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My First Million

My First Million

The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.

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6-Step Business Idea Research Framework

Reusability

A systematic approach to discovering profitable business opportunities by researching six key areas: demand, audience size, market leaders, shortcomings, business models, and unsolved problems

How It Works

Works by identifying patterns and gaps in existing successful businesses, then finding opportunities to solve unmet needs or improve on existing solutions

Components

1

Research demand - identify problems people actively have

2

Measure audience size - quantify how many people share that problem

3

Analyze leaders - study what's succeeding and why

4

Identify shortcomings - find gaps in current solutions

5

Evaluate business models - determine most effective monetization

6

Spot unsolved problems - find opportunities leaders are missing

When to Use

When looking for new business opportunities, validating market demand, or analyzing competitive landscapes before starting a venture

When Not to Use

When you already have strong domain expertise and direct customer feedback, or when entering completely new/undefined markets

Anti-Patterns to Avoid

Skipping audience size validationNot reading annual reports for insider insightsIgnoring what successful companies say are their biggest challengesJumping to solutions before understanding all six components

Example

“Research 1800 Flowers → discover succulents trending among millennials → identify revenue concentration in holidays as weakness → create year-round succulent business with artistic vases”