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Shark Tank

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Have you seen Shark Tank? It’s got me hooked. And my GM (aka daughter Julie) tells me the US version is even better. Budding entrepreneurs who pitch their dreams to a panel of seasoned players who’ve made it big in the business world. It’s fascinating to watch as these guys learn what works… and what clearly doesn’t.

And while it’s important to know your numbers when you’re standing in front of a panel of potential investors, it’s equally important to know your market. What strikes me in watching this show is just how many people have failed to do their market research. Sure they might have a great product, but is anyone asking for it? In other words, do they even have a market. Take the coffee guy for instance. Obviously he loves his coffee. But how many kids are going to want espresso written across the front of their teddy bear?

In developing a new business idea one of the most important things to consider is what the market is asking for. What do your potential buyers actually want? What is it that will meet their need, fix their problem, take away their pain. And it may be that the brilliant idea you thought you had is actually not a goer at all. Because nobody really wants it.

Having your own business is the best way I know to break free of selling your time for money. But as Stephen Covey says ‘First things first’. Before you go throwing thousands of dollars at your great idea, check out what people are asking for. And if they’re not asking for your product, chuck it away now – and go get another one they really do want. Only then can you begin to develop it.

 

So what’s your big idea?

Have you done your market research?

About Paul Blackburn

An internationally acclaimed author and leader in the human potential movement, Paul has instructed seminars for groups ranging in size from 6 to 600 and as a guest speaker has spoken to audiences of more than six thousand. He has taught in Australia, New Zealand, Great Britain and the US. Paul has appeared on talk back radio and television shows including Getaway; A Current Affair and The Midday Show. Paul has a tremendous educational message. He knows how to teach and motivate people to be more effective in every aspect of their lives. Due to his reputation as a world class presenter, the Adult Education Faculty of the Australian National University conducted a study of one of Paul's public seminars with a view to gain greater insights into their own teaching strategies. Paul has survived aggressive cancer, and successfully built four businesses, a strong marriage and a loving family. According to his wife Mary, Paul's strive for improving himself and helping others comes from "his love of life and his incredible love for his family in particular but people in general". She says he is committed to making a difference in the world, whatever it takes. And he does. Paul has a great ability to spark interest and inspire people from all walks of life. In the words of one of his students: "It is not possible to participate in one of Paul's seminars and resist change. Paul has the ability to inspire even the most negative person to change their life for the better." Time with Paul Blackburn may be all it takes to get a shift in thinking big enough to cause a life changing experience. His down-to-earth style is your guarantee that you will be hearing no nonsense, workable solutions to the difficult questions in life.

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