Ask Ramit - What’s the Best Way to Find a Business Idea?

The easiest way to find your next business idea is with my “Idea Mapping Checklist.” It’s the same 3-step checklist that many of my students use to find and refine their successful business ideas.
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[@barakanamuhe2921]

Good course I'm happy with it...

[@DeepaMaisuria]

This is an interesting take on how to find a business idea. But I'm a big fan of Eric Ries' take on testing the viability of a business idea with a minimum viable product. The matrix may be a good staring point, but the market will actually tell you if your idea is good or not and you just need to test it out. Also, there may be products that very similar with different price points (eg. drugstore makeup vs brand name makeup), so marketing is a key determinant of what you can charge. I suppose the matrix also helps you understand what you need to do to move from one quadrant to another.

[@GrowthLab]

That's a very good point. We absolutely want you to test the idea with the market, which will ultimately tell you if you're right or wrong. But we believe in doing research before building a product (so does Eric Ries!). The Demand Matrix is just one example of how you can "front-load" the work and increase your chances of a profitable business.

[@mustang1902]

People around me say I have very good ideas and see things differently (My skills is a great idea) It's just that I have hindrances to put these ideas into practice

[@mentalhealthmatters8386]

Did you ever find the business idea?

[@trevorjreads2912]

the matrix is super helpful

[@MX-CO]

For me the idea's are easy I have them very often , just getting started and doing something with the idea is where I struggle, with no capital and not knowing what to do with an idea

[@samhithkakarla8993]

im the exact opposite lol, i know exactly what to do with an idea, but i have no clue how to get the idea

[@MX-CO]

@@Lgfitnessofficial Sure. What do you like? Something in the world. A hobby What are you into? Or interested in?

[@MX-CO]

@@Lgfitnessofficial I would say to focus on that if its your thing. And find a way to make money while also being around the thing you like. Example. Start web page about tennis. Teach lessons about it. Start a vlog or a blog about it. Buy a camera and make video anout it. Stary a youtube channel about it. Pick one of those and go all in. If you are doing something you enjoy the money will come later. Just find a way to help people.

[@fox797]

Great Video, Ramit! The breakdown in this video is really helping me define the profitability of my ideas.

[@elzaPriEe]

Thanks Ramit! I loved it.

[@constanze8106]

Hi Ramit, thank you for this well structured and to the point video! I do have a question though: You categorized Starbucks under the category "mass market". But doesn't Starbucks have a high pricing (=high profit margin) for its coffee in comparison to its competitors? I would have put Starbucks in the Golden Goose category. It would be great if you could help me out on this question! Thanks so much, love your advice, Constanze

[@angstmuffinofdoom5094]

Habanero salsa? Sounds delicious! But really, thank you for the video. It's a great starting point for me.

[@anandn2873]

Great Video.! As always, very short and sweet yet an effective presentation.! Kudos Sir!

[@user-js3vx6sy3z]

Do you still sell the healthcare course? I am actually interested in that

[@Anmeldn]

What If I dont have skills or any expertise?

[@GrowthLab]

Spend the time to build them.

[@thedrvn]

The market dictates a businesses viability, not your desire to "run a business". So find a problem first and find a way to solve it.

[@raunaqbhogal5159]

Cool video, thanks

[@cluloo]

I actually really, really want help with health insurance Can I still buy that product?

[@oliverweldner8704]

tl;dw - Decide yourself Step 1: Start with business ideas that suck (0:50) I guess the message should have been that you could learn out of bad ideas, still it wasn't explained enough. Step 2: Ask yourself these 4 questions (1:14) #1 What do i pay for? - Helps to fathom the idea what people spend money on #2 What skills do i have? - Find 10 skills #3 What do my friend's say i'm great at? - ask them, even if it feels strange #4 What do i do on saturday morning? - tells you what your inner passion really is Step 3: Use the demand matrix (4:35) Stay out of the Labour of Love quadrant (Low price & Few customers) Closing thoughts: Interesting perspective on finding a business idea, but i don't feel like i got practical help or some original new content i haven't heard a thousand times. Boring content marketing. Won't subscribe for GrowthLab.

[@DonteatpieRotmgScam]

Cant believe you're down here

[@stevejohargy1224]

I have a skill in physics ,math , Chemistry and business.

[@sheriffix]

Then we can work out something. Reach me.

[@robwiley124]

Got 50k to spend and no idea 😢

[@wajedshayeb6002]

if you by now found one I can be your copywriter

[@jaredjohnson8071]

Find someone else with one and be their partner

[@bilalahmed815]

If you got an ecommerce businesses owners network to connect with, I can help. You would not need to spend a penny on the idea to product or MVP either!

[@FaithWalker13]

Your eyebrows made me click the video