MBA1877 Is Your Business Idea Good Enough? + Free Ride Friday

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Hey oh. Welcome to the Hundred Doll All RMBA Show Business Truths Deliver daily, every single day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of Webinar Ninja, an independent software company I started with my co founder back in 2014 and today's episode is Free Ride Friday. If you're new to the show, Free Ride Friday is Every Friday we give away a lifetime membership to one of our programs. We're giving away easy course, our 30 day course on how to build your own online course in 30 days. It retails for $500 at EasyCourse co. Or you can win it for free. Just leave us an Apple Podcast rating and review and you enter our weekly random draw we call Free Ride Friday. Listen in on Friday like today at the end of the episode to see if you won. It's that simple. It's our way to say thanks for showing us love on Apple Podcasts. In today's lesson you will learn Is your business idea good enough? I get asked this question a lot. Hey Omar, I have a business idea. Is this a good idea? Is it good enough to be profitable? So I want to lay down my answer to this question today. I want to totally cover this topic because it's such a popular question, but it's also a very important topic. As human beings, we're obsessed with ideas. We think ideas are what make or break businesses or any kind of venture. But the truth is, it's not solely about the idea. Yes, the idea matters, but it's not binary. And I'll talk a little bit more about the concept of good versus bad ideas. If you're thinking about starting a business or you're an existing one and you're not really sure if the idea for it is what's causing you not to grow, you're going to love today's episode because it's going to give you some clarity. All right, so let's get into it. Let's get down to business. Oh, could this vintage store be any cuter? Right?

And the best part, they accept Discover.

Accept Discovery in a little place like this? I don't think so, Jennifer.

Oh, yeah, huh? Discover is accepted where I like to shop. Come on, baby, get with the times.

Right. So we shouldn't get the parachute pants.

These are making a comeback, I think.

Discover is accepted at 99% of places that take credit cards nationwide. Based on the February 2025 Nielsen report. I want to start by saying I don't even like the term good idea or bad idea, because good and bad is relative, really. It's subjective. If you ask me, having a rock for a pet is a bad idea. But it was a popular thing in the 80s. Millions were sold. So it doesn't really matter if I think something is a good idea or a bad idea. What really matters is what the market responds to. Is there a need in the market? Is there consumers out there that want that product idea? That's all that really matters. Now, I'm not saying there's no such thing as brilliant ideas. There are, but they're not really the dictator or the indicator of the success of the business. My good friend Justin Jackson actually puts it really well. He says ideas are more like a multiplier rather than the defining factor. There are other things around your idea that really matter, like your implementation, how well you execute the idea, the team behind it, the service around it, the experience in delivering that idea. All these things will contribute to its success. How good that idea is will become a multiplier in that success, which means you can have an idea that's not earth shattering, that's not really revolutionary, but will be a good business because of the things that the business owner did around that idea. I'll give you a perfect example down the road for me, Walking Distance is a yoga studio. They have a yoga space and they have a little cafe that's attached to it. This is not a novel idea. This is not a earth shattering idea, right? There's tons of yoga studios with little cafes next to it. This is not a novel idea. Okay, let's just drive that home, right? It's an okay idea. It's not great idea. It's not a bad idea. But it's my favorite yoga studio. It's really successful because of the way they implement this idea. The classes are not too long, the instructors are super helpful. It's a very relaxing environment. It's very clean. The cafe serves pretty tasty, healthy meals at a reasonable price. So how they implement this idea is really what matters. So when we say business idea, a lot of people is just basically their pitch. Like, my business idea is a yoga studio with a cafe. So on its surface, I can't really tell you if this is going to be a successful business because it's all about the implementation. So to ask is this business idea good enough? The real answer is it depends on your implementation, but it also depends on the market. Like I mentioned, you have to have some market. There's gotta be people that want to do yoga and have healthy food. If there are people in that community that want that, then it's a good enough idea. Now the rest is up to you, how you implement it. This means you have to do some market research before you launch your business. You need to make sure there is a market. There are customers that are willing to pay money for your product or service. We talked about this in previous episodes on Validating ideas. How do you do this? You can do this with a very limited budget. You can drive traffic to a landing page and see people sign up for the waiting list or discount using some simple Google Ads to see if people are searching for these terms. You can go on Google Trends, which is an actual thing that Google offers that allows you to learn what people are searching for. Are there trends going up or down? You can use an SEO tool like Ahrefs or Semrush to see what is the search traffic on certain terms. And people search certain ideas or certain services. So if you have a market, if you know people are going to buy that people are already buying this product or service, then it's all about implementation. Let me give you an example of a few things you're familiar with the Apple iPhone. Okay? Apple didn't invent the phone, okay? They actually came late in the game. Before the iPhone, BlackBerry was absolutely crushing the market. Apple knew that there was a market for phones. People are buying phones, intelligent phones, smartphones, quote, unquote, and people are spending more and more time on their phones. So they ditched the keyboard and made a big screen Again. Implementation McDonald's. McDonald's is not the first fast food restaurant. In fact, the first fast food restaurants would deliver your food right to your car. You have to get up there, you know, it was even more convenient than a drive through. So they didn't invent fast food, they just said, hey, we're going to optimize it, we're going to implement it in a better way. They minimize their menu, only sold burgers, shakes, fries, made people get up to the window. A way to prepare food quickly. So they even got it faster than fast food and they offered it at a decent price so families can afford it. So all the great success stories you see around you, they're not revolutionary ideas. Even the ones we think the revolutionary, like Tesla, for example. Tesla's not the first electric car. It's not even the first electric commercial car. GM came out with one, but they implemented the electric car in a different way. A luxurious, high tech, fast electric car with a lot of range, so you don't have range anxiety. Implementation. So the straight up answer is your business idea is good enough if there's a market, if people are willing to buy your product or service and you have to do some market research to find out, and if so, it's all up to your implementation. All these crazy, revolutionary ideas you think of, like the Airbnbs of the world, they're actually really hard businesses to implement because there's a huge learning curve they have to overcome from the user, the actual customer, the customer is not used to this type of product. It takes years, sometimes decades, before they even get any traction. A good example of this is Uber. Uber is still yet to be profitable because they had to do so much to educate the world on what Uber is and how safe it is and how is this possible and how do you pay? Even till today, in developing countries, Uber and their competition is still not the most popular way to get around by car versus a taxi. Taxis still are dominant because people are just used to this way of transport. So these pie in the sky, totally revolutionary ideas are actually a lot of hard work and take a lot of money and time and dedication and patience to actually see through. And a lot of them don't make it. Many of them don't make it. We only know the ones that actually survived. And I'm here to tell you that these types of businesses are the exception. They're not the rule. Go with a business idea, a product or service that you know the market wants, and implement it flawlessly. Implement it brilliantly, make it better, make it easier, make it faster. That's how you differentiate. That's how you dominate.

