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March 15, 2022

Your External Landscape

Your External Landscape

1 -2- 3…let’s talk about the Entrepreneur’s external landscape! Best business practices recommend conducting a feasibility study, having a business plan, understanding the economics and engaging with third parties as essential tactics to understand the market and increase market shares for a business. How do entrepreneurs do this? Do they conduct market research and then craft their products or services to align with what the customer wants? Or do they find a gap in the market and seek to fill it? Steve Job, Founder of Apple stated, “Some people say to give the customers what they want. But that’s not our approach, our job is to figure out what they want before they do.” Often it is an external pressure that aligns with an internal desire serving as a catalyst to launch your business or calibrate your offerings, so you have that competitive advantage. X.T.C. shares their perspectives. Listen in and share your perspective on this topic below.

Transcript
WEBVTT 1 00:00:00.400 --> 00:00:05.639 Hey everybody, welcome to another episode of x, the entrepreneurs trip with XTC. 2 00:00:06.919 --> 00:00:11.800 I'm Salinda, I'm just the and I'm Chris. So, as an 3 00:00:11.880 --> 00:00:15.800 entrepreneur starting a growing your business, you may have a destination, but the 4 00:00:15.839 --> 00:00:19.160 journey of getting there can be a trip. We want to be your travel 5 00:00:19.239 --> 00:00:24.679 companions and injected dose of XTC as we explore real life conversations about navigating the 6 00:00:24.679 --> 00:00:30.079 world of entrepreneurship in the US and the Caribbean. So right now we are 7 00:00:30.079 --> 00:00:38.759 on season one, series two, episode three within that series, which is 8 00:00:38.840 --> 00:00:45.640 in the series is the mindset and motivations of being an entrepreneur and this episode 9 00:00:45.679 --> 00:00:52.520 is about external environment, feasibility, economics and profit and third party opinions, 10 00:00:52.560 --> 00:00:56.479 which we all get a lot of those as entrepreneurs and people wanting to start 11 00:00:56.600 --> 00:01:03.480 of being entrepreneur. So to start off with feasibility and understanding a mindset. 12 00:01:04.040 --> 00:01:08.840 I want to start off with a quote that by an entrepreneur, a particularly 13 00:01:08.879 --> 00:01:15.239 our male entrepreneur, not to be better than a female entrepreneur, but a 14 00:01:15.319 --> 00:01:19.959 famous one is Steve Jobs, the founder of Apple, and he's sainlessly quoted, 15 00:01:22.640 --> 00:01:29.159 in controversially quoted as saying that's some people say give the customers what they 16 00:01:29.239 --> 00:01:32.519 want, but that's not my approach. Our job is to figure out what 17 00:01:32.519 --> 00:01:36.400 they're going to want before they do. I think Henry Ford one he said 18 00:01:36.439 --> 00:01:40.200 if I'd ask customers what they wanted, they would have told me a faster 19 00:01:40.319 --> 00:01:44.040 horse. People don't know what they want until you show it to them. 20 00:01:44.120 --> 00:01:48.359 That's why I never rely on market research. Our task is to read things 21 00:01:48.400 --> 00:01:53.799 that are not yet on the page. So a lot of people and the 22 00:01:53.799 --> 00:01:57.680 business world have taken that as well. You don't need a feasibility study or 23 00:01:57.719 --> 00:02:01.359 to find out if your business is feasible because, well, if the cust 24 00:02:01.439 --> 00:02:06.760 if you listen to the customers, then you're not going to do something as 25 00:02:06.799 --> 00:02:10.599 innovative as Steve Jobs didn't with with apple and with the ipod and an iphones 26 00:02:10.639 --> 00:02:20.039 and things like that. However, the Small Business Administration U Small Business Administration 27 00:02:20.080 --> 00:02:25.479 and their steps to becoming entrepreneury starting a business. Their very first step mentions 28 00:02:25.479 --> 00:02:30.199 conducting market research, and the SBA explains that market research will tell you if 29 00:02:30.199 --> 00:02:35.639 there's an opportunity to turn your idea into exists successful business. It's a way 30 00:02:35.719 --> 00:02:39.919 to gather information about potential customers and businesses already operating in your area. Use 31 00:02:39.960 --> 00:02:46.400 that information to find a competitive advantage for your business. So I think what 32 00:02:46.439 --> 00:02:50.800 I want to talk about just with that is is that I believe Steve jobs 33 00:02:50.879 --> 00:02:55.960 quote is often misunderstood and not saying that you don't need a feasibility study, 34 00:02:57.759 --> 00:03:02.680 because his very last line in his vote was, or in the SBA quote 35 00:03:02.759 --> 00:03:07.800 is to use that information to find a competitive advantage