TMBA 125 (LBP112) – The Importance Of Niche Flexibility And Finding The Real Reasons People Are Successful

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TMBA 125 (LBP112) – The Importance Of Niche Flexibility And Finding The Real Reasons People Are Successful post image

Dan is all about the public peer pressure on Ian. Getting him to sign up for email lists. Getting him to go to NYC with him in September. Getting him to divulge his espionage trade secrets in a future episode. What else is this podcast gonna get Ian into?!

This week the guys are slowly making their way to meeting up with each other in Saigon for a couple weeks before the next Tropical MBA session in the Philippines in August. As they work on getting back in the same space, they discuss the various niches and products they have pursued over the years (they edited out the 30 minutes of feisty heated discussion in circles) and how they decided to pursue them.

What Are The Most Important Things To Consider In Niche Selection?

  • Get Off The Mediocre Niches – Take your process and put that into another niche and see how that plays there
  • Internal Value vs. External Value – What am I passionate about? What do I want to do? What will make ME happy? VS What is important to the market?
  • Find Work That Is A Calling – Not A Niche That’s A Calling – Love the process of your work not necessarily the topic of it
  • Interest Vs. Skills – Can’t acquire a skill set from being interested in something – and people don’t pay for interests
  • The Teacher Trap – Don’t fall victim to the “Those Who Can’t Do – Teach” mindset
  • Find The Real Reasons People Are Successful Online – Watch Don’t Listen (Hint – A big part of it is Unique Timing)
Also, Ian is doling out some sage email advice wisdom. When the CEO speaks with such authority, it is best that you listen!

Joe Hughes Rockin’ The LBP Startup Style

Listener Questions

  • Just thought I’d send you a quick shot of my office for the night, of course while listening to the LBP while I work.  Rocking start up style over here, since the rest of the house is a little too loud tonight!  Gotta make it happen, right?! – Joe Hughes (The Dynamic Design Group)
  • It would be cool to hear how you and Ian analyze markets. For example, how did you decide on selling cat products? Was it market size, product ideas, easily accessible customer base? – Nick

Mentioned

 

Just The Tips

    • Know Your Number – Divide your annual income 2080 (Billable working hours in a year)
        • Are you creating value and wealth? Or are you just spending money to feel good?
    • The Sound Of Settling by Deathcab For Cutie

Have fun. Leave a comment. Send us a voicemail message! Go make it happen! :)

Episode length: 23:00

 

Download options:

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Published on 07.19.12
  • Anonymous

    Hey guys, thanks for the mention!

    Your third point really resonated with me. We’re not terribly fired up about “blueskiboots dot com” obviously, but we love working with our team, helping others create profitable niche sites, and getting involved in the industry and sharing our experiences.

    I was thinking about this today…you guys are upgrading your dollars. You take in dollars on portable bars and cat furniture…cool, but lower on the value chain. You then reinvest those dollars into higher value projects (DC, TMBA, Interns, etc.) Pretty sweet deal!

  • http://twitter.com/CCAnsbjerg Cristina C. Ansbjerg

    The problem with the teacher trap is that most of the time what you get is a one-eyed person leading the blind (like my grandma says).
    And it all comes from the tired advice “To teach others you don’t need to be an expert. You only need to know more than the average”.

  • http://www.tropicalmba.com Dan

    Hey Justin thanks for that! Yes, I sorta see it like that as well, it took me a long time to accept outwardly (I think I knew it internally) that making quality podcasts can actually be more valuable than making the next portable bar.

  • http://www.tropicalmba.com Dan

    Hey Justin thanks for that! Yes, I sorta see it like that as well, it took me a long time to accept outwardly (I think I knew it internally) that making quality podcasts can actually be more valuable than making the next portable bar.

  • http://www.tropicalmba.com Dan

    haha, yes, I’m not in to this rah rah kind of advice.

  • Joseph Hughes

    Dan/Ian – thanks for the mention and putting my ‘office’ up on the LBP! I actually hired a new sales rep from the ironing board office that night.

    I agree with you guys and Justin about loving the work, even if you don’t love the niche. I’m not really passionate about web design, but I’m doing it to make a living while I slowly build other businesses based on what I really love, and I’m loving the daily work of building and growing a business, etc.

    Also, I think most of your points about niche selection point to something you discuss regularly here. That is, begin with a concrete deliverable for target market X and then work back to create that product. Kind of a BS test for new ideas. Good stuff.

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