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To wrap up today's lesson, your market, your potential customers are going to tell you if your business idea is good enough. From there, it's up to you to implement that idea in a way that best serves your customer. An example I gave out before in a previous episode that I'll share again today of this is a hotel chain, a small boutique hotel chain called Ovalo Nishi. I went to an Oval Onishi Hotel, and this is a shining example of somebody taking an idea that exists and just implementing it better. So on its surface, it's just like any other hotel. It gives you shelter for a night, a cozy bed, a nice hot shower. Great, right? Plenty of hotels do that and they provide that to people. And they have a good idea because it's proven in the market that people need hotels right in the area I was visiting. But what they did is they took all the things people hated about hotels, the inflexible checkout time policies, the overpricing, the things in the minibar. And they flipped it. They said, hey, we have a very generous checkout policy. You could check out till noon and you can even extend it if you want. They said, included in the price is unlimited minibar. So all the snacks and drinks in the minibar are refilled every single day. And you don't have to think about, oh, how much does this cost? Or am I being ripped off here? And these little things, among others, really made the difference and it really made you think, wow, I want to go to another Oval Onicia Hotel because I got to pay for a hotel anyway. I want to have the experience that I had before where I don't have to worry about all those little annoying things that other hotels do. Implementation. Thanks so much for listening to the $100 MBA show. If you love what you hear, make sure you hit subscribe. Today's episode's not over though. It's Free Ride Friday. Let's see who won this week's Free Ride. And the winner is Sickren Jack. That's the handle on Apple podcasts. Sikron says awesome every episode. 5 stars. I'm amazed that I learned something new every time I listen. Thank you. Thank you Sick Room Jack for the awesome review. You are a Free Art Friday winner. Your mission is to email me at omar100nba.net so I can hook you up with a lifetime membership to Easy course over Easycourse Co $500 course yours for free. If you want to win a free ride, just leave us an Apple Podcast rating and review and you enter our weekly random draw. It's that simple. Listen in on Friday, see if you won. We do it every single Friday and you enter the draw automatically once you leave us a review for every week until you win. Before I go, I want to leave you with this. The only bad business ideas are the ones that the market doesn't want to. Okay. If the market your potential customers don't want it. You need a critical mass. That's why a market share is important. What is the market size of your business? This is important to note because you need to have enough customers to be able to make it a viable business to be profitable. That's the only bad business idea. The ones that don't have that. So make sure you understand that about your business early on in your planning phase. Thanks so much for listening and I'll check you on Monday's episode. I'll see you then. Take care.

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