for your business. And 36 00:03:07.840 --> 00:03:10.599 where a Steve Jobs is saying that you need to identify the gaps in the 37 00:03:10.599 --> 00:03:16.680 market research or the gaps in your customers life to fill those gaps essentially, 38 00:03:17.719 --> 00:03:21.680 and and put those things that are not yet on the page for them. 39 00:03:22.000 --> 00:03:25.360 So when it comes to feasibility, I just want to say that in personally, 40 00:03:25.360 --> 00:03:28.800 I did not do this as an entrepreneur. I took the Steve Jobs 41 00:03:28.800 --> 00:03:32.199 approach and took that that quote literally and didn't look at the you know, 42 00:03:32.199 --> 00:03:37.039 the in between the lines of it. But really, Steve Jobs had to 43 00:03:37.080 --> 00:03:40.680 have done market research in order to find the gaps, because you have to 44 00:03:40.719 --> 00:03:44.919 know your customer, know what their lives are like, what they're doing in 45 00:03:44.960 --> 00:03:47.759 their lives to understand that there is a need that is not being met in 46 00:03:47.800 --> 00:03:53.000 it. So I just kind of wanted to first open that part up to 47 00:03:53.000 --> 00:03:54.639 the group before we get into the other ones, and see if you guys 48 00:03:54.680 --> 00:04:00.800 had any thoughts with your business experience in terms of what you did to identify 49 00:04:01.000 --> 00:04:05.439 your feasibility or if you were like me and kind of jumped in with without 50 00:04:05.479 --> 00:04:11.759 doing that part, and you know I've had to track backwards because I skip 51 00:04:11.840 --> 00:04:16.120 that part. So anybody one time in jump in, I'll jump in. 52 00:04:16.160 --> 00:04:19.560 I think as entrepreneurs you know it. As you were talking, it reminds 53 00:04:19.600 --> 00:04:23.959 me of when we had semi on the podcast, right, and she talks 54 00:04:24.000 --> 00:04:29.759 about how she started our business at a survival right join the recession. I 55 00:04:29.759 --> 00:04:34.639 think a lot of entrepreneurs start their businesses out of similar circumstances. Right there's 56 00:04:34.759 --> 00:04:42.639 something that is externt, there's the external pressure for them to do something right 57 00:04:42.720 --> 00:04:47.439 and in they desire to create some type of change. And so when you 58 00:04:47.439 --> 00:04:54.959 talk about a feasibility study, I think that abstractly and conceptually, we have 59 00:04:55.000 --> 00:05:00.360 an idea of what's in our market right, we cannot feel it. We 60 00:05:00.439 --> 00:05:05.199 canna feel it. It's like kind of intuitive, but it's important to do 61 00:05:05.240 --> 00:05:11.800 that feasibility study. Because through the process of doing a feasibility study, then 62 00:05:11.839 --> 00:05:17.160 you determine whether or not that particular market really needs what it is you think 63 00:05:17.199 --> 00:05:23.160 it needs, or maybe you need to calibrate your offerings so that you have 64 00:05:23.319 --> 00:05:30.560 that competitive advantage. Right. So I think that it's a combination of intuition, 65 00:05:30.560 --> 00:05:32.560 but it is definitely a matter of research. And you know me, 66 00:05:32.639 --> 00:05:36.600 I'm like do my research and then try to apply it and figure it out. 67 00:05:36.600 --> 00:05:42.279 But I think part of in that process of doing a feasibility you don't 68 00:05:42.319 --> 00:05:47.560 want to get analysis paralysis, because some people would just stay there and analyze 69 00:05:47.680 --> 00:05:55.800 and never apply or activate. So it really is a delicate balance of okay, 70 00:05:55.879 --> 00:05:59.439 this is what I see in the market, let me do my research 71 00:05:59.560 --> 00:06:04.759 to con firm or just what I think I should be offering and then pull 72 00:06:04.879 --> 00:06:11.759 the trigger right to be able to to run the business of such. So 73 00:06:14.000 --> 00:06:18.920 Trust. Any thoughts? Yes, first thought, I'm not going after Shalanda 74 00:06:19.079 --> 00:06:24.480 again. We're going to sea. I hope you well, I try to 75 00:06:24.680 --> 00:06:29.959 quart you before her, for I got hite to that. How do you 76 00:06:30.040 --> 00:06:38.959 following the acts man? And I was like wow, spit bars over the 77 00:06:39.079 --> 00:06:47.480 compnations already, like already, like giving me my prescription, like this was 78 00:06:47.639 --> 00:06:51.920 medical tourism. This is what this is, just like here, take this 79 00:06:53.199 --> 00:06:58.959 trip. Wow, all but great, great punch on that, like great, 80 00:06:59.000 --> 00:07:02.680 great points. Um, my thoughts about it is that I don't think 81 00:07:03.360 --> 00:07:09.920 I took that feasibility approach and I just want to put a couple things in 82 00:07:10.000 --> 00:07:13.519 the contexts. We talked about the entrepreneurs and the one thing that's not going 83 00:07:13.560 --> 00:07:19.519 to happen is that everybody's not going to start the same way. Different walks 84 00:07:19.600 --> 00:07:27.319 of life, different perspectives, just just completely different concepts. However, the 85 00:07:27.399 --> 00:07:30.600 one thing that we do know, and we keep bring it up, is 86 00:07:30.720 --> 00:07:35.279 change. Right. So I don't disagree with what it is that Steve Job 87 00:07:35.360 --> 00:07:39.759 says and I could see that it could be easily taken out of context, 88 00:07:40.600 --> 00:07:46.839 because what I think happens right there is that we might not do that feasibility 89 00:07:46.920 --> 00:07:50.000 study. However, we have an idea as to what it is that's missing. 