All right, so you have this incredible business idea, right?
It's amazing.
And maybe it just hit you all at once.
Or maybe it's been kind of, you know, slowly developing in your mind for a while.
That's great.
That's awesome.
We are so excited for you.
Yeah.
But here's the thing.
Yeah, there's a.
And all of our sources were very clear about this.
Yeah.
Really great ideas can totally fail if you don't really put them through, like, you know,
the test.
Yeah.
No one wants to launch and then hear crickets.
It's.
Nobody wants crickets.
You know what I mean?
Like, total silence.
Because no one's buying what you're selling.
Oh, man.
So this deep dive we're doing is like a boot camp.
Right.
It's like a chance to get yourself totally ready.
Because we're going to cover stuff that most new business owners don't even think about.
Yeah.
We're going to talk about SWOT analysis.
We're going to look at financial modeling and how to do it without getting, like,
totally lost in the weeds.
Yeah.
And we're even going to check out how to pivot, you know, like how to change direction
if you need to.
Change course.
Yeah.
All of that to help you build a business that not only makes it, but really thrives.
Totally.
Okay.
So SWOT analysis.
Yeah.
It's one of those things that everyone's always like, oh yeah, SWOT analysis, but they don't really.
Yeah, it gets tossed around.
That's what it's all about.
A lot of buzzwords get tossed around.
Right.
It's not just like a checklist or something.
It's really powerful because it forces you to look at the stuff that's not so great,
the weaknesses and the threats that maybe you don't even want to think about.
Like,
what could go wrong?
Yeah.
Think about blockbuster video, right?
Oh yeah.
They were like the kings of movie rentals.
Totally.
But you know, they probably didn't think hard enough about like the threat of streaming when
they were doing their SWOT analysis.
If they had, maybe things would have gone differently for them.
Maybe, yeah.
That's just one example, right?
But a really good SWOT analysis, it's all about honesty.
Absolutely.
Like brutal honesty with yourself.
It's so much better to find out that something's wrong with your idea before you spent like all
your money and a year of your life on it.
Oh, absolutely.
It's like that saying, right?
What is it?
Four warned is four armed or something like that?
Yeah, four warned is four armed.
I think that's how it goes.
No.
Yeah.
But let's be real for a second.
Okay.
For a lot of people, the thought of diving into like the financial stuff,
Yeah.
it can be a little scary.
It can be daunting.
Even the source we were looking at said they used to hate doing it.
Right.
But think about it this way.
A financial model, it's not about like torturing yourself with spreadsheets.
Yeah.
It's more like having directions for your business.
Right.
Like a roadmap.
Yeah.
Imagine if you were a ship setting sail without a map or a compass or anything.
Right.
You'd probably end up totally lost.
Right.
It's shipwrecked.
Wrecked.
Yeah.
But your financial model, that's what helps you plan out your course.
Yes.
Make sure you're actually making money and not like losing it and helps you avoid those
really expensive mistakes that can happen along the way.
The costly mistakes.
Yeah.
I love that analogy.
The ship, the roadmap.
Yeah.
Makes it seem a lot less like a chore and a lot more strategic.
Definitely more like a tool than a torture device.
Exactly.
And something our source mentioned was like scalability.
Okay.
So say you create this product and you sell 100 of them, awesome.
Yeah.
But.
What if you sell a thousand?
Right.
What happens when you sell a thousand or 10,000 or even a million?
Right.
Does your business model totally fall apart?
Can I handle it?
Yeah.
That's a really good point, right?
Yeah.
It's not just about making any profit.
It's about being able to grow.
Totally.
And speaking of actually testing things out in the real world, our source was really big on like
putting your money where your mouth is.
Right.
No more pretend.
You got to actually test it out with real customers and make real sales.
Real money.
Yeah.
It's like it's kind of like reading a cookbook versus actually cooking something.
Right.
You might think you know what you're doing.
Yeah.
You've read the recipe.
But until you're in the kitchen and you're actually working with the ingredient.
Until you get your hands dirty.
Yeah.
You don't know for sure.
Exactly.
Okay.
So we've talked about making sure your idea is actually a good one, you know, validating it,
using the SWAT analysis to really break it down and planning on your financials.
Uh-huh. But what if you've done all of that and you're like, uh-oh.
