I don't have any specialized industry knowledge for the sector I want to go in.
I've had an idea for a while about a startup that could decrease the amount of overhead a restaurant owner would have to incur especially during the times of a pandemic. The problem is that i am neither a chef nor restaurant owner. I do not have specialized industry knowledge. How do you approach ideas in industries that you are not familiar with?
I have begun working in a startup organization in my city and beginning some market research. I havent seen anything like my idea and think it could really takeoff.
I work in Healthcare and have a side gig doing IT work (self taught). I've previous small business ownership experience but never a traditional startup.
Start a podcast interviewing people in the industry. I am not joking, I just quit my job to start a company in a radically different industry and 2 months earlier I started a podcast in the new industry, reached out to guests on LinkedIn, did 10 pages of research on each guest and now have 6 episodes recorded and I am 10x more knowledgeable about the industry. They come out every 2 weeks and the total effort using off the shelf services for editing, hosting etc is 10 hrs of my time and $250 a month. You also have the added benefit of 10/20/30 episodes in, someone googles you and you come up as an expert in the industry.
I had a similar issue a while back. It's not easy getting around the lack of inside industry knowledge...
Even though I ended up working on something else, I discovered that the best and most reliable way is to find someone experienced in the industry to have some serious discussions with. You could partner with the person if circumstances are right but at the very least discuss as thoroughly as possible issues around your solution and so on...
Careful though, an unscrupulous person might take your idea and run with it...
If you cant get a trustworthy person to work with, just start. Build it, get it running in some form and get a restore two to sign up as your pioneers or something and use them to get the experience you need. It ain't easy but until you do it, its difficult to really understand it.
Question asked by
June 29, 2020, 2:22:08 AM
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How to turn an interest into a money maker. How to attract people, how to stimulate people to pay, how to make profit, how to make relations, how to keep relations.
How much do I have to give my audience so they can pay me something in return? What do they value? what problem do they search for answers on your own? I want to solve that problem.
Brand means name recognition. A lot of people knows what your company does and what you stand for. Brand is result of long campaign of consistent value provision and media cultivation. Brand helps a company reduce marketing cost.
Whether there are buyer willing to pay or not. For that to happen you must provide extreme value. The entire startup process would be based on guess before the validation. Validation happens in a market, not on the street.
Value is what you give customers beyond the price you charge. Value is effective solution to a problem. The price your customer pays reflects whether the problem is big for them and whether your solution is uniquely effective. Value stems from quality and detailed work.
Marketing means bring your product to the market and bring your message to your customer. Marketing is not salesmanship. Marketing is to penetrate the world of commerce through many barriers and existing networks.
Minimally viable business, or MVC, minimally viable company. A company that scrapes by, full of guess and hope and no traction and sales. When you give your customers things for free they all take it. But they never pay and you can never rent a table at the market.
Minimal viable product. A full artifact of a real product. Something that works ALL THE TIME. You can demonstrate the real effect on real people - not to sell hope. The MVP may not have certain non-essential bells and whistles, but it needs to have appeal value.
Customer is king
A business lives at the mercy of its customers. You provide your customers 10 dollars worth of value and they pay you 1 dollar, not knowing that your company only costs 99 cents to provide the item. The value is not the item - the value is what is attached to the item.
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Return on investment
Investors are either behind family fortune (never work with them) or for rich clients as investment vehicle. Both need returns 2-3 times better than stock market darlings.
Having found what people want, not just what people may need. Your offering and their acceptance is sure, no longer a guess. You can provide it for profit, and you can indeed making living on it. Traction is sometimes called validation. You are no longer a theater. You have touched nature, and found cash vein.