John Carlton & Stan Dahl: The Good Idea Trap

We kicked off with a reality check.

The “Good Idea Trap” is a common rut that well-meaning entrepreneurs can fall into. This video segment shows you exactly what the trap looks like, and how to pull yourself out.

If you have a problem you have to break it down and analyze the components.

Hot Seats: People watching get more than the one on the hot seat. Even if the one on the hot seat has nothing to do with your business. They show you how to break down a problem and get clarity

00:57: Steps to solving a problem:

1. Get clarity on what the problem actually is
2. Figure out what the options and resources are to solve it. Both those you already have and those you have to obtain.
3. Take action.

3:40 The Good Idea Trap

If you build a better mousetrap the world will not beat a path to your door.

You have to know how to implement your idea and you have to take action.

5:27 Fail Fast Reality Check:

Fail as fast as possible. If something won’t work you ahve to learn as soon as possible with as little resources as possible.

Reality Check:

1. Look at the competition
2. Find out if there is a market.
3. Look at current products. Does anyone care about what you have?
4. Good marketing is a numbers game. What does it cost to reach people, what does it cost to fulfill
5. Are you happy as you are going through this?

10:10 Stan: Good Idea Trap concept came from a client

The shame doesn’t come from being wrong, it comes from not moving forward.

12:20 Stan explains the origin of the Good Idea Trap concept

The fatal flaw in a product concept:

1. Not having a big enough market
2. Not getting the product out there (always preparing but not pushing out the product)

Good idea trap:

The idea was born 3 years ago. They had a client who had a good idea and was sitting on a gold mine but he is stuck and not selling as much as he should.

17:30: Metrics for Reality Check

1. Fail fast and cheap. The first price people pay is to pay attention. If you can’t do that you will fail.

Don’t just look for good news (that everyone wants your product). Look for reasons why your idea might not succeed.

Find out who your competition is and what they are doing.

If your friends are all telling you it is a good idea but not buying, then don’t listen to them.

20:51 John explains Gary Halbert’s method for testing an ad.

2. 21:50 Make sure you don’t have a product focus. Be focused on the market. Where is the starving crowd and passionate people? Does your market have the ability to buy?

You are not your customer.

3. 26:22 You have to do the math.

1. How many people might buy,
2. what percentage will actually buy,
3. what is your cost of delivery,
4. how much will you make and
5. how much effort is involved on your part

Don’t over complicate it. Figure out what the simplest way is that you can create and deliver the product.

Stan: There is no shame in having these problems. You have to learn how to overcome it. You have to have a system. Some amount of discipline.

Realize that it is good news if you quickly find that something will fail because it will save you the effort and expense of bringing out something that will not work.

Take your ego out of it.

Don’t worry about the competition. Get on their list, buy their product, get on the phone and try to go up the ladder and get them to give you their secrets. Many of these people love to talk about their business and don’t get the chance to do that.

If you are looking at some new product or service, run it through the reality check:

1. Look at the competition
2. Find out if there is a market.
3. Look at current products. Does anyone care about what you have?
4. Good marketing is a numbers game. What does it cost to reach people, what does it cost to fulfill?
5. Are you happy as you are going through this?

Do the math on your product:

1. How many people might buy,
2. what percentage will actually buy,
3. what is your cost of delivery,
4. how much will you make and
5. how much effort is involved on your part

Be prepared to fail fast and cheap. Don’t fall in love with your product.

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