90 00:07:50.639 --> 00:07:57.600 So in season was season one, season one, series two, I 91 00:07:57.720 --> 00:08:03.480 believe when I mentioned Steve Jobs or someone a wrong along the same lines, 92 00:08:03.600 --> 00:08:09.439 because he's an innovator. So innovators take different approaches. So when he created 93 00:08:09.519 --> 00:08:13.959 the cube, when we referenced it. The Cube was just exactly what it 94 00:08:15.160 --> 00:08:20.800 was. It was perfectly cute with no real operating system to it. He 95 00:08:20.040 --> 00:08:24.439 in his mind was like, somebody this operating system is going to come. 96 00:08:26.000 --> 00:08:28.720 However, I have the body and what it should be like, even should 97 00:08:28.720 --> 00:08:31.279 be doing, because there was no system. I have the body as so 98 00:08:31.399 --> 00:08:35.120 what it is, it should look like, you know. So we're going 99 00:08:35.159 --> 00:08:39.240 to figure that that part is not me. Somebody else is going to figure 100 00:08:39.279 --> 00:08:45.600 that part out, and that's why I think his feasibility approach is and was. 101 00:08:46.840 --> 00:08:50.759 It's the I look around and I see what it is that we're doing 102 00:08:52.840 --> 00:08:56.559 and I'm thinking about what it is that I could do to make it different 103 00:08:56.000 --> 00:09:00.440 more out lack of a better term, e. fishing on, because in 104 00:09:00.480 --> 00:09:05.039 my notes what I wrote was ipod touch. So how to touch came about? 105 00:09:05.200 --> 00:09:11.519 Was that his mentor that they fell out and his mentor had the idea 106 00:09:11.759 --> 00:09:16.919 for the touch? or or does another pocket color pocket pals, because they 107 00:09:18.000 --> 00:09:22.120 always came with a next so you always had to use two hands. Right. 108 00:09:22.720 --> 00:09:24.840 So Steve Jobs was like like no, I don't like that, I 109 00:09:24.840 --> 00:09:30.279 don't like the concept because now I got to pull out a whole different stylus 110 00:09:30.399 --> 00:09:33.399 and it's occupying both my hands. So if we have a look at the 111 00:09:33.480 --> 00:09:41.480 design for the ipod touch, he made it a full hand device, where 112 00:09:41.559 --> 00:09:46.120 you hold it in a palm but you navigate everything with your thumb. Therefore 113 00:09:46.200 --> 00:09:52.519 your second hand is free. So he wouldn't do a feasibility study on something 114 00:09:52.159 --> 00:09:56.200 like that, because the feasibility studies would tell you something like, Oh, 115 00:09:56.320 --> 00:10:00.559 well, you know we are using these devices. I don't need somebody tell 116 00:10:00.600 --> 00:10:05.200 me that we are using these devices. I just want to know how to 117 00:10:05.279 --> 00:10:07.559 innovate. You said. I'm saying. So he kind of just took that 118 00:10:07.840 --> 00:10:15.080 part for me. Definitely, how I would challenge you on something that you're 119 00:10:15.120 --> 00:10:20.480 saying. But in that he would have done a feasibility study to transfer from 120 00:10:20.600 --> 00:10:26.559 the to hand approach to the one hand approach, because if you look at 121 00:10:26.919 --> 00:10:35.679 organizations like that, they are very in tune with what a customer preferences and 122 00:10:35.919 --> 00:10:41.440 needs and features in the devices that they would like to have. Right, 123 00:10:41.960 --> 00:10:46.519 pous sore, right there. Right there's why I like where. I completely 124 00:10:46.559 --> 00:10:50.840 agree because, according to that point in time, everybody was agreeing like the 125 00:10:52.120 --> 00:10:56.360 the next is everybody came out with it. This is a part of the 126 00:10:56.480 --> 00:11:01.759 palm pilots. Everything album had a stylus. Everyone had a stylus. So 127 00:11:01.840 --> 00:11:05.440 you know what? It also came with instructions. Apple products came with no 128 00:11:05.759 --> 00:11:11.399 instructions because not just the fact that you still provide. So I do think 129 00:11:11.480 --> 00:11:15.519 there was a feasibility study. What I'm saying is just the context. So 130 00:11:15.679 --> 00:11:18.840 he wouldn't have done a feasibility study to see if you wanted