Oh no.
This isn't really working the way I thought it would.
This isn't quite what I thought it was going to be.
That's where the whole pivot thing comes in, right?
Yes.
The pivot comes in.
Our source had a really great way to explain this.
Okay.
I like a good explanation.
They said to think about cooking.
All right.
So let's say you're planning to make pasta.
Oh, that's nice.
But then you realize you don't have the sauce that you wanted.
Oh.
Do you just give up and say no dinner?
Yep.
No?
No.
Pivot?
You pivot.
You look at what you do have and maybe you make an awesome pesto instead.
Yeah, pesto it is.
So you're not giving up?
You're not totally quitting.
You're being resourceful.
Resourceful.
Adaptable.
Like in the kitchen.
Hopefully.
You just have to have the guts to say,
okay, this isn't going exactly how I planned.
Right.
But how can I make it better?
In between it?
Maybe change it completely?
Totally.
Yeah.
And our source had some really inspiring examples of companies that totally nailed this whole pivot thing.
Oh, yeah.
Like?
Like Instagram.
Oh, yeah.
You know, they started as like a check-in app.
Really?
Yeah, it's called Burb.
Burb.
Then they realized that people were way more into the photos.
Right.
That pivot.
Yeah.
It took them from a cool idea to like a global thing.
Wow.
That's a great example because it shows how sometimes
I don't know.
what we think is the main thing about our idea.
Right.
Might probably just be like a side dish.
Oh, interesting.
And being open to seeing that can unlock huge success.
I like that a lot.
So I don't.
It's about being flexible.
Flexible, adapt.
You got to listen to feedback.
Right.
And ultimately be committed to finding the absolute best way to succeed.
Absolutely.
And it's probably not going to be a straight line to get there.
It's not a straight line.
It's more like a winding road with all these unexpected turns.
That's right.
Like a winding road.
But that's part of what makes it fun, right?
Absolutely.
That's part of the adventure.
Totally.
But speaking of those unexpected detours,
there's one super important thing we haven't really talked about yet.
OK.
It's the balance between your gut feeling and like the actual data.
Our source was super clear about this.
OK.
Intuition is awesome.
It's great.
Intuition is great.
But it needs to be backed up by, you know.
Facts.
Like the cold hard facts.
The data.
Exactly.
It's like that saying, in God we trust, all others bring data.
Yeah.
You might have this feeling like, oh my gosh,
my idea is going to be a hit.
But you need the market research.
You need feedback from your customers.
And you need your financial projections to all.
Like to all point in that same direction.
To all point in that same direction.
It's not about saying like gut feeling is good and data is bad.
Or the other way around.
It's about using both of them together.
Together.
Yeah.
To make really good choices.
Absolutely.
It's about finding that sweet spot where those two align.
Exactly.
Yeah.
Now I know our listeners probably sitting there like, OK,
let me add it.
They want to start putting all this great advice into action.
That's good stuff.
Yeah.
But before we get to all of that, I'm curious.
Yeah.
What are some of the common mistakes that people make?
OK.
So like the pitfalls.
Yeah.
The pitfalls.
OK.
Especially when they're just starting out.
All right.
So I would say one of the biggest ones
is that people often underestimate
OK.
how important marketing and sales are.
Oh, interesting.
You can have the most amazing groundbreaking
product in the world.
OK.
But if nobody knows about it, you're not going to sell anything.
Right.
It's like that whole tree falling the forest thing.
You know, if no one's around to hear it.
Does it make a sound?
Yeah.
Does it even matter?
You need a good plan to get your product or your service
in front of the right people.
You need a good plan.
That's a great point.
Yeah.
And to do that, you have to know who your audience is.
Oh, yeah.
Right?
Like who are these people?
Who are they?
Where do they hang out?
What are their problems?
Where do they go online?
What makes them want to buy something?
Exactly.
It's almost like you're building this whole profile
of your ideal customer.
Your ideal customer.
That's right.
The more you know about them, the better you can reach them.
And the better you can tailor your message to them.
So we've talked about validating your idea.
Right.
Planning your financials.
Right.
Pivoting.
Marketing and sales.
Yeah.
That's a lot of stuff.
It's a lot.
But it really shows you how much goes into making
a successful business.
