Through the years of business coaching I often meet an aspiring entrepreneur that thinks he has a multi-million peso business idea.
An idea that could change the world. The next Jollibee in food industry or the next Google in the Internet.
Right after sharing his ideas, he normally ends asking me questions like…
“do you think this business will work?”
“do you think this product will sell?”
“do you think people will love this?”
They’re basically would like ME to validate their business ideas.
Though asking someone with years of experience in entrepreneurship is a smart thing, but the ONLY, I repeat…the ONLY group of people that can truly validate your products, services, or business idea is your target market.
Simply stated, if you have an unproven product or service, the fastest and cheapest way to test its viability is by selling it as soon as possible.
Don’t wait to perfect the product before you release it.
You can always improve it later as you start selling and getting feedback from your customers.
Selling an inferior product will give you immediate feedback from your target market such as:
- How much they’re willing to pay for it.
- What’s the thing they like or dislike in your business?
- How easy or hard to sell it.
- What’s the right medium to sell it? Is it online, telephone, face to face selling, etc.
So if you’re still contemplating with your business idea, here’s my advice…
“STOP DREAMING AND START WORKING!”
You won’t get rich by merely talking about how great your business idea is but by taking it to the market and let the world see it.
Dear Jon,
Thanks for the information you share to us.
I was an overseas Filipino worker for many years and I saved enough money to buy myself a home and start my own business someday. Now i have my own bakery but honestly I don’t have enough experience to manage one. Again thanks for sharing your ideas with us.
You’re most welcome. I’ve talked to a lot of overseas and most of them, having their own small business is the only way they can go back to the Philippines and live comfortably.
What scares me though is there are a lot of “business opportunities” being pitch to this people that in the end they’ll only lose their hard earned money.
Thanks for this post!
I really find your blog inspiring.
I’m in my early 20s contemplating whether to join the ofw bandwagon or start this idea that I have in mind for quite some time. I guess I now have the answer.
Thanks a lot!
Thanks too Joann.
Hopefully, someday I’ll hear your success story.
See you at the top!
Dear Sir Jon,
Thank you for the knowledge and inspiring blog.
I’m 27 yrs. old and I’m a private company employee getting my self of out of the cubicle and let the TRUE FREEDOM begins. You gave me courage and strength to pursue my goals.
You enlighten me a lot.
Your No. 1 FAN!