to use your 131 00:11:18.879 --> 00:11:24.200 thumb or not. The feasibility study would have just said that these devices are 132 00:11:24.240 --> 00:11:28.159 flourishing. So I don't want to say we don't. It's almost like telling 133 00:11:28.200 --> 00:11:31.399 me what it is. I feel like we're ready. No, yeah, 134 00:11:33.360 --> 00:11:35.639 I'll let you go in. Or if you know, I was going to 135 00:11:35.720 --> 00:11:41.320 jump in real quick. I think to connect kind of what we're saying and 136 00:11:41.600 --> 00:11:43.480 where I was going initially with you know, where I think Steve Jobs is 137 00:11:43.639 --> 00:11:48.120 quote is often taking out of context, is for the you know, the 138 00:11:48.200 --> 00:11:54.759 cube computer, for the the ipod touch as a onehand device. The solution 139 00:11:54.360 --> 00:12:01.240 to the problem was definitely the innovation from from Steve Jobs to realize what what 140 00:12:01.399 --> 00:12:07.720 would fill that that gap. But the key the cube, I don't believe 141 00:12:07.759 --> 00:12:13.480 would have been something he would have conceived if he didn't know that people had 142 00:12:13.519 --> 00:12:18.159 a need to connect for personal and business use in ways that we're right, 143 00:12:18.360 --> 00:12:22.240 you know, more advanced or different than meeting a worston or are what was 144 00:12:22.279 --> 00:12:24.759 available the time and saying, for even that the palm pilots and everything, 145 00:12:24.799 --> 00:12:28.039 you know, all the buttons, the depends. You know, you had 146 00:12:28.279 --> 00:12:33.679 entire keyboards on the phone, whereas the ipod, touch to Leet, trending 147 00:12:33.879 --> 00:12:37.240 data would say that all those devices were being successful and that people were right 148 00:12:37.320 --> 00:12:41.519 more of them. But maybe he was, you know, it's potential that 149 00:12:41.600 --> 00:12:45.240 he was looking at customer feedback and stuff of like, oh, it's too 150 00:12:45.279 --> 00:12:48.799 hard to set up, too hard to navigate, and that that's what it 151 00:12:48.879 --> 00:12:52.200 was that see also, and that's the beauty of it, like, and 152 00:12:52.279 --> 00:12:56.000 that's what I mean, is like sometimes we don't eat, like you don't 153 00:12:56.080 --> 00:13:00.440 need the feasibility study. I feel like to tell you shelana drinks coffee, 154 00:13:00.720 --> 00:13:05.240 so if she was texting away on something else that required both hands, she 155 00:13:05.399 --> 00:13:07.600 can't drink coffee and text at the same time. And I think like it's 156 00:13:09.399 --> 00:13:11.919 I think we sometimes overthink the process, and that's where it is. On 157 00:13:13.960 --> 00:13:20.240 we get lost in a lot of analysis paralysis. Well, that's you're very 158 00:13:20.320 --> 00:13:22.440 right, like that's where it goes. Is because sometimes we're looking for the 159 00:13:22.559 --> 00:13:28.240 data to tell us what it is all that. The next thing is when, 160 00:13:28.320 --> 00:13:31.080 in all actuality, what we're creating really and truly is what it is 161 00:13:31.159 --> 00:13:37.039 that I feel like we would like, almost would like to see. So 162 00:13:37.120 --> 00:13:39.480 I'm going to get all blooms, I'm going to get all PhD right on 163 00:13:39.600 --> 00:13:46.440 you for a second. There's theory called blooms taxonomy in the learning where it 164 00:13:46.639 --> 00:13:52.519 gives you certain levels that you acquire knowledge. Right, you you learn something 165 00:13:52.679 --> 00:13:58.159 new to know about it. You learned something new to be able to memorize 166 00:13:58.279 --> 00:14:03.759 it, maybe for a test or whatever. Right. But I think where 167 00:14:03.840 --> 00:14:09.000 the fees ability study concept for a business comes in is at that higher level 168 00:14:09.279 --> 00:14:18.799 of the blooms taxonomy where you're gathering information, right, or data, and 169 00:14:18.039 --> 00:14:24.519 you're analyzing it so that you can synthesize it to create something that's not there. 170 00:14:28.120 --> 00:14:35.080 Yeah, makes that so. You can. You every person every so, 171 00:14:35.279 --> 00:14:39.240 for example, in research, right, a lot of researchers are researching 172 00:14:39.320 --> 00:14:43.200 something that's of interest to them. Like for me, we're passion is an 173 00:14:43.320 --> 00:14:48.000 interest for me right. So I want to hear what other researchers are talking 174 00:14:48.120 --> 00:14:54.559 about, what theories might be out there, what direction the literature is going 175 00:14:54.799 --> 00:14:58.360 into. Right. But as a PhD candidate, I'm looking at it from 176 00:14:58.360 --> 00:15:03.039 a unique perspective, which is my perspective, and I'm looking to see where 177 00:15:03.159 --> 00:15:09.919 they may be gaps in the literature, much like a feasibility looks at where 