A summary of things to evaluate in a market from the talk: 1. Urgency 2. Size of the market 3. Pricing potential 4. Cost of customer acquisition 5. Cost of value delivery 6. Uniqueness of idea 7. Speed to market 8. Up-front investment 9. Upsell potential 10. Evergreen potential
Forms of value: - sell a product - sell a service - shared resource (saas/park) - subscription (buy now but commit to future as well) - resell (retailers) - lease (hotels/netflix) - agency (marketplace like airbnb) - audience aggregation (niche blog, or audience of any kind) - insurance (selling low risk) - option (support add on, something they can but maybe wont) - loan (pay later) - capital (investment) Values: 1. Efficacy 2. Speed 3. Reliability 4. Ease of Use 5. Flexibility 6. Status 7. Aesthetic 8. Emotion 9. Cost
This is actually a simple exercise: 1) list all needs (food, clothing, shelter are primary; then job, steady income) 2) list all 'strong wants' (telephone, transportation, personal grooming products) 3) list all 'would be nice' wants (housepet, vacation, TV, entertainment, home ownership) 4) list all 'weak wants' (alcohol, coffee, tea, other beverages, restaurant visits) 5) list all 'toss up wants' (everything else) The only solid reliable business is in (1). The rest are 'iffy' in growing intensity. And in (1), you must validate your product/service despite the 'need' of it, because there are COMPETING products/services. .
Core Idea: Josh Kaufman discusses how to identify and validate business ideas that customers truly want by making them irresistible, resulting in immediate purchases. Business Idea Validation Steps: Kaufman outlines three critical processes: market research (collecting information and generating ideas), market evaluation (assessing feasibility), and market validation (testing ideas with real customers to ensure they will buy). Key Concepts in Evaluation: He emphasizes the importance of understanding uncertainty and market change, and suggests using checklists to ensure all aspects of a business idea are thoroughly vetted. Business Fundamentals: Kaufman breaks down business into five essential components: value creation, marketing, sales, value delivery, and finance, stressing that every successful business must address these areas. Evaluation Criteria: To assess business ideas, Kaufman recommends evaluating urgency, pricing potential, customer acquisition cost, time to market, investment needed, upsell opportunities, and the effort required to maintain the business.
Great presentation! I'm not sure about "the largest the market the better". Marketing will get complicated. Difficult to have a clear focus with a large market.
@@harishdeivanayagam And if your product is a service? You position your service for a segment of the market - which is not "the largest market". You often have to niche down for a specific service.
Lol I was just thinking that, right? Can anyone confirm my statements are right? Right. It helps me feel less insecure! Left my confidence at home on my nightstand in a hurry to leave today. The one on the right of my bed, right? I don’t know I’m asking you!
Highlights 💡 Building a successful business requires an idea so compelling that customers are eager to buy without hesitation. 💼 Josh Kaufman started his business journey at Procter & Gamble, developing products for household brands, while also creating the "Personal MBA" to understand business fundamentals. 🌍 Market research, evaluation, and validation are crucial steps in the process of developing a business idea. 🔄 Market evaluation should be a two-way process, assessing if the idea aligns with personal goals and is mutually beneficial. ❓ Uncertainty and change are inherent challenges in business development, requiring a robust framework to navigate. 🏗 Studying failure modes and understanding what can go wrong is key to building a successful business. 💼 Every business has five parts: value creation, marketing, sales, value delivery, and finance, with marketing being crucial for making potential customers aware of your offering.
The titles says HOW to Find Business Ideas Customers Want but it should actually be WHAT is a Good Business Idea Customers would want. Big difference!
A summary of things to evaluate in a market from the talk:
1. Urgency
2. Size of the market
3. Pricing potential
4. Cost of customer acquisition
5. Cost of value delivery
6. Uniqueness of idea
7. Speed to market
8. Up-front investment
9. Upsell potential
10. Evergreen potential
Forms of value:
- sell a product
- sell a service
- shared resource (saas/park)
- subscription (buy now but commit to future as well)
- resell (retailers)
- lease (hotels/netflix)
- agency (marketplace like airbnb)
- audience aggregation (niche blog, or audience of any kind)
- insurance (selling low risk)
- option (support add on, something they can but maybe wont)
- loan (pay later)
- capital (investment)
Values:
1. Efficacy
2. Speed
3. Reliability
4. Ease of Use
5. Flexibility
6. Status
7. Aesthetic
8. Emotion
9. Cost
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Thanks for the time saver
This is actually a simple exercise:
1) list all needs (food, clothing, shelter are primary; then job, steady income)
2) list all 'strong wants' (telephone, transportation, personal grooming products)
3) list all 'would be nice' wants (housepet, vacation, TV, entertainment, home ownership)
4) list all 'weak wants' (alcohol, coffee, tea, other beverages, restaurant visits)
5) list all 'toss up wants' (everything else)
The only solid reliable business is in (1). The rest are 'iffy' in growing intensity.
