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5 Ways to Validate a Business Idea, Right Now

Don't let your day job or lack of capital stop you from finding and testing a business idea. Here's how.
Last year, I embarked upon a personal challenge to validate a business idea in 30 days. To make it even more difficult, it was a random idea chosen by my readers. They asked me to do it without using my existing website, traffic and business connections and without spending more than 20 hours per week on the project. On top of that, I limited myself to spending no more than $500 validating this idea. The experiment was a success.In just two weeks, I built an email list of 565 subscribers without having an actual website. Then, I reached out to a handful of those subscribers and pre-sold 12 copies of a book that didn't even exist yet, all in less than 30 days. I wrote about the experiment in real-time with in-depth weekly updates, successes, failures and lessons learned along the way, right here in my validation challenge. Today, I want to share with you the five most effect…

Stop Comparing Yourself to Competitors. Start Perfecting Your Craft.

We’re hard on ourselves professionally. Competition is fierce in the business world. We compare ourselves to the competition every chance we get.
But I’m here to tell you to stop. Stop the comparisons. They’re doing nothing to your competition. Much like disliking a person that doesn’t know you exist, it only hurts you.
Emotional energy is what makes us great. It is the blood, sweat and tears that we experience when pursuing our deepest passions and dreams. The smile that comes when you get the sale or the tarnished ego that ensues when you don’t. It’s the yearning desire to want more and to keep pushing.
It can also be very draining and damaging if you don’t focus on the necessity of positive emotional energy. Do not sabotage yourself by draining your emotional energy on what everyone else is doing better than you. Your craft needs that emotional energy much more than your competition. Your craft needs your passion, your fire and your creative genius to push forward. Your competition is draining you of your competitive edge, and they’re not losing sleep over it -- you are.
Yes, it’s important to know your market well and the others competing in your space, but keep it there. Have a concrete knowledge, but don’t worry about their quarterly sales, their new endorsements, how big their holiday party was, what media slots they are securing or what new clients they’ve gotten. The reality is that there is enough business out there for everyone. If you don’t believe so, ask yourself -- how you are going to solicit a larger consumer base?
They are out there. This is where your energies need to be spent. This is where focusing on your craft comes in. Focus on the value that you, your product or your service brings to the industry. Spend time listening to what your loyal customers and clients are saying so that you can consistently perfect what you do. Focus on innovative marketing strategies, closing sales, satisfaction guarantees and new business outreach.
Most importantly, undergo the positive mind shift that is needed to protect your emotional energies. An attitude of gratitude is a foundation to win. Seeing the glass half full is half the battle. Think about what you do have and what you do exceptionally well. Focus on the consumers that already love what you do, and show them how much you appreciate them.
One thing I decided to do in the professional speaking world is that I reached out to everyone else in my industry that does what I do. Both new comers and heavy hitters. It definitely takes some guts to do. It’s very humbling, but it’s worthwhile. I introduced myself, congratulated them on their success and asked for a phone call at their convenience.
A few actually went on to become mentors to me. I strongly advise others to do the same. It is worth the time to reach out to people who have been there. You would be shocked at how many people will extend a hand to you. Your competition is curious about you as well.
Think about my alternative option. I could have spent the same, if not more, amount of energy on looking at everyone in my industry and assessing how I can beat them, surpass them or solicit their business. This idea would not have allowed me the important guidance and advice I received along the way. It also makes you a bigger target to take out. In business, you must strive to build bridges to success -- not barriers to opportunity.
Because of this outreach, I’ve been invited to events to hear my mentors speak where I could learn valuable insights to incorporate into my own business. I have also had speakers who were unavailable to give a certain keynote due to prior bookings, refer me as the person to take their spot.
It doesn’t matter what industry you occupy -- focus on what you do well. There is enough business to be had by all. Focus on forming allies and perfecting your craft rather than overthrowing your competition. Your craft needs your energy much more than your competition.
-Matt Mayberry

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