TMBA 161 (LBP138) – How The Pros Generate Winning Business Ideas

32 comments
TMBA 161 (LBP138) – How The Pros Generate Winning Business Ideas post image

During this week’s installment of the Lifestyle Business Podcast, Dan and Ian hook up from Jakarta and Bali to provide the weekly dose you crave.  When discussions range from medical examinations in South East Asia to announcements for the DC Berlin meetup, you know there’s a little something for everybody in here.

The boys share some of the lowest points of their 1,000 day business journey, how they ‘stumbled’ across some of their most profitable products and why the products themselves are only half of the battle.  While fielding listener questions, you’ll hear again and again about the top method of building a skillset and launching a business to solve problems in the market. Listen in to hear what this concept of success is and how you can tap into it.

Huslin’ Up Some Biznass

  • The optimal method for getting started with online advertising.
  • Game changing advice from Dan and Ian in direct response to listener questions.
  • How to know when you need to ditch a losing product – and when to stick with it.
  • Why the world needs more ‘tastemakers’ instead of an information pushers.
  • How writing a book is a far better insight into a person than blogs, tweets or posts.

Jakarta-city

Mentions

Just The Tips – iPhone Apps Edition

The Jam:

The Limited Attention Span Jam:

Get Your Voice On The LBP
  • Leave us a message. It’s easy to do, and if you mess up, you can easily edit your message until you are ready to send it our way.

Have fun. Leave a comment. Go make it happen! :)

Episode length: 28:06

 

Download options:

If you’ve found the podcast at all helpful or entertaining, we’d love if you could click over to our iTunes page and give us a positive review or visit Stitcher radio and give us the good ol’ Thumbs Up. This will help us to get more listeners and invest more in the podcast! If you know some ways we can make it better, please send us an email: Dan at lifestyle business podcast . com.

Published on 01.17.13
  • http://www.producracy.com/ Andrew E

    I love the ear to the ground method of finding exact pain points, and I find myself in this position right now. My own business is much too broad and it’s only through projects with my plank-owner customers that I am seeing more exact sticking points. Things like actually pulling the trigger on a foreign VA for CAD services, deciding what tooling they will have to purchase, and opening up discussions with overseas manufacturers. Generally I’m finding that there’s no issue with idea generation or market definition.

    Also, I saw the inexpensive cost of medical care in SEA firsthand this year.
    An injection off the beaten track in Lovina Beach, Bali was 1/4 the cost of one in Legian Beach.
    That again was only 10% the cost of a shot back in Canada….

    Definitely interested in hearing more about medical tourism and body hacking – some of us are tired of waiting four months for a sub-standard test.

  • Tom Krawiec

    That’s it! Find that pain that keeps market up at night then solve that pain.

    There is your idea.

    Really enjoyed this episode boys. Especially Ian’s words on earning 40K for a few years as you get things going.

  • Ben Hebert

    I think you guys should do a podcast on idea extraction and market research for noobs like me. Also digging the Coheed.

  • Tom Krawiec

    Listen to Dane Maxwells interview on Smart Passive Income. He talks in depth about ‘idea extraction’.

  • http://twitter.com/tullibo Brendan Tully

    +1000 on the medical tests, in Australia Medicare will cover many types of blood tests and if you goto a bulk billing doctor it’s completely free. I go every 6 months, you have to word the request right as the doctor looks at you like you’re a crazy person for getting a real checkup (how the hell measuring your weight, height and pulse is supposed to be a checkup I dunno). Definitely worth it as the blood test can pickup many issues before they’re real symptoms and also detect simple problems like low vit d

  • http://www.diamantisdesign.com/ ilias diamantis

    You can also listen IBM 168 .

  • http://www.tropicalmba.com Dan

    Cheers Tom thanks!

  • http://www.tropicalmba.com Dan

    I dig the fear RE: CAD stuff. It’s a big haul to do on your own.

  • http://www.tropicalmba.com Dan

    Agreed these are both good EPs.

  • http://www.tropicalmba.com Dan

    Rock on sir. Tossing your feedback on our brainstorm sheet.

  • http://www.tropicalmba.com Dan

    Totally agreed. This area is just waiting for someone to come along and pull it together. Ian and I have been kicking around the idea of setting up a skunk works for stuff that just seems so apparent like this, but it’s a focus thing. Hope somebody does it.

  • http://tradlands.com/ Jeremy

    I’ll try this again, last comment got lost…

    I really appreciate that link to million mile secrets. I’ve been reading and studying their articles for a few months now. My fiance and I recently successfully completed a credit card churn and will be receiving 105,000 sign up bonus points because of their great articles. We are building points for a 2 person business class round trip to SE Asia in October this year.

    Million mile secrets schooled me on the Chase Ink Bold + Vanilla Reload + AMEX Bluebird game too. Will be paying rent and earning points too. Chase Ink Bold earn’s 5x’s points at office supply stores:)

    Chris G’s material is good, he has good programs you can pay for. But as I’ve gotten into this stuff I’ve found all the material can be mined from many different blogs out there. It just takes some time

    Ian, I could send you the list of blogs I mine for deals, credit cards, and strategies and so on.
    I’ll even send you some Chris G stuff, he has some really good how-to manuals.
    Let me know if you are interested.

  • http://lucidability.com/ Jamie Alexander

    I think you covered why turning blog posts into books is very beneficial and not sleazy on your next question.

    People just don’t take much action with blog posts. They are more like entertainment even though the advice could be life changing. With books they are a reference in their library they can go back to and they also respect the advice more.

    I think people are doing others a favor by turning blog posts with great advice into actionable books that people will use.