And in (1), you must validate your product/service despite the 'need' of it, because there are COMPETING products/services.
.
Thank you Greg! 😊
one of the most articulated business talks i've watched in a long time !!! with no BS and great way of generating good ideas
Amazing talk.. the best part for me is that it's an event from 2013 but the info and principles behind it are timeless.
One of the best talks on this channel and on the topic. Great speaker, simple, clear to the point and profound.
The larger the size of the hassle the greater the business opportunity. Great line
This talk is underrated, definitely
This is definitely a talk to watch a few times over.
Clear, concise, great ideas on how to approach business.
Thanks! Glad you liked it!
thanks Josh Kaufman, for explaining things , connecting dots, with reasoning, in step by step, adding marketing , summarising business at high level
Glad it was helpful!
This was dense! I will definitely watch this again!
One of the best business explanation I have seen
The exact clarity I needed.. well explained 👏
Thank you!
Core Idea: Josh Kaufman discusses how to identify and validate business ideas that customers truly want by making them irresistible, resulting in immediate purchases.
Business Idea Validation Steps: Kaufman outlines three critical processes: market research (collecting information and generating ideas), market evaluation (assessing feasibility), and market validation (testing ideas with real customers to ensure they will buy).
Key Concepts in Evaluation: He emphasizes the importance of understanding uncertainty and market change, and suggests using checklists to ensure all aspects of a business idea are thoroughly vetted.
Business Fundamentals: Kaufman breaks down business into five essential components: value creation, marketing, sales, value delivery, and finance, stressing that every successful business must address these areas.
Evaluation Criteria: To assess business ideas, Kaufman recommends evaluating urgency, pricing potential, customer acquisition cost, time to market, investment needed, upsell opportunities, and the effort required to maintain the business.
Great presentation !! Thank you Josh.
A free Masterclass! WOW!
Great presentation!
I'm not sure about "the largest the market the better". Marketing will get complicated. Difficult to have a clear focus with a large market.
That's why you need to position your product! Read more on positioning strategies.
@@harishdeivanayagam And if your product is a service? You position your service for a segment of the market - which is not "the largest market". You often have to niche down for a specific service.
Great title. I'm listening.
The is a fantastic talk! Hard to believe that it does not have a lot more views.
Glad you think so, Brad!
Pure gold!
Amazing talk!!!!!
Absolute Knowledge
Great talk
2013 - how much of this holds true in 2023?
It's timeless information.. most of it!
right ? right? right ?
Lol I was just thinking that, right? Can anyone confirm my statements are right? Right. It helps me feel less insecure! Left my confidence at home on my nightstand in a hurry to leave today. The one on the right of my bed, right? I don’t know I’m asking you!
Bravo
Excellent
Nice one I'll say
right
A very inorganic text book talk. Waited for a bass-drop and nothing came.
Waited for a bases drop LMFAOOOO i love how you used that analogy to perfectly describe the feeling
Generally love microconf & Rob Walling, but this was a complete waste of time. Nothing but truisms and basic concepts, just packaged really well.
Totally felt the very same.
May be you are way ahead, or already formed in business, but some people still need to listen to the basics!
This guy sounds like Steve Carrel if you aren't looking.
but I thought business is following your passion and helping humanity 😂
This was unfortunately a waste of time. The first yet for MicroConf.
Total waste of time. Felt like just going through a dictionary of terms.
A Rolex for several hundred dollars? Hah, I guess he was talking about fakes.
MBA in 40mins
Highlights
💡 Building a successful business requires an idea so compelling that customers are eager to buy without hesitation.
💼 Josh Kaufman started his business journey at Procter & Gamble, developing products for household brands, while also creating the "Personal MBA" to understand business fundamentals.
🌍 Market research, evaluation, and validation are crucial steps in the process of developing a business idea.
🔄 Market evaluation should be a two-way process, assessing if the idea aligns with personal goals and is mutually beneficial.
❓ Uncertainty and change are inherent challenges in business development, requiring a robust framework to navigate.
🏗 Studying failure modes and understanding what can go wrong is key to building a successful business.
💼 Every business has five parts: value creation, marketing, sales, value delivery, and finance, with marketing being crucial for making potential customers aware of your offering.
5:23 wrong approach. You should never ask questions that can hurt your feelings. People won't tell you the truth.