178 00:15:09.960 --> 00:15:16.279 may they be gaps in the market that I can fail in a creative and 179 00:15:16.440 --> 00:15:22.320 innovative way. And sometimes in that collection of that data and that information you 180 00:15:22.480 --> 00:15:26.000 realize that, AH, wait a minute, somebody else is already doing something 181 00:15:26.159 --> 00:15:30.759 similar to what it is that I want to do, but they just don't 182 00:15:30.799 --> 00:15:35.080 have to spin on it. But had you not done the FEASAB study, 183 00:15:35.120 --> 00:15:41.720 you wouldn't have known that, right, and that's why I think home the 184 00:15:41.960 --> 00:15:48.240 the the it's the how we apply it kind of comes into play. So, 185 00:15:48.559 --> 00:15:52.919 like ill said it, as an innovator, I don't see him counting 186 00:15:52.960 --> 00:15:56.159 on the feasibility study to stay that we want to use. One Hand. 187 00:15:56.039 --> 00:16:00.559 It helps us to realize, though, like this is, I don't want 188 00:16:00.600 --> 00:16:03.360 to say the trending spot, this is where the next thing is going to 189 00:16:03.480 --> 00:16:10.840 be we're not going to start to invest the futures moving into more pocket computers. 190 00:16:11.399 --> 00:16:15.679 That's that's that's where I see the feasibility bringing it together. As far 191 00:16:15.759 --> 00:16:22.279 as the ingenuity of the one hand, like, I just think like like 192 00:16:22.519 --> 00:16:26.080 that's that's your wild moment. That's that's the reason why you would be like, 193 00:16:26.879 --> 00:16:32.039 you know, I wouldn't need a fsibility study to tell me I wanted 194 00:16:32.120 --> 00:16:36.600 to use one hand to make it more comfitable, like and it goes to 195 00:16:36.799 --> 00:16:41.159 nature versus nurture, right, because at that point that would be his skill 196 00:16:41.279 --> 00:16:45.720 set, that would be the skill set that he was possibly born with, 197 00:16:45.200 --> 00:16:48.679 like all, right off the bat. He gets that, as opposed to 198 00:16:48.960 --> 00:16:52.720 like, for me, I would have to sit there and think about it, 199 00:16:52.919 --> 00:16:56.639 think about I think in the previous podcast, or maybe to back, 200 00:16:56.039 --> 00:17:00.799 I gave the example as I didn't know feasibility study. I just looked at 201 00:17:00.799 --> 00:17:04.519 it. I was like everybody else got a camera, but not everybody else. 202 00:17:04.839 --> 00:17:07.039 You see what I'm saying? So I was like right on the back, 203 00:17:07.279 --> 00:17:12.720 let me go with the computer, because the cameras are in existence, 204 00:17:12.839 --> 00:17:17.799 like, like there's no need for another camera. Guy, everybody got it. 205 00:17:17.960 --> 00:17:22.319 So and that's where it is. I just think the feasibility studies a 206 00:17:22.880 --> 00:17:27.480 I don't stay like it's not a make or break. However, at some 207 00:17:27.599 --> 00:17:30.799 point in time we are going to do it. You See, I'm saying 208 00:17:30.920 --> 00:17:34.079 it might not be that essential point. On to your point, Shalom, 209 00:17:34.200 --> 00:17:37.559 like what you're saying about the knowledge, with the layers. There's layers to 210 00:17:37.640 --> 00:17:42.839 it. Coming back to our onion lers, it's that at the beginning I 211 00:17:42.960 --> 00:17:47.920 might have not have known about feasibility studies. Until this conversation I'm like, 212 00:17:48.039 --> 00:17:51.480 Whoa, Whoa, Whoa, I missed a step here. So now I 213 00:17:51.519 --> 00:17:53.799 could go back and I could look at and I could see the other dayta 214 00:17:53.920 --> 00:17:57.920 that people's been collecting and I'll be like, okay, well, I'll make 215 00:17:59.000 --> 00:18:00.640 this step, for this be the move that I definitely want to make for 216 00:18:00.839 --> 00:18:04.599 all put forth. You know what it to me has just been on with 217 00:18:04.720 --> 00:18:08.559 that feasibility study. It's amazing, Chris, that, like you said and 218 00:18:08.960 --> 00:18:11.519 that I said, salt is taken it while I was just like wow, 219 00:18:12.599 --> 00:18:18.440 wow, like I just never thought about it that way. To to Segue 220 00:18:18.559 --> 00:18:26.119 US here to the next part of economics and profit. So the SBA says 221 00:18:26.160 --> 00:18:30.759 that the second step after you conducted. Your feasibility study is to write the 222 00:18:30.799 --> 00:18:42.160 business plan. And basically business plan keeps coming up in so your business plans 223 00:18:42.200 --> 00:18:47.200 the foundation. Your Business Plan as a foundation of Your Business. It's a 224 00:18:47.279 --> 00:18:49.720 road map for how to structure, run and grow your business. You'll use 225 00:18:49.759 --> 00:18:53.559 it to convince people that working with you or investing in your company is a 226 00:18:53.640 --> 00:19:00.680 smart choice. That's how the SPA defined it. So agree. That's the 227 00:19:00.839 --> 00:19:07.599 first hold on, hold on, I'm I'm still on the southern screen. 