentioned:
Most other links can be found in my TOOLBOX
Send in your questions to podcast [at] servenomaster [dot] com
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