Hey, what's up guys? Welcome to Self Made. I'm Grant Thompson and I'm Kris Krohn
here to talk to you about how you take an idea and determine whether it's
really worthy to turn into your next business.
How do you take an idea and
turn it into a profitable business? You know, something that you love and turn
into something that you're actually making money on and I think if you sit
down, there are a lot of things that you can do to find out what you're
passionate about. Have you ever done those mental exercises, where you think
what would I do if I didn't have a job where I didn't have to worry about money?
You know, I think if you took 20 or 30 minutes and just sat down and figured
out what you actually love to do, what your purpose on this earth really is, it
could alter the course of your life and if you have that purpose on earth, why
not make money doing it? Why not have it sustain your life? I would want to
suggest to you one of the best things you could do is find a customer. You
don't even need a business, just go out and find a customer, use them as an
experiment to find out what they want and as you learn their needs then you
can develop systems and kind of get started. What methods do you use for
turning an idea into a business? - So I love this conversation, Grant, because
you're talking to two entrepreneurs right here, two
individuals that are all about creating value in the world with the things that
they believe in and Grant's had an amazing journey and it continues to have
one in that. For me, I've been able to start more than a dozen different
businesses, some of them didn't always work out but the more businesses that
I've done, I've developed a very particular approach to determine what
you really want to sink your teeth into and what's going to work and maybe what's
not. There's a lot of ideas that people have out there for what they think could
be a good idea and I just for a moment when I liken this to American Idol, right?
You take all of these people back when that was like the biggest airing show
for the singing competition and to attract people from all different walks
of life, it would produce a lot of people that had good voices, it had a
lot of people that had horrible voices but didn't know it and then you also had
a handful of stars, people that just had the voices that were meant to be heard
and so it was interesting that people would watch American Idol and they want
us to hear the really good singers but they're almost there just as much to
hear the really bad singers that just don't know how horrible they are and in
life, we've got business ideas and the reality is, you don't know whether your
idea is a brilliant idea or a horrible idea and so before you get married to it
commit long-term, you got to put it through a little bit of a test because
by the way, Grant, when you got married, did you put your wife through any type
of test that's kind of like, hey, I got to get to know you a little bit
first, I want to find out whether you person I want to make the commitment to,
did you have standards? - That's what she did to me yeah, so we had a number of filters that
we screen each other through. - And businesses deserve to have those same
filters so this is one of my filters. - I just want to say the last thing you want
to do is think that you know what people want and try and sell that because
you're going to find out what you think is never going to match. - Actually almost most
of the time we can allow ourselves to spend months or years committed to ideas
that were either really tiny niches or we were never going to have the level of
success for and yet. If we could go back and actually skip to the fourth idea
instead of investing in the first, that's where we would have hit it big and so
how do you really know whether you've got the idea that you want to turn into
a business and this is my 30-day test. What I'll do is I'll actually write down
on a piece of paper. I'll take Grant's idea, who's my ideal
customer and then I'm going to get super specific. Thank you, sun. And I'm going to
start writing down what is the business and what do I want to sell and how many
people in 30 days do I think would buy it and what I'm going to do is I'm actually
going to take my crystal ball and I'm going to find out from real world 30-day
experience how close I am to that being a reality or me being totally off my
rocker and listen, you got to go into this understanding that you might be
totally off your rocker, you do not know what the world wants and if you do, that
type of myopic viewpoint is the one that's going to bury you so we're going to do
a 30-day experiment, that 30-day experience is to know what you
want to do, what you want to offer, put a price on it and then have a guess of how
well you think it'll perform in 30 days and then what you're going to do for 30 days
is you're going to do your best to sell that product as much as you can to
represent your business as best as you can and then when the 30 days is done,
you're probably going to find yourself in one of three camps. The first camp is, oh
crap, almost nobody bought what I had to offer. The second camp is, wow, some
people really liked what I had to offer and then the third scenario is, people
loved my product and I want to talk about what you do if you're in one of
those three camps. - I just want to break it down so I understand so you're
basically just giving yourself a small sample experiment and then take it out
to the real world to see what actually happens so you have real data points that
help and drive you from there? - And really we
want to get you figuring out where does your idea really marry the world's
expectations because here's the deal, if 30 days from now your idea, it did not
impress people and almost nobody wanted it, the question is, what do you do with
that idea? Some would say, oh, if you're really committed to it then you should
tweak it, you should try for 30 days again. Do you know what I do when I have
an idea that under performs at that level
produces less than 10% of what I thought was possible? I absolutely
rip RIP, kick it to the curb, bury it and don't touch it and this is where a
lot of people, if you're married to your idea of like, no no no no no, I have
convinced myself this is the idea so first of all, I'm going to ditch the idea if
it doesn't produce anywhere near the results of what I thought because it