It's a lot of moving parts.
But it can be really rewarding.
It can be.
And you know, you don't have to figure this all out on your own.
Oh, no, absolutely not.
There are so many resources out there.
Mentors, advisors, people you can talk to online,
workshops.
Oh, shops.
Don't be afraid to ask for help.
Don't be afraid to reach out for help.
It's all about creating a good support system for yourself.
Yeah.
Having people to help you along the way.
Yeah.
Having people to help you through the tough stuff.
And to celebrate the wins.
Definitely.
I feel like this conversation has been so full of really great insights.
Totally agree.
I feel like I've learned a ton and hopefully our listener feels the same way.
Me too.
Totally inspired, right?
Yeah, I'm inspired.
But before we wrap up this deep dive,
I want to leave our listener with one final thought.
OK.
A question to think about.
OK.
Something that'll maybe encourage some action.
I love that.
OK.
Imagine you're at the starting line of a marathon.
All right.
A marathon.
You've been training.
OK.
You've got your plan all figured out.
I'm ready.
You're ready to go.
Let's do it.
But here's the question.
What's that very first step that you take?
How do you start that race?
What is that first step?
I think the answer is pretty obvious.
Yeah.
You just take that first step forward.
Yeah.
You move from thinking to doing.
You go from thinking about it to actually doing it.
And if we're talking about making sure your business idea is good.
Yeah.
That first step could be anything from sending out a survey.
Oh, OK.
To talking to a potential customer.
Yeah.
To even just brainstorming a list of people who might be interested.
Oh, right.
It's about getting started.
Getting the ball rolling.
That's it.
Momentum.
That's the perfect word for it.
Yeah, you got to get that momentum going.
So if you're feeling kind of overwhelmed by all this info,
take a deep breath.
That's good advice.
It's OK.
Yeah.
Remember, this is like a head start, not a homework assignment.
Oh, right, right.
We've given you a lot to think about.
Yeah.
But you can come back to this deep dive anytime you want.
That's the beauty of it.
Yeah.
Think of it like your own personal library of resources.
I like that.
You can use it as you build your business.
Very cool.
And you definitely don't have to do everything all at once.
Right.
Just take one step.
Yeah, take one step.
Get another one.
And another one.
That's how you get there.
It's a marathon, not a sprint.
A marathon, definitely.
That's what you were talking about before, right?
That marathon.
It's not just about that very first step.
Right.
It's about having the energy and the right attitude
to keep going even when it gets tough.
That's the hard part.
That's where you need to be resilient, you know?
Resilient, yeah.
You're going to have challenges.
You're going to hit those roadblocks.
You're going to hit them.
But you've got to have that grit and that determination
to get through them.
Absolutely.
You've got to push through.
You've got to be able to see all the ups and downs
as part of the journey.
Yeah, it's all part of it.
And know that every challenge that you get through
brings you one step closer to what you want to achieve.
And remember, you're not alone.
Right.
There are so many other people out there
who've been through the exact same thing.
Oh, yeah.
Tons of them.
And they made it.
They made it.
So don't be afraid to talk to people, you know?
Connect with other entrepreneurs and learn from their stories.
Yeah.
Share your experiences.
Learn from other people's experiences.
It's all about building a community.
A community.
People who get what it's like to be an entrepreneur.
Totally.
Who understand the good parts and the bad parts.
Right.
Who get the whole journey of turning an idea
into something real.
That's the thing, isn't it?
Yeah.
So as we wrap up this deep dive into making sure
your business idea is a good one.
Yeah.
We want to leave you with one final thought.
OK.
A question to really think about.
A good one.
A really good one.
Something that we hope will stay with you
long after this episode is over.
I like that.
So here it is.
Knowing everything that we've talked about today.
Yeah.
What's the biggest, boldest, most amazing thing
that you're willing to do?
Whoa.
OK.
To make sure your business idea is going to work.
So that first big step.
But that one step that might feel a little scary.
Right.
But it's going to push you forward on your journey.
Oh, I like that.
What is it?
We want you to really think about that question.
Yeah.
Think about that.
And then embrace the unknown.
Yeah.
Take that leap of faith.
The world needs your ideas.
Your passion, your energy.
Your passion, your unique way of looking at things.
