Find Business Ideas Customers ACTUALLY Want 💡 Josh Kaufman

Want to avoid wasting time and money on the WRONG business idea? These 3 simple checklists can help you keep your time, money, and sanity when starting a new venture, SaaS project or startup company.

In this talk at MicroConf 2013, Josh Kaufman discusses how to deconstruct new business ideas, cherry-pick the most promising markets, and maximize the probability your new venture will be profitable.

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MicroConf 2013
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[vasilvasilev]

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!

[Glenchx]

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

[Greg_Chase]

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.
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[DanielSmith-zwei]

one of the most articulated business talks i've watched in a long time !!! with no BS and great way of generating good ideas

[knibtronic]

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.

[davidlakvold]

The larger the size of the hassle the greater the business opportunity. Great line

[tinylittleanj]

This is definitely a talk to watch a few times over.
Clear, concise, great ideas on how to approach business.

[SzaboB]

This was dense! I will definitely watch this again!

[shaikikbhalBasha]

thanks Josh Kaufman, for explaining things, connecting dots, with reasoning, in step by step, adding marketing, summarising business at high level

[abirstolov]

One of the best business explanation I have seen

[jcfh]

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.

[goodoldMEE]

The exact clarity I needed.. well explained 👏

[howardmarles]

Great presentation !! Thank you Josh.

[matthieucneude]

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.

[bstancel]

The is a fantastic talk! Hard to believe that it does not have a lot more views.

[punkisinthedetails]

2013 - how much of this holds true in 2023?

[NoobGamerNafee]

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.

[polyander]

Generally love microconf & Rob Walling, but this was a complete waste of time. Nothing but truisms and basic concepts, just packaged really well.

[ekkamailax]

but I thought business is following your passion and helping humanity 😂