228 00:19:18.079 --> 00:19:25.960 We have. We have moved Tristan over to you. So I think kind 229 00:19:25.960 --> 00:19:29.799 of what we were talking about interesting. To your point, the the unique 230 00:19:30.000 --> 00:19:36.279 application or the figuring out the better mouse trap, the the thing that's going 231 00:19:36.359 --> 00:19:40.599 to fill the gap, that solution. That's where the business plan comes in. 232 00:19:40.799 --> 00:19:44.359 So, based on the feasibility study of what is the market look like? 233 00:19:44.519 --> 00:19:49.160 What are your target customers doing and acting like? That's not to say 234 00:19:49.200 --> 00:19:55.240 you respond to directly what they want, but you now are tax as the 235 00:19:55.359 --> 00:19:57.319 entrepreneur, to create the business plan, to figure out how you're going to 236 00:19:57.799 --> 00:20:03.920 leverage that market data to create again that new piece. So admittedly, again 237 00:20:03.960 --> 00:20:08.759 and said, you know, my host of an entrepreneurs podcast, but I 238 00:20:10.200 --> 00:20:14.920 also skipped the business plan phase when I started my business, and that was 239 00:20:15.640 --> 00:20:19.799 realistically, because I tried to start it but I didn't have the information to 240 00:20:21.000 --> 00:20:26.599 accurately fill the the segments of the business plan in. So had I done 241 00:20:26.640 --> 00:20:30.480 a feasibility study, I would have had that that research to create the business 242 00:20:30.519 --> 00:20:34.759 plan that would have, you know, ideally laid the better, more direct 243 00:20:34.880 --> 00:20:40.359 framework for how I would have approached things, because trusting you and I are 244 00:20:40.440 --> 00:20:44.119 both, you know, and production. So to your point, you know, 245 00:20:44.279 --> 00:20:48.559 who needs another videographer? And without a business plan for the first couple 246 00:20:48.680 --> 00:20:52.119 years of my business I had ended up in the world of being just another 247 00:20:52.240 --> 00:20:56.839 videographer, and so it's not till now that I am now going back to 248 00:20:56.880 --> 00:21:03.160 the feasibility and going back to the business plan and that I'm creating the uniqueness 249 00:21:03.240 --> 00:21:07.119 and the value proposition that is different from my competition. So again the economics 250 00:21:08.400 --> 00:21:14.279 getting to economics and profits. So is it sustainable? Is The market data 251 00:21:14.440 --> 00:21:18.200 showing you that you can build a business about it? And, you know, 252 00:21:18.279 --> 00:21:22.640 taking them the steep jobs approach? Do you have the entrepreneurial vision to 253 00:21:22.880 --> 00:21:32.759 create what your customers don't know they need? Yet after Salana, now you 254 00:21:32.799 --> 00:21:42.079 want to go out. You didn't want to follow those accent because that was 255 00:21:42.160 --> 00:21:49.000 a that was a still want to run deep moment. That was the OH. 256 00:21:51.680 --> 00:21:53.920 But to start, what I would say is this, is that I 257 00:21:55.079 --> 00:21:59.119 do think like it comes down to the knowledge and the knowledge that we start 258 00:21:59.200 --> 00:22:02.799 to attain after we take this trip, after we're on this journey, we 259 00:22:02.880 --> 00:22:07.079 embark on this journey together, because we're not again, we're not the only 260 00:22:07.119 --> 00:22:11.119 ones on this trip. So what has a tendency of happening is that. 261 00:22:11.400 --> 00:22:14.640 Now, before I start, I think I did look up something about a 262 00:22:14.680 --> 00:22:18.119 business plan, but I understand homework. I really really did it. The 263 00:22:18.200 --> 00:22:25.160 business plan only became more feasible to me and looking to I didn't want to 264 00:22:25.359 --> 00:22:27.480 loan, I wanted to get a credit card for the business. All, 265 00:22:29.240 --> 00:22:33.039 I guess it's all alone, but it was just trying to explore different options. 266 00:22:33.240 --> 00:22:38.599 is where these informations kind of like trickled in. So a part of 267 00:22:38.680 --> 00:22:42.640 it that I would have never really thought about. Going back to what we 268 00:22:42.759 --> 00:22:47.880 just spoke about is a feasibility study, because you just said something again to 269 00:22:48.000 --> 00:22:52.920 me that was really empowering. If you had known about the feasibility study, 270 00:22:52.000 --> 00:22:56.839 you have done a feasibility study that would have then helped you to then fill 271 00:22:56.880 --> 00:23:03.480 in the information required for what's, I think, called game. This is 272 00:23:03.599 --> 00:23:07.400 fine. Yeah, of a plan. Yeah, you never made up with 273 00:23:07.480 --> 00:23:14.359 really, you haven't mention fine, but yeah, but you know, like 274 00:23:14.799 --> 00:23:18.880 and even with you saying that now, it does resignate, like maybe that's 275 00:23:18.920 --> 00:23:22.200 what it is that I was missing. Also is the fact that I never 276 00:23:22.359 --> 00:23:27.000 thought about doing a feasibility study to kind of fill in that business. When 277 00:23:27.039 --> 00:23:30.119 I want to look at it, I was like, yeah, this thing's 278 00:23:30.160 --> 00:23:33.200 annoying. How do you expect you know how much money? I'm a project. 