How To Find The Perfect Idea For A Business | Miguel Hernandez | Skillshare

How To Find The Perfect Idea For A Business

Miguel Hernandez, Founder of Grumo Media

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4 Lessons (11m)
    • 1. Intro To Finding The Perfect Idea

      2:33
    • 2. Using The Idea Grading Tool

      5:23
    • 3. Where To Find Tons of Business Ideas

      2:40
    • 4. Your Project

      0:35

About This Class

Coming up with business ideas can be a super fun pass time but choosing which one to focus on can be a painstaking process. Specially if several people are involved in the decision process.

In this course I'll teach you how to implement a system to choose the best possible idea by using a grading tool inspired by the book "Hot Seat" by serial entrepreneur and investor Dan Shapiro.

Transcripts

1. Intro To Finding The Perfect Idea: are the first step before you start your online business is to have an idea. Well, there is a process that I'm gonna teach you to come up with a great idea, and it involves several steps, and I think it's actually really fun. Coming up with ideas is probably the most fun part of the whole process, because it doesn't require that much effort, but it is really hard to come up with the great idea. So you need to have some kind of system. So I'm gonna introduce you to the system that I use on other people and have been used in the past to come up with an idea. So the ideation process starts with brainstorming or idea extraction. They're two different things. I'm gonna explain the difference in a bit, come up with with grading criteria, way criteria based on importance at scores to each idea. Sum up all the scores, pick the winner. All right, so those are the six steps to come up with a fantastic idea that is going to make you super happy. All right, now, the method that I've been using to come up with ideas is is actually then I realized after reading this book by Dan Shapiro, which is he wrote this book call Hot Seat. And in that book he explains how he came up with the idea for until a and then Shapiro is a very successful entrepreneur, is being the CEO of five different companies, and I think three of them have Bean acquired. He's got 12 Pathans to his name, really smart sections for guy. And when he came up with the idea of on their own tele, he use a system that basically included a spreadsheet. And then he listed all the ideas and they came up with the criteria, gave different way to each criteria and then pick the waiting with his Cofina. He was not doing this and this alone he actually was also using input from his co father at that stage and basically says, We came up with all these ideas and we had about a dozen different criteria. Okay, I'm a big spreadsheet gig made to it had columns rose were signed weights to each one and we scored all over off are different ideas across this whole thing. We each did it separately. Then we discussed when we came out with. Anyway, we finished the whole thing up. We hit sort, and there were three ideas at the top and they ended up picking until eso the idea. Greatest appreciate. I'm just going to show you how how is this is done? 2. Using The Idea Grading Tool: securities. So all all of the ideas are listed on the left column here, and then we have the different virtues or criteria that these ideas should meet here. These are from Dan Shapiro. Dan Shapiro, when he was speaking up ideas, chose these. This is his nine different criteria now for me, for a bit. For me, the criteria them that it's important our seasons, right? And then we give different weight, depending on high important. Each of these criteria is, and egos always from zero very low weight. 10 very high weight. And then here we rate each idea. So let's say that you can have with an idea to build a social network for bit lovers. Okay, so how important here, Actually, this is the description. Here are the company founders uniquely well suited to execute Idea. If the answer is yes, like very, very uniquely well suited to execute this idea, then this would be a 10 in this case Dan shopping or this is actually taken from his spreadsheet. When he wrote the book Hot Seat, he wrote three. That means that they didn't have a lot of experience doing this. Booths travel. Could that you get early revenue and quickly accelerate the self sufficiency they think Yes , fungible. Is this in a hot area for vizier angel investment? Uh, you know, more or less. Now, this dance appears idea greater is based on creating an idea to build a startup that would raise money before it is very important, whether it was fungible or not, Ray Pitt's So it's with people falling in love with a D a can summaries of pitch in a tweet . This is actually very important that they think yes, it was. So you go through all this and then you, um you give them different ratings from 0 to 10 and then you add them Thean using this formula, some product off the weights, times the score and then you get a value and obviously you're gonna pick the top one. So I should at least half. There's only three ideas here just for showing purposes. But you should have at least 10 ideas and you could idea should