How do you come up with an awesome idea?

0:00[Music]

0:08everyone I'm Sam ovens and welcome to

0:12consulting TV and on this channel we

0:15talk about everything to do with

0:17business and financial success and

0:19starting your own business as well as

0:21like psychology and philosophy and you

0:24know really how to improve yourself and

0:25hack your own brain because what I've

0:28observed in in business and an

0:30entrepreneurship is most people like

0:33they forget that they need to improve

0:35themselves and they're only looking to

0:37you know learn new things will get

0:38better in business but really it's been

0:40my observation that people need to work

0:42on both things and it's the it's the

0:44coming together of those both of those

0:46two things that really makes people

0:48successful and so that's what we talk

0:51about on this channel and today in this

0:53video we're going to discuss coming up

0:56with an idea like how do you come up

0:58with a unique idea like I hear this all

1:01the time like what is an awesome idea

1:04how do I come up with an idea or the one

1:06thing stopping me from starting my

1:07business is I need an idea and so that's

1:10what we're going to talk about in this

1:12video today so the topic of today's

1:17conversation one that we see a lot is

1:20people that come and they say I can't

1:23find a good business idea all the good

1:26business ideas are taken I had this idea

1:28someone stole it from me I had the idea

1:31for you know uber or Facebook yeah I

1:36hear that one a lot right it's the

1:37social media for whatever what do you

1:41what do you say to those people who come

1:42to you and say I my idea got stolen all

1:45the ideas are taken things were so much

1:47easier back then there's nothing for me

1:50to do in business that's why I even try

1:53well if you go looking for an idea you

1:56won't find it like people don't

1:59understand how ideas well at least good

2:03ideas exist and good ideas but people

2:08think that like the way they start a

2:10business the way they become an

2:12entrepreneur or the way they start a

2:13successful any

2:14is they have an idea and they think that

2:17like they you know they're in the shower

2:19quite often there's the shower story you

2:21know someone's in the shower and then

2:23they just have this idea and then they

2:24make a billion dollars and it doesn't

2:26really happen that way not ever unless

2:30the person had already been in business

2:31flight ten years and then had the idea

2:33in the show like sometimes that can

2:34happen but you know it's it like people

2:38go out looking for ideas and if you go

2:39out looking for ideas you'd never find

2:41them and I had this problem too I was

2:43like what is that idea and really you've

2:46got to flip it over and look for

2:49problems and so what you do instead is

2:53you go looking in the marketplace for

2:55problems you go around and you ask

2:57people hey like what is a massive

3:00problem for you what do you hate what do

3:01you dislike like what things in your

3:04life for like burdening you and then

3:07when you find out a massive problem

3:08people have then the solution to that

3:11problem is your idea so it's a different

3:15way of looking for things instead of

3:16looking for ideas if you come up with

3:18one then it's not attached to any

3:20problem no one wants it and so I did

3:22there I started a a online job board

3:27where people could post a profile of

3:29them online and then employers would

3:31look for them and it would work that way

3:33around and I thought it was a cool idea

3:34and I decided that that's what I was

3:36going to do but then I did it and no one

3:40wanted it and I was like wow I thought

3:43this was a good idea and then people

3:45told me it's a good idea but I don't

3:47want it and so I got the want part wrong

3:50it was a cool idea it was it was cool

3:53but it wasn't needed and you need more

3:56than just cool in business to make money

3:58because someone won't just buy something

4:00that's cool if I show you this this one

4:02that like this this t-shirt with like a

4:04cat on it and it's all colorful you

4:06might be like it's a cool shirt but I

4:08don't want it like I'm not gonna pay for

4:09it and so it's not enough to just have a

4:13cool idea you need to solve a problem or

4:16you need you you need to attach a cool

4:19idea to a problem

4:20so my massive breakthrough in business

4:23came when I stopped looking for cool

4:25ideas and I started looking for problems

4:27and I just started

4:28all around property management companies

4:30and asking them hey what's the most

4:32painful part about being a property

4:34manager and they would say they'd be

4:36like oh it was it's property inspections

4:39and I talked to a lot of them and they

4:40would all say property inspections so

4:41then I came up with an idea to create a

4:44mobile app to help property managers do