279 00:23:33.880 --> 00:23:37.119 I looked at other video guys and they're like no, real projections, 280 00:23:37.200 --> 00:23:41.160 like it's seas and all. That's all we get is seasonal restaurants. Du 281 00:23:41.240 --> 00:23:44.519 It all the time. I believe was four quarter, four quarter day close 282 00:23:44.559 --> 00:23:47.599 out. So in that way you file for your losses and stuff like that, 283 00:23:47.759 --> 00:23:49.640 and I was like okay, cool. So what I got? I 284 00:23:49.759 --> 00:23:53.359 guess that that would have been maybe part of the feasibility study I was doing 285 00:23:53.480 --> 00:23:56.960 that I didn't know what a feasibility study is when you started, when I 286 00:23:57.000 --> 00:23:59.920 started to look at these things, I was like, all right, nobody 287 00:24:00.039 --> 00:24:03.519 makes money all year around. You see what I'm saying? Sammy said the 288 00:24:03.559 --> 00:24:06.920 same thing in like in your introduction. Like you know, it's a dry 289 00:24:07.000 --> 00:24:11.160 spell. Enjoyed the dry spell for now, because when it rains it's going 290 00:24:11.200 --> 00:24:15.119 to flood and then it's going to get a little dragon. So and it 291 00:24:15.200 --> 00:24:22.519 goes to the same const once we start, is like we slowly acquire this 292 00:24:22.680 --> 00:24:26.720 knowledge. I started a business in Oh eight, so let's say it's been 293 00:24:26.759 --> 00:24:32.079 about at least twelve, thirteen something years, and the word feasibility studying never 294 00:24:32.160 --> 00:24:34.359 really came up. He said. I'm saying I've hit business plan before I 295 00:24:34.559 --> 00:24:41.119 hit feasibility study. So to me that's just that's just a part of it. 296 00:24:41.279 --> 00:24:45.039 And as we did the business plan, and I don't want people to 297 00:24:45.480 --> 00:24:48.359 get me wrong on this, I do think it's an essential part. It 298 00:24:48.559 --> 00:24:53.000 does help you grow. It would help you propel and better define where it 299 00:24:53.119 --> 00:24:56.319 is you want to go. So think about a ship, right. So 300 00:24:56.519 --> 00:25:02.359 on a ship it's like your little boat. It's flat. Right now. 301 00:25:03.160 --> 00:25:07.359 This is your company without Your Business Plan, without the feasibility study. As 302 00:25:07.480 --> 00:25:11.759 we learn, what we do is that we then realize if we had a 303 00:25:11.960 --> 00:25:15.400 point, we tread through the water a little better, you see what I'm 304 00:25:15.440 --> 00:25:21.960 saying, but without maybe sailing flat for this among the time realize that it's 305 00:25:22.000 --> 00:25:25.559 a little harder going this way without it. You know, when we get 306 00:25:25.680 --> 00:25:30.079 that information, when I see Chris scooting along a little facts and I'm like, 307 00:25:30.200 --> 00:25:32.519 Whoa, Chris, how you doing that? So Chris is like, 308 00:25:32.599 --> 00:25:34.839 well, you know, I got the point. And then I see Shalana, 309 00:25:34.920 --> 00:25:37.599 like, but she love is Moote is like mine, but shelanda still 310 00:25:37.640 --> 00:25:41.680 more class. How does this happen? So I love to tell me how 311 00:25:41.799 --> 00:25:45.079 you doing the finish Lina's like what I have to say, and I'm like, 312 00:25:45.200 --> 00:25:52.559 oh Oh, if I get the point from Chris and I say, 313 00:25:52.720 --> 00:25:56.440 like Salana, I'm be moving a lot faster. And that's where it is 314 00:25:56.480 --> 00:26:00.279 a kind of see like or we're talking about it economics, like we're really 315 00:26:00.720 --> 00:26:04.720 kind of comes together. It comes together and I sharing the knowledge. It 316 00:26:04.839 --> 00:26:11.960 comes with us, growing as we traverse this this entrepreneurial chip, you know, 317 00:26:11.160 --> 00:26:15.440 because if you're still doing the same thing you did ten years ago, 318 00:26:17.200 --> 00:26:19.920 I guarantee you your business has fail and it's not a business. I don't 319 00:26:19.960 --> 00:26:23.839 know how you making money, but it's not going to work, because every 320 00:26:23.960 --> 00:26:27.680 day we learned something new and everything we try to apply something more. So 321 00:26:27.759 --> 00:26:30.960 I'm not going to eat up no more of Shalana's time. Almost like get 322 00:26:32.039 --> 00:26:36.599 my coffee, get my one handed device and I'm a SIP and listen. 