Let’s say my goal this year is to get to 10k monthly recurring revenue (MRR).
Two days ago Corey Haines shared the following framework.
Effective methods to come up with product ideas can be categorized along two dimensions:
⭐️ Choosing a tech stack and making sense of the web devlopment landscape (from a bootstrap entrepreneurial perspective)
I’ve wanted to learn how to develop proper web apps for several years now. But what has stopped me so far is that there are so many options, and I was never sure what exactly I should learn. In particular, what I’ve been missing is a proper overview of the various players in the field and how they interact.
As I’ve mentioned in my humble business ideation article, one of the best strategies for humble entrepreneurs without a huge marketing budget is to bet on trends. Big companies are typically too slow to move quickly enough. And if a market is still small when you enter it, it will be much easier to get the attention of customers. When the market then explodes, your business will grow accordingly. This way, “the market you’re in will determine most of your growth,” to quote Sahil Lavingia.
The easiest way to convince someone to pay for your product is by arguing how much more money they’ll earn or save by using your solution. If your product costs $30 per month and each customers makes or saves on average $300 through your product, the buying decision becomes a no-brainer.
Society moves in waves. It always starts with lots of separate things. Then they get bundled. After a while, more and more people start to realize that the bundled solution is too bloated and not specific enough for their needs. This is when an unbundling happens.
Don’t look for clever ideas and don’t ask people what they want. Instead, just follow the money.
The number one reason that’s stopping aspiring software entrepreneurs is the thought that they’ll eventually have to build the product they envision and have no idea how to make it happen.
Let’s say you’ve successfully found an idea to solve a painful problem in a healthy market with some but not too much competition. What’s next?
Before we can generate and evaluate business ideas, we need to answer the question: what type of business do you want to build? This question is important because many ideas are not bad per se. Instead, they’re just bad if you want to build a particular kind of business.
⭐️ Essays I put serious effort into
🧠 Raw brain dumps