4:47inspections and so and then that worked

4:50that was the first time in my life that

4:51I created something that someone wanted

4:53and it was the big aha moment it's like

4:56you don't come up with anything yourself

4:57you go to the market and look for their

5:00problems and the solution to their

5:01problem is your idea

5:02hmm and how many people how many people

5:05do you need to call before you can

5:06determine this is a market problem is it

5:08what is it - is it five as a ten it's

5:11not a specific number but you want to

5:13know that it's widespread instead of

5:15like concentrated on one person I see a

5:18lot of people especially people who

5:20don't like talking to people introvert

5:22so often latch onto an idea early

5:24because they don't want to talk to more

5:26people they're too scared that's the

5:28worst thing you can do because it's

5:29false confidence it's a belief that this

5:32one person represents the rest of the

5:34marketplace and there is not a good bit

5:37to make I would say if you had to pick a

5:40number I'd say thirty people at least

5:42the more the better I mean but if you

5:44can notice that a problem is spread

5:47across thirty people that have no real

5:49connection to each other so like you

5:51know you might call a property manager

5:53in New York one in California one in

5:54Canada one in London like you know a

5:57good mix and if they all have set the

6:00same problems and they all see value in

6:03the same solution and there's 30 of them

6:06in there spread over different

6:08demographics then I would say that

6:11that's there's a high chance that there

6:14is a market wide problem one thing I've

6:18seen when people do that I think 30 is a

6:20good amount is though they'll go in the

6:22last 30 different people and they say oh

6:23yeah this is a problem and but then they

6:26forget one small part because then they

6:27create the solution and then they hey I

6:29have this and then no one buys it so how

6:31do you determine how serious they are do

6:34they have the money to spend on this on

6:36this problem is the problem painful

6:37enough to where they'll actually

6:40you to get you know to help y'all you

6:42can't you can't do the research when you

6:45already have a hypothesis because you

6:47make it biased so you can't go to people

6:49like I see this happen all the time and

6:51entrepreneur thinks everyone needs a CEO

6:53then he goes out to do market research

6:55and he says do you need SEO and pretty

6:58much pummels the person with questions

7:01until they're like yes I need SEO is I

7:03did my research like that doesn't work

7:06like you can't have a bias or you can't

7:09have any form of hypothesis about what

7:11the market wants because if you do have

7:13any bias or any form of hypothesis then

7:16you will make that come true in your

7:18research so if I believed everyone

7:21wanted I did believe that everyone

7:24wanted this this job board website which

7:27I made so I would talk to everyone and

7:29maneuver my questions around to pretty

7:32much get them to say yeah I want this

7:33and then I was like hey I knew it like

7:35everyone wants this and then I went out

7:37to sell it to people and it was they

7:40were like I don't want this and you've

7:42got to remove that confirmation bias

7:44when you're trying to figure out what

7:45people want so you don't go to someone

7:48do have this problem because they might

7:51say yeah and then when it comes to

7:52paying money they don't right so you

7:55really have to go to people and you have

7:58to say like without any bias you have to

8:01let them tell you what their problems

8:03are and you can't seed the problem in

8:06them too then for them to say that they

8:09have it so like if I was gonna ask you I

8:12would say hey Nick on a day-to-day basis

8:15what you know what are the most painful

8:17problems that you experience in your

8:20business and then you would tell me now

8:23do people want to answer that question

8:24right off the bat

8:26well like you probably want to say hello

8:28and everything first but yet people love

8:30talking about themselves like in

8:32especially problems people like talking

8:34about their problems

8:35and you win especially when you have no

8:37agenda there no agenda part is crucial

8:39if you're planning to sell someone

8:41something on that very call then the

8:44research is gone you know like when

8:47you're doing research you're doing

8:48research and when you're doing sales

8:49you're doing sales like you Ananta

8:53they can't really do this very well

8:55because they're so hungry to make money

8:57and so they can't be non-biased for a

8:59while and so when you're doing your

9:01research and trying to form an accurate

9:04view of the market you need to step

9:06outside of like all of your beliefs and

9:09all of your biases and have no opinion

9:13of the person of the industry and no

9:16opinion of what they want or what you

