After many contemplations, I finally gave into the idea of listening to podcasts. To be honest, I do not listen to podcasts and I don’t really have a reason why. I’m just not into it. But I decided to give it a try and I’m glad I did.
James Altucher’s podcast was recommended and I went through a list of the episodes he had trying to find something I could relate to. So for each episode I chose, I listened for just 10mins to get a feel of how the discussion will be. This is a skill I learnt as a student. The overview of a journal tells you whether it’s what you’re looking for or not.
Anyways, after much scrolling, I found Episode 246 called – Ramit Sethi: You have something people will pay for right now quite enlightening. James interviewed Ramit on how to start and build a business. I have to say, asides from the constant annoying interruptions and unnecessary diversions from James, I did learn a few new excellent business points.
Ramit Sethi is an American personal finance advisor and entrepreneur and he has written a few books on business specifically for entrepreneurs. He was on the show to talk about his book – Your Move: The Underdog’s Guide to Building Your Business.
Firstly, he stated that when it comes to knowing the tricks of starting a business, most people want to be lied to because they don’t want to face the actual truth. What this means is that, when people ask how a person managed to succeed in growing a business, they don’t really want to hear the hard truth which involves the sleepless nights, hard work, networking, capital (money) etc. They don’t want to hear that because it sounds so cliché. They want to be lied to.
They probably want to hear this; my parents helped me out or I was just lucky. It’s like asking a skinny fit person how they stay so trim and they say; I eat right and exercise 5 times a week. We would all moan and walk away because we don’t want to do that. We want an easy way to validate success. But we all know success isn’t a walk in the park. It takes a lot of dedication and hard work. He said average people get intimated from learning from the best.
Secondly, he stated that you don’t necessarily have to love what you want to do but you should be able to fall in love with it with time. I completely agree with this. From my experience, I never had any interest in sewing. I learnt how to sew because I felt I was being scammed into paying more for what I thought was not worth it. Eventually, I fell in love with it and made a business out of it.
I’m not saying passion is not important, it is very important but don’t spend all your time looking for passion. Look for good ideas and write them down. One of them would surely attract you and then passion grows.
Thirdly, Ramit stated that if you are stuck in finding a business idea, look at the thing you pay for and ask yourself why you pay for it. People pay for products and services for different reasons. If you can find out why they pay for it and modify that product/service to your specifications, your target market will definitely want to pay for it. The reason why several products are created daily is that there is a market that is willing to pay for it.
To expatiate, some people love to dance and will pay to learn. Therefore, there is a dance market that people are willing to pay for. All you need to do is find a dance business idea (read my post on finding a niche here) and start your business.
Fourthly, if you are stuck in finding a business idea, write down all your skills. Trust me, no one is useless. If you think that the only skill you have is whistling, I can bet there are people who will pay to learn how whistle. No skill is useless (click here for my previous post on this). If you can’t find any skills, ask your friends to tell you what skill(s) they think you have and develop it.
The final point Ramit spoke about was – Make sure your target market can pay for your product/service.
I loved this point.
If you are an avid reader of my posts, you would notice that I keep saying that you need to identify and understand your target market. This is the most important advice anyone could ever give you.
Your target market is the people you intend selling your product/service to. You cannot cater to every human on the planet. Ramit went a step further to illustrate that when you identify your market, they must be willing to pay for it. For example, you might have a great idea that caters to the need of teenagers but will they pay for it? You need to think about the cost of your product and if it is ideal for that market?
KNOW YOUR TARGET MARKET!!! I cannot stress this enough.
Ramit stated that when your target market is not willing to pay for your products, then you are in a labour of love – no willingness from the market to pay for it.
I have to say that for someone who doesn’t like listening to podcasts, I have learnt a great deal and I hope to review more business podcasts.