Evaluating your Offer
The ideal product or service offering is found at the intersection of your passion, skills and market demand.
Passion. Confucius said ‘Do what you’re passionate about and you’ll never work a day in your life’. We spend a significant part of each week working, it makes sense to spend your time doing something you enjoy.
Skills. Whilst I am passionate about singing, my kids will tell you I’m not very good at it. So make sure that that you can match your passion with skill. Perhaps all you need to do is practice. Research suggests it takes 10,000 hours to master a skill. Commit to becoming a master in your chosen field.
Demand. The third part of this equation is where your dreams confront reality. If your product is something new, do some market testing. Whilst a truly new product will have little competition, you also have limited market intelligence, test the water before diving in the deep end. If your product must compete in an existing market, evaluate the size and competitive nature of the market. Your product must be unique in some way to stand out – is it the best, the coolest, the cheapest or the pinkest? A great product is one that solves a problem in the market place. ‘How do I look cool?’ Wear Raybans. ‘How do I show the world I’m successful?’ Buy a Rolls.
Engage your passion and skill to create a product that offers the best solution for your market and you’re on a winner.
For more on the The 10,000 Hours Rule, read Outliers by Malcolm Gladwell.
For tips on cost-effective market testing, read The 4-Hour Work Week by Tim Ferris.
For accurate regional data, see the RDA Southern Inland Regional Plan.