9:19and you you you can't have any opinion

9:22of selling them anything either you just

9:24are trying to get like the truth you

9:26want to get a very accurate picture of

9:28the truth mmm yeah so I see what you

9:31mean because then they recognize

9:33something right away if if it's

9:35questions they're asked a way that they

9:38think might lead to a sale on that call

9:40because it kind of shows up when you're

9:42there and you're like oh are you really

9:43just asking me this you can sell me

9:45something you're trying to put me into a

9:47trap as opposed to really letting them

9:49take you in whichever way they want to

9:51take the conversation right it's you can

9:53still lead the conversation but you

9:55can't put the ideas in the head and then

9:59ask them you know like I can't say is is

10:01SEO a problem for you or I looked you up

10:03on Google and you're not ranking on the

10:05first page layers they're a problem for

10:07you you know like that's if someone

10:10might not have had that as a problem but

10:11now that base that person sees that they

10:13might think oh yeah maybe I don't want

10:14to be there and but you can't do that

10:17because that's not representative of the

10:19market because you went and and like you

10:22went and your opinion and your bias

10:25affected that conversation and so you

10:27can't have a bias when you're doing it

10:29otherwise you'll end up with the wrong

10:31idea

10:31you'll come up with an idea like I did

10:33that no one wanted right

10:35so oftentimes it sounds like the best

10:36business ideas are ones that you had no

10:38idea beforehand before talking to

10:41someone with a problem of course it's

10:43like trying to find out what Suzy wants

10:45for lunch

10:45but if Suzy's sitting over here on a

10:47park bench you're here on the other park

10:50bench if your job is to find out what

10:53Suzy wants for lunch you can't go over

10:56there and say like hey I've got like a

11:00chicken sandwich like is a chicken

11:02sandwich what you want for lunch right

11:03you you have to nor can you ever guess

11:06what Suzy wants

11:07lunch you just have to go over there and

11:09ask her without bias like what do you

11:11want flinch and she might have to think

11:14about that and then she will tell you

11:15and then that truly is what she wants

11:19for lunch and I used Susie as an example

11:21or a metaphor of the market and you need

11:23to find out what the market wants and

11:26you need to have no bias when you do it

11:28otherwise you're gonna you know if you

11:31say like a ham sandwich do you want one

11:33then she might say yeah but then the

11:36rest of the market didn't want ham

11:37sandwiches right like you've got to be

11:39totally non biased when you do that

11:41research hmm now on on the other side

11:45I've seen some people say the market

11:48doesn't know what they want right you

11:50determine what the market wants with

11:53your marketing ability or whatnot but

11:56oftentimes that's pretty rare and that's

12:01it's kind of knocking out of the park to

12:03be able to hit a product that no one

12:04knew they wanted beforehand or didn't

12:06have that problem beforehand so someone

12:08can know that they don't someone can you

12:11can provide something which people don't

12:12know that they want but that desires has

12:15to be there at some point you can't like

12:17you can't create desire in a marketplace

12:20you can only harness excited you can

12:23only harness desire that already exists

12:25like I like to think about it like a

12:27wave like you can't you know swim out on

12:31your surfboard create a wave and then

12:32surf it like you have to go out in your

12:34super would find a wave and then surf it

12:36and you know if you try to go surfing

12:38with no waves it ain't working and

12:40that's kind of like business you can't

12:42fight the market if you try and fight

12:46the market you'll go broke but quite a

12:49lot of the time the market doesn't know

12:50what they want but they kind of they

12:53their desire they know what that is like

12:55they might know that they aren't happy

12:58or they might know that like they have

13:01too many social media platforms or they

13:04might have frustrations you know people

13:05have problems people always know what

13:08problems they have they don't know what

13:10solutions they want and so you know you

13:13can't that's why you can't go to a

13:15market and ask them what do you want

13:17because a lot of the time they don't

13:18know and if they tell you something that

13:20might be totally wrong but they always

13:23know what they don't like and what

13:26typically when you call people and ask

13:28and you're trying to discover these

13:29problems do you preface the conversation

13:32when you start with hey I'm not trying

13:33to sell you anything I did yes I did

13:36that lot like I'd email them first I'd

13:38say hey my name is Sam I'm not trying to

