Pal the knob so he’s asking how do you validate the idea before spending time
validate the idea before spending time
validate the idea before spending time building it I think yeah first of all
building it I think yeah first of all
building it I think yeah first of all come up with an idea and it’s normally a
come up with an idea and it’s normally a
come up with an idea and it’s normally a pain point there’s a lot of examples
pain point there’s a lot of examples
pain point there’s a lot of examples where you in your lives will know a
where you in your lives will know a
where you in your lives will know a frustration of a consumer you look at
frustration of a consumer you look at
frustration of a consumer you look at actually which Richard Branson we’ve
actually which Richard Branson we’ve
actually which Richard Branson we’ve just announced emphasized summit he’s an
just announced emphasized summit he’s an
just announced emphasized summit he’s an innovator easy disruptor he’s probably
innovator easy disruptor he’s probably
innovator easy disruptor he’s probably one of the greatest world’s
one of the greatest world’s
one of the greatest world’s entrepreneurs and he’s tried a lot of
entrepreneurs and he’s tried a lot of
entrepreneurs and he’s tried a lot of ideas some have failed and he’s left
ideas some have failed and he’s left
ideas some have failed and he’s left them behind he’s fell fast and then
them behind he’s fell fast and then
them behind he’s fell fast and then moved quickly but he always looks at
moved quickly but he always looks at
moved quickly but he always looks at kind of wears a gap in the market it
kind of wears a gap in the market it
kind of wears a gap in the market it whether it’s travel whether it’s music
whether it’s travel whether it’s music
whether it’s travel whether it’s music what is it that we can create with our
what is it that we can create with our
what is it that we can create with our idea that it’s going to change the world
idea that it’s going to change the world
idea that it’s going to change the world and it comes back to what value we
and it comes back to what value we
and it comes back to what value we created who we serve in what problem we
created who we serve in what problem we
created who we serve in what problem we solve it and I think that the key thing
solve it and I think that the key thing
solve it and I think that the key thing is as a guy as well Richard Reid who I
is as a guy as well Richard Reid who I
is as a guy as well Richard Reid who I started a big smoothie company called
started a big smoothie company called
started a big smoothie company called innocent and he said you know all you
innocent and he said you know all you
innocent and he said you know all you need to do is be seventy percent sure of
need to do is be seventy percent sure of
need to do is be seventy percent sure of your idea and then just crack on and and
your idea and then just crack on and and
your idea and then just crack on and and get your idea out there is a business
get your idea out there is a business
get your idea out there is a business because you will evolve it and I think
because you will evolve it and I think
because you will evolve it and I think the worst thing you can do is sort of
the worst thing you can do is sort of
the worst thing you can do is sort of analysis paralysis try and come up with
analysis paralysis try and come up with
analysis paralysis try and come up with the best idea in the world and because
the best idea in the world and because
the best idea in the world and because that’s not real what you need to do is
that’s not real what you need to do is
that’s not real what you need to do is shape your idea sufficiently go and meet
shape your idea sufficiently go and meet
shape your idea sufficiently go and meet friends me buddies maybe angel investors
friends me buddies maybe angel investors
friends me buddies maybe angel investors what I’m vain to invest in a lot of
what I’m vain to invest in a lot of
what I’m vain to invest in a lot of companies people have said look I don’t
companies people have said look I don’t
companies people have said look I don’t want you to invest today but I’ve got an
want you to invest today but I’ve got an
want you to invest today but I’ve got an idea I might come back to in six months
idea I might come back to in six months
idea I might come back to in six months time when I’ve got a kind of couple
time when I’ve got a kind of couple
time when I’ve got a kind of couple trial customers and I ask you to invest
trial customers and I ask you to invest
trial customers and I ask you to invest but today I just want to test drive the
but today I just want to test drive the
but today I just want to test drive the idea and kind of you you kind of found
idea and kind of you you kind of found
idea and kind of you you kind of found it around you reshape it and you let me
it around you reshape it and you let me
it around you reshape it and you let me think about it and then I’ll go away
think about it and then I’ll go away
think about it and then I’ll go away build a business based on that so I kind
build a business based on that so I kind
build a business based on that so I kind of think the key thing is think about
of think the key thing is think about