means my version a reality was super off-base however, if I have an idea
and I actually pick up maybe 30% 40% or 50% of my goal, I actually probably
have something that is worth diving into and twiki and playing with yeah and of
course, a third scenario.. - Wait, what percentage is that? 30% 40% 50%? - Yeah,
I'm going for if I can produce a measure of what I thought was possible in 30
days, 30% to 50% would mean, hey, you know, what I wanted to produce 10,000 with
this idea and I produced three, four or five thousand that has merit. Hey, I
thought I could do 10,000 on that produce less than a thousand, maybe your
idea doesn't have as much merit as you actually thought and then of
course the third scenario is if you knock it out of the park, super super
valuable. Now what I want to do is I want to now take this experiment and I want
to superimpose this on YouTube and Grant, I'm going to put you on the spot here
obviously because with selfmade, we're showing people how to become self made
successes that's this part of the video but we want to talk about how do you
actually apply that to YouTube because YouTube is longer than a than a 30 day
game so how do you take that and actually make that work in
YouTube land? Well, life is about experimenting and I guess the only
regrets sometimes come from chances you don't take and with me, YouTube was just
an expression of my hobbies and I didn't feel like it was appropriate for me to
try and make any money from anybody doing what I wanted. Just making the
videos I felt was enough looking back on that now, there have been so many people
that wanted to buy king of random t-shirts or project kits or a lot of
different merchandise, there's a lot of value that I could provide to people
that they wanted to pay me for and I denied them that opportunity because
I didn't feel like making money on what I was doing actually validated my
experience, that was just like a problem that I had, a bottleneck that I had with
some of my own limiting beliefs what I realize now is if you have something
awesome to give, there are people who get so much value from that that paying you
is the least they can do and so you know using YouTube as a platform to attract
an audience to share a message and to gather these people is wonderful but it
would be a service, you'd be doing them a service if you also had
a way to translate that into some kind of products that came back and bless
their life whether that's physical products or digital products or
mentoring or courses or whatever you feel like you resonate with so you
know, if I were to go back again, that's one thing I would do different is I
would make products for the king of random audience and make them accessible
and available to them. Now I want to talk about for just a moment how YouTube
defies my 30-day experiment because if you're doing a real world backyard
business then that is the approach that I take to figure out whether I can sync
with the market but YouTube, if you have a product or information that is
globally applicable, then all of a sudden it does change the leveling and it
levels the playing field. This is what I love about YouTube because with YouTube,
if you'll actually stick with it long term, the reality is whether you have a
tiny niche or a broad niche, like for example done-for-you projects, right?
That's actually a niche that a lot of people want to know about and then
there's other products like for example I've got a real estate channel and that
real estate channel, it's a much smaller niche but the reality is, there's people
everywhere around the United States and everywhere around the world that want to
learn about it and so YouTube will open up doors for me that 30 days of backyard
marketing never could so listen, if you're just trying to start a business
in your backyard and you try out that 30 day experiment but if you're going to apply
YouTube to the game then all of a sudden it changes the parameters and it changes
the rules because there's likely thousands, tens of thousands, hundreds of
thousands and maybe even millions they're interested in the things that
you're interested in and now we're going to go from a 30 day approach to a
committed ultra long term approach but given that you have the right system and
obviously, this is one of Grant's and my specialties is what are the systems for
rocking out YouTube and you can hit our website where we can give you more
details on how to get the team and the tools and the systems to make that
happen. - I just want to mention something about the Internet as they can be very forgiving.
It's hard for us to open up and do something because we don't want to make
a mistake, we don't want to make somebody mad but if you're going to be making videos,
you just have to accept that there are groups of people out there that are just
naturally going to dislike what you're doing simply for the fact that you're
doing it so accept that and just realize that if you experiment, you get negative
feedback, if you can make those changes and adapt and move forward, you'll
actually gain more respect. You can't do something so terrible that it's going to
kill your entire future on YouTube. If you are always trying to do the right
thing, innovate and do better, it's going to get better and so when you're working
with products, spend a lot of time marketing, find out what people like, take
the feedback and use the that kind of a feedback to get enough information to
develop the kind of product people are asking for. Don't assume that you know it,
take the real world data points and YouTube I think is a fantastic way to
play around with that kind of information and get the instant feedback
that you need. - Alright, self made superstars, thank you
for joining us today and hopefully your next idea, you get a chance to determine
whether it's going to take you to the moon or not in the next 30 days or jump on
the YouTube bandwagon where you can go ahead and make that your great long-term
success. We're putting together a process that you can take yourself through to
help identify your passions turn it into a product and turn it into a business.
Make sure you click the link down in the description to go check out our
self-made training, we put everything that we can think of into a package for
you to help enable you for success. I don't know what that was or that was
awesome. That was a killer bee.
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