323 00:26:38.880 --> 00:26:44.480 I think you kind of summed it up really well. Look at that. 324 00:26:51.400 --> 00:26:56.799 Risk one, so three. In order for me to get there. Season 325 00:26:56.960 --> 00:27:03.680 One, series two, I of us, so three. You're welcome. 326 00:27:04.359 --> 00:27:07.720 So, for sake of time, we're going to skip over the profit part. 327 00:27:07.759 --> 00:27:12.079 I mean it's going to quickly just touch on third party opinion as an 328 00:27:12.200 --> 00:27:18.319 external motivate or mindset piece and just talk about that. There are positive and 329 00:27:18.359 --> 00:27:26.640 negative third party opinions. So just to name a couple that I had jotted 330 00:27:26.720 --> 00:27:30.680 down here, that some positive opinions or third party opinions would be from mentors 331 00:27:32.759 --> 00:27:37.160 that you have chosen, from industry experts, from focus groups that you have 332 00:27:37.759 --> 00:27:48.799 coordinated, from trusted advisors and from your customers. Negative third party opinions would 333 00:27:48.839 --> 00:27:56.640 be basically the masses, social media trolls and and really anybody who is talking 334 00:27:56.720 --> 00:28:02.680 more about you if they don't know you or don't have your best interest at 335 00:28:02.759 --> 00:28:06.119 heart, as opposed to talking about your product and service. If your product 336 00:28:06.160 --> 00:28:10.880 and service is something that they're criticizing, I think that's valuable to listen to. 337 00:28:11.559 --> 00:28:14.480 You're not going to please everybody, certainly, but it's good to hear 338 00:28:14.799 --> 00:28:18.920 customer feedback. But if people are just saying like Oh, you can't do 339 00:28:18.079 --> 00:28:21.559 this, you can't make it and it's more about you than your product Your 340 00:28:21.599 --> 00:28:26.720 Business, that is the kind of third party opinions that I highly recommend tuning 341 00:28:26.839 --> 00:28:32.240 out. So all start off with just Salanda he or. Do you have 342 00:28:32.359 --> 00:28:37.640 any thoughts on third party opinions? Actually, I think you summed it up 343 00:28:37.680 --> 00:28:45.519 really well to Christ the third party opinions, getting that feedback loop and matching 344 00:28:45.640 --> 00:28:51.519 it and analyzing it against your feasibility study, with the market right, it's 345 00:28:51.680 --> 00:28:56.400 really gonna give you two really good, solid data points to integrate into your 346 00:28:56.480 --> 00:29:04.799 business plan and really determine whether what you're visualizing as the course for your business 347 00:29:04.920 --> 00:29:10.799 to travel on needs to be adjusted or pivoted or calibrated. You know, 348 00:29:11.119 --> 00:29:14.440 those are really two good data points. So that's all I really have to 349 00:29:14.559 --> 00:29:18.839 add. We need to do a deeper dive into this, for sure. 350 00:29:18.559 --> 00:29:25.319 Yes, this was heavy one. Yeah, the Trystan come on just and 351 00:29:25.440 --> 00:29:30.319 want you guy catch a real quick time. So the only thing with tell 352 00:29:30.400 --> 00:29:33.279 you, the same thing I've been saying, is that I want to listen 353 00:29:33.319 --> 00:29:37.599 to people that hasn't been doing it, that's always going to try to tell 354 00:29:37.599 --> 00:29:40.480 you how to do it. Chris so on, that already summed it up 355 00:29:40.519 --> 00:29:45.160 pretty much and that's just it. Definitely get your mentors, definitely getting that 356 00:29:45.319 --> 00:29:49.839 network pool. You know, just just got to be selective as to the 357 00:29:49.960 --> 00:29:53.599 information we take and how it is that we applied, because everybody's information, 358 00:29:53.759 --> 00:29:59.920 everybody's way might not suit our needs and definitely stay away from those people, 359 00:30:00.119 --> 00:30:03.920 that bolden wood, that's going to be telling you how to do it. 360 00:30:03.599 --> 00:30:11.480 So, Chris, back to you. I think this is already my first 361 00:30:11.599 --> 00:30:19.680 recycled quote for the PODCAST, but h they're the Chinese proverb that says he 362 00:30:19.799 --> 00:30:23.920 who says I cannot be done should not interrupt the person doing it. And 363 00:30:25.839 --> 00:30:30.759 so there's your third party opinions there. So, with that said, this 364 00:30:30.000 --> 00:30:34.400 wraps up another conversation of the entrepreneur trip. We want to thank our team, 365 00:30:34.720 --> 00:30:40.039 our collaborators and especially you, our listeners, for making this trip possible. 366 00:30:40.440 --> 00:30:45.559 visit our website. The entrepreneurs tripcom and subscribe to receive our blogs today 367 00:30:45.119 --> 00:30:51.240 until our next trip. Be well and take care. Take Care, guys,