of think the key thing is think about those key questions those trends like
those key questions those trends like
those key questions those trends like what’s the audience you serve in what
what’s the audience you serve in what
what’s the audience you serve in what value providing how are you going to
value providing how are you going to
value providing how are you going to make a difference and kind of what is
make a difference and kind of what is
make a difference and kind of what is the thing that about your idea that is
the thing that about your idea that is
the thing that about your idea that is going to be life-changing and provide
going to be life-changing and provide
going to be life-changing and provide massive value for hopefully millions of
massive value for hopefully millions of
massive value for hopefully millions of people I love it I it’s never been
people I love it I it’s never been
people I love it I it’s never been easier to test drive an idea with with
easier to test drive an idea with with
easier to test drive an idea with with services like
services like
services like out there where all you need is an idea
out there where all you need is an idea
out there where all you need is an idea or a prototype and then make a video and
or a prototype and then make a video and
or a prototype and then make a video and tell people about it it’s never been
tell people about it it’s never been
tell people about it it’s never been easier to go and get customers before
easier to go and get customers before
easier to go and get customers before actually having the launch and then
actually having the launch and then
actually having the launch and then going to manufacturing I just ordered a
going to manufacturing I just ordered a
going to manufacturing I just ordered a little nano drone that fits in the palm
little nano drone that fits in the palm
little nano drone that fits in the palm of your hand and that uses GPS to follow
of your hand and that uses GPS to follow
of your hand and that uses GPS to follow you around while you’re like running or
you around while you’re like running or
you around while you’re like running or skiing or whatever and it records it and
skiing or whatever and it records it and
skiing or whatever and it records it and then uploads it to the cloud and I
then uploads it to the cloud and I
then uploads it to the cloud and I bought that off of an IndieGoGo campaign
bought that off of an IndieGoGo campaign
bought that off of an IndieGoGo campaign and they raised over 3 million dollars
and they raised over 3 million dollars
and they raised over 3 million dollars to create this nano drone and they may
to create this nano drone and they may
to create this nano drone and they may not have known if it was a good idea or
not have known if it was a good idea or
not have known if it was a good idea or not they may have you know jumped in too
not they may have you know jumped in too
not they may have you know jumped in too soon they may have had the test and
soon they may have had the test and
soon they may have had the test and tweak along the way but this is
tweak along the way but this is
tweak along the way but this is validation and now they have the money
validation and now they have the money
validation and now they have the money they need you know that’s that’s all
they need you know that’s that’s all
they need you know that’s that’s all marketing dollars that’s not even
marketing dollars that’s not even
marketing dollars that’s not even getting investors into the business
getting investors into the business
getting investors into the business they’re not giving up any equity and
they’re not giving up any equity and
they’re not giving up any equity and there is 3 million dollars in money to
there is 3 million dollars in money to
there is 3 million dollars in money to be able to build their product and so
be able to build their product and so
be able to build their product and so it’s never been easier to use a
it’s never been easier to use a
it’s never been easier to use a technology today to test drive and see
technology today to test drive and see
technology today to test drive and see if there’s an appetite for your product
if there’s an appetite for your product
if there’s an appetite for your product if not then maybe you need to tweak it
if not then maybe you need to tweak it
if not then maybe you need to tweak it because rarely is the idea that you
because rarely is the idea that you
because rarely is the idea that you start with where you end up there’s
start with where you end up there’s
start with where you end up there’s always tweaks and changes and so having
always tweaks and changes and so having
always tweaks and changes and so having market feedback as soon as possible so
market feedback as soon as possible so
market feedback as soon as possible so I’m just creating a vacuum can be really
I’m just creating a vacuum can be really
I’m just creating a vacuum can be really helpful yeah I agree on Kickstarter you
helpful yeah I agree on Kickstarter you
helpful yeah I agree on Kickstarter you know what they’ve raised two billion 2
know what they’ve raised two billion 2
know what they’ve raised two billion 2 billion dollars 10 10 million backers
billion dollars 10 10 million backers
billion dollars 10 10 million backers now 100,000 projects and I think you’re