13:40sell you anything

13:41I'm just conducting some research at the

13:43end of it I'm happy to share all of my

13:44findings I'm trying to find out what the

13:48most painful problems in this industry

13:50are and if you could just write back

13:53even if it's two sentences that'd be

13:55awesome

13:55I'd send out that email I get people

13:58replied then I'd try and escalate that

14:00to a foreign conversation some of the

14:02conversations even ended up like with

14:04coffee and lunch and stuff and it's

14:07because I had no bias I wasn't there to

14:09push my agenda I didn't have one I had

14:12nothing to sell I truly just wanted to

14:13understand the the person in the

14:17industry and after I did that with 3040

14:20people I had a very accurate picture got

14:22it and then at one point do you come

14:24back and revisit those people because I

14:26assume they're prospects right because

14:28those are the ones you got the

14:29information for and you eventually want

14:31to sell them something so once you have

14:33a solution developed whether you know

14:35it's consulting or or whatever that is

14:38and you come back and you're like hey I

14:39think I can implement this what what or

14:41what do you do how's that proposal work

14:44so you could go back to them and say

14:48like I did I was like hey you know I

14:49went and built this thing and I'd say it

14:53solves you know the problems doing it do

14:55you want to try it and then but if you

14:57got it right the answer should be yes

14:59because that was their most painful

15:02problem who doesn't want that solved

15:03right yeah that makes sense

15:06now does that work the same as it in in

15:10like human capital a consulting service

15:12as it does and when building a software

15:13solution for someone it's just the same

15:15things hmm yeah there's a bit same thing

15:19atoms and bits so the conversation works

15:23very similar in fact when you're doing

15:26that you you ask them maybe you're let's

15:28say you're a marketing consultant and

15:29you go do you typically ask them the

15:31process

15:32is there a different way that you go

15:33about selling that type of service that

15:35would be unique it's honestly it's the

15:39same it's like it's what problems do

15:42are you facing without any buyers if

15:45they are if they are facing a problem

15:47which I can solve then I'd tell them

15:49which I that I can solve it

15:50and if we're aligned properly like that

15:53didn't it's a no-brainer right people

15:55are just out there trying to you know

15:58the way the economy works as people are

16:00just out there every day trying to buy a

16:02better version of themselves and

16:04whatever they might think that is so

16:06some people might want to get skinnier

16:08fitter some of them might want you know

16:11to wear different clothes

16:13some of them might want a beach house

16:15someone went on a retire but whatever

16:17people want the the global economy tooks

16:19on that everyday just by people buying a

16:23better version of themselves according

16:25to what better means to that person and

16:27when you're trying to when you're trying

16:29to become a producer in the economy you

16:33need to understand what people want and

16:36the best way to do that is to have no

16:38bias find out go talk to the market find

16:41out what people want and then when you

16:43have a conviction on what people want

16:45you can become a supplier of that thing

16:48and there's no other way to do it if you

16:50become a supplier without taking a view

16:52on the market accurately then no one's

16:54going to buy your supply you have to

16:56really find out what people want then

16:58supply it and you have to keep coming

17:00back to the market to because it changes

17:02and you know something that's right

17:04right now might not be right in five

17:06years and that's why it's important to

17:07constantly keep in touch with your your

17:11market and you know check they check the

17:13pulse on it to make sure that you're

17:15iterating and improving to be in

17:17alignment with what's going on yeah I

17:21see that a lot especially with someone

17:23who's who was they specialize in a

17:25certain problem solution then all of a

17:27sudden something came along whether it

17:28was technology or something else and

17:30that no longer is even a problem for

17:32people anymore because there's even a

17:34better solution and it's in a different

17:35mechanism or a different it's not

17:39anything related to them but then

17:40they're still stuck on this business

17:41idea and trying to make it work

17:43yeah you've things changed like people

17:46change markets change and it's you it's

17:52whoever knows the most about the market

17:54really like the people who know the most

17:56about the market and have the most

17:58accurate if you want it they're always

17:59the people that win and you know having

