Will you succeed? …or are you just out fishin’?

by Timothy on April 28, 2011

Does your business, product, service, or project have the right fundamentals in place?  Or are you just out fishin’… hoping for success, although not really sure?

In this video Tim Francis shares how your business idea can be setup for success from the beginning.  Decisions at the outset can dramatically affect the entire life of the business afterwards.

To download this Video Blog click here (optimized for iPhones)

3 Fundamentals for Success

The more that your business, product, service, project or idea fulfills these 3 fundamentals, the more likely you are to succeed.  It still isn’t guaranteed, however you can do yourself a HUGE favour by making sure these are well considered and covered at the outset…

1. Have you done it before?

Have YOU done this before?  If not, has your partner?  What about your coach or mentor?  The more experience you have on your side, the more predictably successful you’ll be.

2. Are you FULFILLING demand, or are you CREATING demand?

It is extremely expensive, slow, and frustrating to have to educate your prospective customers, and THEN have to go through a sales process.  It is especially frustrating when people really genuinely COULD benefit from using your product or service, but they don’t realize it.  The more that you are fighting this battle, the more that you are “out fishin'”.

On the other hand, if people can understand your business / product / service in 30 seconds or less, and decide for themselves if they’re interested in being part of a sales process within the 30 seconds after that… now we’re moving towards predictable success.

3. Readily Accessible and Organized List of Prospects

If you have to cast your line into the water over and over again, trying to sift through tons of people to find your prospective customers…. you’re on a fishing expedition.

On the other hand, if – literally with a few clicks of a mouse – you can put your product / service in front of 500 – 50,000 qualified prospects immediately, now we’re moving towards predictable success.

What are a few examples of that?  If another business or organization has an email list of people you are strong prospects for you, you could be promoted in their upcoming email newsletter, or perhaps get an invitation sent out to a webinar you are presenting.

Another example is Google Adwords; millions of people search for millions of things on Google.  Taking out Adwords campaigns immediately puts you in the path of people searching for what you offer.  Assuming – that is – that people actually want what you’re offering (see point #2 above).

P.S. Testing with Google Adwords can be a great market reserach tool.  How do you think the book title The 4-Hour Workweek was chosen?  The book was originally called Drug Dealing for Fun and Profit, but after some disagreement with his publisher over the book’s title, author Tim Ferriss took out a $150 adwords campaign, ran 10 different possible titles as advertisements, then chose the name that pulled best… and thus it became the book we know and ove today: The 4-Hour Workweek.

P.P.S.  Tim Ferriss has even gone on camera saying he didn’t even LIKE the name The 4-Hour Workweek, but if that’s what stats showed was resonating the most with prospective buyers, he wasn’t going to fight it!

CAUTION

Don’t get trapped into “paralysis by analysis”.  If you refuse to take action unless all conditions and “fundamentals” (like the 3 I’ve outlined above) are perfect, then you’ll never get anywhere.

You are better off on a so-called “fishing expedition” business venture (within reason) than doing nothing at all… at least the fishing expedition gives you experience!

Navy SEALS – the 70% Solution

Remember that Navy SEALS – military people that risk their lives on-the-job – live by something called “The 70% Solution”.  If a SEAL feels that they have 70% information or better, as well as 70% confidence (or better), then they make a decision to proceed in the direction that makes the most sense.

If they can risk their lives on 70% information + 70% confidence, then you and I can easily make business decisions with the same.

Other Fundamentals

The above three Fundamentals are not the only three.  There are more.

And what might feel like “fishing” to me – e.g. Launching a new line of pots and pans – might be predictably successful for someone else (e.g. Martha Stewart)… because they have solid experience in that market, they have personally witnessed demand for their specific version of cookware, and they have access to huge lists of people one way or another.

What About You?

In summary, it comes down to asking yourself what feels right to you… and what makes sense.

Ultimately, the sooner that you can take action on something that has strong fundamentals, the sooner that you get to expand your own experience, your understanding of market demand, and your own list of targeted prospects.

Now get out there and take action!

Onwards and Upwards,

Tim :)

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