The following are my main takeaways from the video, quoting and paraphrasing the content.
Research ideas to make the world “more awesome” or “less awful” (less hassle, less friction).
Evaluate if an idea good for customers and good business.
Validate that individual customers will buy it.
“I can’t find people who are interested in what I offer.”
“People say they want what I offer, but don’t actually buy from me.”
“I can’t bring in enough money to make my effort worthwhile.”
Create value.
Make people aware of your offer (marketing).
Execute transactions (sales).
Deliver value.
Calculate profit and check it is worth the effort (finance).
How urgently do people need it?
How large is the potential market?
How much money could you charge?
How much will it cost to find customers?
How much will it cost to deliver value?
How unique is it?
How fast can you start selling?
How much will you need to spend up-front?
Are there related solutions that can be sold to the same customers?
How much ongoing work to keep it available for sale?
Product: unit available for sale, one-time transaction (e.g. food).
Service: intangible benefit (e.g. haircut).
Shared resource: create once (e.g. amusement park).
Subscription: pre-commit to future value (e.g. magazine).
Resale: buy wholesale and sell retail.
Lease: buy and rent out (e.g. car).
Agency: sell something you don’t own (e.g. app store).
Audience aggregation: sell access to an audience (e.g. ads).
Insurance: transfer risk.
Option: available if needed.
Loan: money for interest.
Capital: money for ownership.
Efficacy: how well does it work?
Speed: how fast does it work?
Reliability: does it work all the time?
Ease of use: how much work to understand?
Flexibility: how many things can it do?
Status: how does it make other people perceive the customer?
Aesthetic appeal: how beautiful is it?
Emotion: how does it make the customer feel?
Cost: what does the customer have to give up to get this?
Talk to your ideal prospects.
Collect pre-orders, or at least e-mail addresses.