  • http://www.tropicalmba.com Dan

    Cheers I agree with that!

  • http://www.tropicalmba.com Dan

    Jeremy seems like this particular point brought a lot of enthusiasts out of the woodwork. There is clearly tons of interest/pain/opportunity in this space.

  • http://tradlands.com/ Jeremy

    I agree. I know of a few who are monetizing and filling the needs/pains of this area. Chris does it through monthly subscriptions, millionmilesecrets with affiliates, others with booking services, and some with forums.

    I don’t know if there is a single product that answers the problem though because there are so many variables in “travel hacking”. Planning, credit card applying and churning, booking, round the world tickets, and so on. I think some people have specialized and focused on specific needs, niching down in the niche.

  • http://www.lifestylebusinesspodcast.com/ Ian

    Jeremy, I got no tricks just yet! Half way getting into the game… What I would really like is some kind of concierge service that manages the points for me. Amex kinda does this but they make some wack recommendations sometimes.

  • http://www.lifestylebusinesspodcast.com/ Ian

    Super easy in Bali to get the tests for cheap. However what’s lacking in direction and advice post results. I was not able to get much from the local doctor. Seems to me there is an opportunity for a group of doctors or qualified people to interpret results.

  • http://www.lifestylebusinesspodcast.com/ Ian

    It was a game changer for us Tom. First thing I had to do was ditch the car payment. Once I didn’t have any debt, it’s actually quite easy to live very comfortably in SoCal on 40k

  • http://www.lifestylebusinesspodcast.com/ Ian

    …..’an injection off the beaten track’ OK Andrew. OK

  • http://tradlands.com/ Jeremy

    For points and miles tracking over multiple credit cards, airlines, and hotels accounts I recommend Milewise. There are also others who do the same but that is just what I use. It’s not concierge but simply account tracking.

    In the next day I’m going to send you a resource list email, and also my stash of resources like video’s, tutorials, mp3’s, excel sheets, etc. Much of them from Chris G. Its a big folder to dl(380mb) but chocked full of good stuff.

  • http://www.thesearchengineshop.com/ Brendan Tully

    Agree completely, definitely a market thats wide open.

    Even here in Australia I find most regular GP/doctors are not in the business of preventative medicine, they do break/fix medicine and are incapable of working any other way. All they care about is whether stuff is in the normal range not optimal range….which is fine for stuff thats going to kill you but not for life optimisation.

    On the other end it seems you have naturopaths who run at 50%+ quackery and while some stuff they know/do is great, a lot of it is complete BS and my experience is that they’re like doctors and dont keep up to date with modern concepts like paleo and crossfit.

    It also really pushes by angry buttons when a medical professional dispenses advice and they’re fat or overweight or have bad teeth or zero muscle definition….clearly they’re doing something wrong if they generally look unhealthy

    On the flipside, the CEO of wellness fx is 50 odd and the guy looks like hes in his late 30s, clearly hes doing something right, unfortunately no wellnessfx in australia :-(

  • http://www.producracy.com/ Andrew E

    I hear the envy in your words Ian. Plus it’s cheaper only ’cause I brought my own spoon and lighter…

  • Ben Hebert

    I’ve listened extensively to Dane Maxwell’s stuff, love it. But like anything biz related, I love getting other opinions. Can the LBP do it better!?!

  • Tom Krawiec

    “It also really pushes by angry buttons when a medical professional
    dispenses advice and they’re fat or overweight or have bad teeth or zero
    muscle definition….clearly they’re doing something wrong if they
    generally look unhealthy”

    I found myself receiving nutritional advice once from an extremely overweight doctor. She was speaking to me as if I was stupid.

    Now that was a fun encounter..

  • Andrew

    Great podcast. I love the part (rant?) where you talk about how people often whine and say stuff like, “Well… I don’t really wanna do that…” What a lot of us need to realize (myself included), is that it’s not even about us. It’s really about how we can provide value to others and help them accomplish their goals. In fact, I highly recommend everyone read this article because it makes that case quite persuasively: http://www.cracked.com/blog/6-harsh-truths-that-will-make-you-better-person/

  • http://www.tropicalmba.com Dan

    +10 on that article link man, I totally love it :D Thanks for taking a listen!!!

  • claycath

    What is the name of the band/song yall played at the end? I couldn’t make out the name when it was mentioned. It sounded something like “Trip it”? It’s not the band (Coheed and Camria) you have listed in the show notes.

  • http://www.facebook.com/stevensevenkissesforyou Steven Seven

    Hey guys, I am a digital nomad. Can you bring me inside the digital circle. Hoow can I join?

  • http://www.tropicalmba.com Dan

    Just pop your name on this one here:

    http://www.lifestylebusinesspodcast.com/dynamite-circle/

    We’ll email about it shortly.

  • http://www.tropicalmba.com Dan

    are you talking about the wicky wicky guitar effect? I’m not sure what that’s from. Coheed and Cambria is the right band name for the song at the very end.

  • http://www.facebook.com/Boptom An Ly

    Doctors here tend to be overworked (and underpaid according to my doctor friends). And this is just dealing with the very sick. Not surprised they don’t have time to take care of themselves.

    Not only that but smoking among doctors is common too.

    This is not to say that they don’t know how to take care of people. If a doctor who smokes tells me not to smoke because it can lead to lung cancer etc I’ll still believe him/her. They’ve seen it countless times and are well read compared to the commoner in me.

    Being in the health profession for ages I’ve also come across many peers who just don’t give a shit. If you’re “ok” then out the door you go. This to me is a bigger overall problem.

Next post: