A short YouTube talk by Richard Canfield advising viewers how to identify a business idea: if three or more people ask you how to do something, you likely have both perceived expertise and market demand to build a business around it. The speaker illustrates the rule with a personal example about gaining followers and offering a model via a webinar in 2014.
Chapters
I would encourage people right now watching this. If at least three people have asked you how to do something, there's probably a business right there, and here's why. Number one, they see you as someone who is successful in that area. They wouldn't be asking you for your advice otherwise. Somebody asking for it says that there's a need out there, too. So you're a perceived expert. There's a need in the marketplace. There's a business model there. But Richard, I didn't realize that until the third person asked me. And then I finally said, you know what? They're not just being kind. Maybe they're literally wanting to know this. So in 2014, I had a. I had about 50 people that had kind of come along and started following how I was doing this and saying, how is this interesting? Then I said, you know, on a webinar, I said, look, you're all here. What if I create this model for you and teach you how to do everything?