18:02a good at an accurate view on the market

18:04also means you can kind of predict where

18:05it's going to go and that's how you can

18:08stay ahead of that curve all of the time

18:09and how do you best do that to someone

18:12who's looking to stay ahead of the

18:14market you got to understand at first

18:15before you can ever learn to get ahead

18:17like most people don't even know how to

18:19take an accurate view on what is let

18:22alone what it's going to be I mean it

18:25once you've like once you've submerged

18:28yourself in understanding one particular

18:30area of the market after years you'll

18:33start to get a natural sense of where

18:36things are going just because it's like

18:37riding a bike you know like once you're

18:39so once you're so skilled at riding a

18:42bike you can't you don't think I'm

18:43riding a bike you're just on it and you

18:45swerve it's like it's just it's becomes

18:47a part of you and that's what happens

18:50when you really submerge yourself into

18:52one particular area of the market you

18:54just know it and you can sense it like

18:56if something moves here like you can you

18:58can feel it and like you know I've been

19:01in the consulting market for long enough

19:04and I've studied it for so long that I

19:06can sense it like I can sense where it's

19:09going to go I'm not saying a moist I'm

19:11always gone if I thought I was always

19:12going to be right then I'd eventually be

19:14wrong so I still am very cautious that I

19:18could be wrong but you know to date I've

19:22been able to accurately predict where it

19:23you know kind of where it's moving hmm

19:25so how many people that you come into

19:27contact with often are stuck on the idea

19:31that they have to do this cool business

19:33idea and how many people are open I

19:35guess to even consider it well I think

19:37they should do it anyway because like

19:39often people have to do the wrong thing

19:42to figure out what the right thing is

19:43like I'm not like I'm not to really say

19:47like if someone really wants to start a

19:49business I'm not going to tell them that

19:51it's the wrong thing because I think

19:53it's just this thing it started like I

19:56started

19:57how many different businesses that

19:59didn't work out before I found one that

20:00did so Who am I to say what the right

20:02business is to start I think people who

20:05want to start a business do it just

20:07start it because you're going to figure

20:09out the right one anyway yeah I'd agree

20:12it's probably just best they take any

20:13sort just do it even if it's everyone

20:16thinks that stupid just do it and then

20:18see what happens and then learn from

20:20that iterate and improve you know you

20:22need to get moving in some direction to

20:25figure out like which way to pivot and

20:27turn and eventually with enough time and

20:30with enough variation you will find it

20:33so I guess like in summary is there such

20:36thing is a good business idea is there

20:38such thing as a dumb business idea or is

20:40there just yeah I think there is it

20:44totally depends on like you know the

20:46that totally depends on everything I

20:49think the best business idea is a

20:55solution to a massive problem that no

20:59one else can see that's what I think it

21:02is I don't think it's a solution to a

21:04problem that's really obvious or already

21:06been done I think it's one that no one

21:08else can see and its massive like those

21:11are the ones which I think are the best

21:13and you know the more painful the

21:16problem the the better the business is

21:20going to be like if you could figure out

21:21a way to make to make yourself like like

21:27if you could find a pill that you could

21:29take that made you like a billion

21:30dollars

21:30all right that would be a great business

21:32idea because the the pain is like you

21:36know the pain of poverty in the pain of

21:37non success is very high also the pain

21:40of different diseases like cancer and

21:42things like that if you found a solution

21:43to that

21:43I mean I'm using extreme examples to

21:46make a point but the great the the more

21:49painful the problem and the more

21:51widespread the problem the greater the

21:53opportunity is when you solve that

21:55problem and sometimes you can't think

21:57that big in the beginning by I didn't

22:00think big at all I compared to some

22:02people that you know my so I'm still

22:03thinking small but you just start

22:07somewhere and just try and solve

22:08problems they all business

22:10this really is solving people's problems

22:12yeah yes so if you if anyone's wondering

22:17like I don't have any ideas or what's a

22:22cool idea or how do I come up with an

22:23idea don't look for ideas just look for

22:26problems and then the solution to that

22:27problem is your idea and if you do that

22:30you should have no problem being

22:32successful in business

22:40you