The Personal MBA

Evaluate potential markets for success

Instructions

Find a problem that needs to be solved.
What is the problem you can fix for a lot of people?
Look for unmet needs.
Whenever a group of people has an unmet need in one or more of these areas, a market will form to satisfy that need. Try identifying these unmet needs that you can satisfy through your offering.
Find an attractive market.
Look for a market that interests you enough to keep you improving your offering every single day. Don't ignore "boring" businesses until you investigate them.
Create something of value.
This should solve a specific problem or meet the needs or wants of people.
Understand the core human drives.
All human beings have four core human drives that profoundly influence our decisions and actions: the drive to acquire, the drive to bond, the drive to learn, and the drive to defend. Additionally, there is the drive to feel.
Connect with multiple drives.
The more drives your offer connects with, the more attractive it will be to your potential market.
Determine how your offering will satisfy these drives.
Clearly explain how your product satisfies one or more drives to make it more attractive to potential customers.
Observe the competition.
Become a customer and observe what works and what doesn't before committing to a particular strategy. Learn everything you can from your competition, and then create something even more valuable.
Test the potential of your offering in your chosen market.
Test it as quickly and as cheaply as you can before you fully commit. A few hours spent in evaluation can prevent months (or years) of frustration and misplaced effort.