now 100,000 projects and I think you’re
now 100,000 projects and I think you’re right ever not only is there’s never
right ever not only is there’s never
right ever not only is there’s never been a better time to have an idea
been a better time to have an idea
been a better time to have an idea there’s never been a better idea to do
there’s never been a better idea to do
there’s never been a better idea to do things like crowdfunding and then the
things like crowdfunding and then the
things like crowdfunding and then the key thing is you need to own your idea
key thing is you need to own your idea
key thing is you need to own your idea you need to end it comes back to Evans
you need to end it comes back to Evans
you need to end it comes back to Evans tank life believe you never want to have
tank life believe you never want to have
tank life believe you never want to have the key kind of responsibility for your
the key kind of responsibility for your
the key kind of responsibility for your idea but don’t be kind of too precious
idea but don’t be kind of too precious
idea but don’t be kind of too precious about your idea because take feedback
about your idea because take feedback
about your idea because take feedback especially from early customers and
especially from early customers and
especially from early customers and improve your idea all the time improve
improve your idea all the time improve
improve your idea all the time improve your product improve your service
your product improve your service
your product improve your service because as Evan said I again I’m in
because as Evan said I again I’m in
because as Evan said I again I’m in angel investing a lot of companies and
angel investing a lot of companies and
angel investing a lot of companies and what I’ve seen the first business plan
what I’ve seen the first business plan
what I’ve seen the first business plan and some of these companies are grown to
and some of these companies are grown to
and some of these companies are grown to like valuations over 100 million the
like valuations over 100 million the
like valuations over 100 million the first business plan and what they ended
first business plan and what they ended
first business plan and what they ended up with was pretty radically different
up with was pretty radically different
up with was pretty radically different but boy oh boy did they test drive and
but boy oh boy did they test drive and
but boy oh boy did they test drive and find out what worked before they really
find out what worked before they really
find out what worked before they really scaled it up and then they iterated it
scaled it up and then they iterated it
scaled it up and then they iterated it all the time and I think the world is
all the time and I think the world is
all the time and I think the world is perfectly tuned to that
perfectly tuned to that
perfectly tuned to that uh in terms of speed of execution the
uh in terms of speed of execution the
uh in terms of speed of execution the speed of now yeah you know you look at
speed of now yeah you know you look at
speed of now yeah you know you look at BWW they started as an airplane
BWW they started as an airplane
BWW they started as an airplane manufacturing company that’s why their
manufacturing company that’s why their
manufacturing company that’s why their logo is a propeller still a Lamborghini
logo is a propeller still a Lamborghini
logo is a propeller still a Lamborghini started off in tractors yeah and then
started off in tractors yeah and then
started off in tractors yeah and then one into cars when he bought a Ferrari
one into cars when he bought a Ferrari
one into cars when he bought a Ferrari and Ferrari told him you know don’t tell
and Ferrari told him you know don’t tell
and Ferrari told him you know don’t tell me how to make a car you stick to making
me how to make a car you stick to making
me how to make a car you stick to making tractors and he said I’m going to make a
tractors and he said I’m going to make a
tractors and he said I’m going to make a better car than you’ve gone two
better car than you’ve gone two
better car than you’ve gone two Lamborghinis and so it’s a great point
Lamborghinis and so it’s a great point
Lamborghinis and so it’s a great point and your business will change my
and your business will change my
and your business will change my business has changed I don’t know how
business has changed I don’t know how
business has changed I don’t know how much stages business has changed from
much stages business has changed from
much stages business has changed from the start point to where it is now I
the start point to where it is now I
the start point to where it is now I know you just made that huge
know you just made that huge
know you just made that huge announcement and you’re all in on the
announcement and you’re all in on the
announcement and you’re all in on the cloud and you know business will change
cloud and you know business will change
cloud and you know business will change from the original idea to to where you
from the original idea to to where you
from the original idea to to where you end up going what will make you
end up going what will make you
end up going what will make you successful
”
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