come not just from you. If you work with somebody with from somebody else and then both shoot, um should give them different scores, and then you could compare which ones are the highest from both these gays. Social network for pet lovers It's the winning, although funny now and this is the company at the end. Up doing this was on Taylor. Compare the bill in the axle, so photo bucket about your millions and then But if you're gonna build a lifestyle, business, place an online lifestyle business, these creditors, When I picked for me that this what would be the important? So do you have? Do you have expertise? Is the push travel was tractable? This is very important. Can you actually finance decoration of this company without thinking outside investment? Passion to build it with discuss? That is very important. Do you have passion to build? It's unethical. Business is going to do something good for the work. For for the work, for the world, for humanity. It's going to support your lifestyle. Is it gonna make how high important is that? He makes money any big on Can it be big and scalable is if that's an important thing for you should put it there and they ain't backing humanity, is it? How is the but of humanity economy for this idea? Is it gonna be fun to build. So then I got here, for example, Explain your video studio. I have a lot of expertise. It is completely boost credible. I have passion. It's packed with five day but actually have more passion. Let's say I have a passion, honest ethical business. Completely the lifestyle, I suppose my lifestyle making money and it's making money important not that important can be can be big and scalable. Actually, no. I have an eight year. They realities that explainer Vida studio. So service type of business. And it's not that scared of what I would give it. A two. Um, what is the maximum isn't make billions minutes impact Humanity very low on funds to build for building a Experian Imation studio is divided depends, I would say accidents more than four. And then you do that for other ideas. You rate them and then you pick. You know, the waiter, whoever is the winner, and this is a good way off selecting an idea because it's not just is the idea great. What does it define? Great. And now we have nine criteria to decide against whether an idea is great and is it worth pursuing 3. Where To Find Tons of Business Ideas: how to come up with great business ideas. Let's say that you're stuck coming up with an idea. Well, there is a website. It's called ideas watch dot com and there literally hundreds upon hundreds of business ideas that have been posted by people all around the world so that you can search for them . And you can either show your own ideas or find new ideas on. Even in this website. You can team up with people that, like that idea, maybe find your co funder to make this idea a reality. So they're really there's no excuse anymore to not even come up with an idea. I taught you how you can choose which idea out of all the ideas that you come up with. But if any of the ideas you come up with is not good enough for your not passionate about it or he doesn't get a good rating score, then just goto ideas. Watch dot com and look for ideas. So let's say your interesting something lately with Bitcoin, just like Bitcoin, and then you'll see related ideas to be Bitcoin. So this guy's talking. Hey, wants to create something unholy shop for Bitcoin for things you can buy with Bitcoins, right? So I could just click on it. They're sorted by popularity by the fault. And then you can see similar projects. All the people that have contributed or is being have bean involved at looking at this idea co founders. You say you want to do this and you can start collaborating with these people to make this idea a reality. If you have no clue of what do you want to do, you just could click, browse and look at the top. I'm ideas that the most popular ideas, for example, these this guy wants to create. I kind of like a block listing start started failures so people can learn from from other people's mistakes or graphical restaurant, restaurant, reservation system. You can click on it. Maybe you like the idea. You can see this is very popular. This a little bit of discussion. There's a lot of similar projects. It's a lot of co funders. They're similar projects here you can see so not only you get to be prompted with ideas. They're somewhat validated because you can see which ones they're pop popular on. On top of that, If you wanna collaborate and find people that are interested in this idea, they're already part of this platform. So their ego ideas. What dot com 4. Your Project: So that's it for this class. Put your project. Goto gruma dot com forward slash idea Greater come up with 3 to 5 ideas for potential businesses, and they grade them to find out which one is the winning idea that you could potentially build according to this criteria or your own criteria. All right, and when you're done, you can send a screenshot of your ideas. And if you want to keep them private, it's fine. You don't have to send it, but at least you have now a system to come up with amazing ideas. Thanks for watching.