Yeah.
So go out there and prove that your idea is awesome.
Make it happen.
Let's make something amazing.
Yes.
Until next time.
Keep learning.
Keep growing.
And keep diving deep.
Keep diving deep.
And it's not just about being open to change, right?
Right.
You really want to be out there looking for feedback.
OK.
And use that feedback to make your idea even better.
So how would you do that?
Well, think about it.
If you're writing a book and you give someone
your first draft to read, you might think it's amazing.
But someone else might say, hey, this part's
kind of slow or this character isn't that interesting.
Right.
That kind of thing.
So you're saying that pivoting is about being flexible,
listening to feedback, and then just finding the best way
to make your business work.
Absolutely.
You're not always going to be easy, though, are you?
I know.
It's rarely a straight line.
More like a winding road with all these detours and stuff.
Exactly.
But that's what makes it fun.
That's the adventure.
Yeah.
OK.
But speaking of those unexpected detours,
there's one thing we haven't talked about.
What's that?
That gut feeling versus the data.
Right.
Our source was really big on this.
OK.
I'm listening.
Intuition is great.
Detuition's awesome.
But it needs to be backed up by the facts.
The data.
Yeah, the data.
Right.
Like, you can have a hunch about something.
OK.
You can feel like your idea is going to be a huge success.
Right.
But you need more than just that feeling.
Like, what kinds of things?
You need market research.
You need to talk to your customers.
You need to actually look at the numbers.
Do you have financial projections and all that?
Exactly.
So it's not about choosing one or the other.
No, it's not either.
It's about using both.
Right.
Use your gut and the data.
To make smart decisions.
Exactly.
You got to find that sweet spot where those two things line up.
I like that.
Me too.
It's about finding that balance, you know?
Yeah, totally.
All right.
So where do we go from here?
Well, we've talked about so much today, right?
Validating your idea, figuring out the financials,
pivoting when you need to, and then marketing and sales.
It's a lot.
It is a lot.
It can be really overwhelming.
It can be.
For anyone, especially if you're just starting out.
Exactly.
So if you're listening to this and you're feeling kind of overwhelmed,
take a deep breath.
It's OK to feel overwhelmed.
Yeah, don't worry.
We're not expecting you to go out and do everything we just talked about.
All right.
This is more like a starting point, you know?
A springboard.
Yeah, like a springboard to get you going.
Not a homework assignment.
Exactly.
We've given you a ton of information,
and the great thing is you can always come back to this.
Yeah, revisit it.
Whenever you need to.
It's like your own personal resource library.
Right.
Think of it as a toolbox you can use as you build your business.
I love that.
A toolbox.
And you don't have to do everything at once.
Definitely not.
Just focus on that first step, and then the next one,
and then the next one after that.
One step at a time.
Yeah, just like we were saying before, it's a marathon, not a sprint.
And even with a marathon, you got to train for it, right?
You got to have the stamina to keep going.
That's what being an entrepreneur is all about, that resilience.
You're going to face challenges, you know?
You're going to hit roadblocks?
You got to be ready for it.
But you got to have that grit, that determination.
Yeah, push through those obstacles.
Be able to see those ups and downs as part of the journey.
Right, it's all part of it.
It's all part of it.
And every time you get through a challenge,
you're one step closer to making your dream a reality.
And remember, you're not alone in this.
There's a whole community out there.
People who've been there, done that.
People who get it.
So don't be afraid to reach out, to talk to people,
to connect with other entrepreneurs.
Share your experiences, learn from others.
Build a support system.
Yeah, find your people.
So as we wrap up this deep dive into validating your business idea.
It's been quite a journey.
It has.
We want to leave you with one final thought.
All right, hit me with it.
Knowing everything we talked about today.
Yeah.
What's the biggest, boldest, most audacious thing you're
willing to do to make sure your idea works?
Ooh, I like that.
What's that one step that might feel scary,
but will move you forward?
That's the question, isn't it?
It is.
So think about it, embrace the unknown, and take that leap of faith.
Because the world needs your ideas, your passion.
The world needs what you have to offer.
Absolutely.
So go out there and validate that brilliant idea.
Make it happen.
Make some magic happen.
And until next time, keep learning, keep growing,
and keep diving deep.
Keep diving deep.