May 2012

Mentioned in today’s episode:

• iVideoHero – it’s a perfect example of a gap in a market that is well served with this tutorial product
• 37 Signals – they’re another great example of a company whose products stem from solving problems they faced
• Evernote – a wonderful tool that many of us couldn’t live without, now that we’ve got it
• GoatMilkStuff – not mentioned, but another fine example of a small business that grew out of a frustration/desire. This is directly from their website: “PJ’s adventures into soapmaking originated five years ago out of her desire to not use chemicals on the children’s skin.”
• My resources page has links to a variety of useful items…from premium WordPress themes, to membership site plugins, to sources for pro audio gear. Many of these companies likely began because the owners were frustrated. Maybe they saw no solution. Maybe they didn’t see suitable solutions.

People often go to one extreme or the other when considering today’s question. Sometimes I see people write down a full page of various things they’d like to be known for. If they lived to be 1000 years old they still wouldn’t be able to accomplish half the things on their list…and that’s assuming they had the natural aptitude for each thing.

At the other end of the spectrum are those poor people who struggle to write down a single thing. They can’t think of anything they want to known for. When I encounter these people I drive them immediately to a crisis center for counseling. I fear for their safety.

We likely fall somewhere in the middle. We don’t want to limit ourselves, so our list expands. We don’t want to live unnoticed, so we write down something.

Narrow your focus to business related pursuits and it doesn’t simplify things for most of us. Today’s question is why so many companies fail to properly identify their target market. Everybody can’t be your target, but neither can nobody. You need somebody!

As you consider what you’d like to be known for you must also ask yourself, “By whom?”

Mentioned in today’s show:

• The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future by Chris Guillebeau

• An anonymous company that is not so anonymous. I ran across this company in the summer of 2007. Here in Texas it gets really hot and I was investigating ventilation options for a warehouse when a Google search led me to them. I instantly “got it.”

• Perry Marshall is a guy you ought to pay some attention to. He’s smart and I trust him. No, I’ve not met him, but I’ve paid attention to him for the past 5 years or so. Well, in his archives is a terrific article and audio interview about the aforementioned company.

Take some time and give this question the attention it deserves. You’ll be rewarded with the clarity you need to make progress. Like most of these questions, it won’t be easy. Don’t rush it. Just keep on pushing forward sorting through all the noise in your head. When things quieten down you’ll likely be getting close to your answer.

P.S. Congratulations to the New Jersey Devils and their fans for advancing to the Stanley Cup Finals. It should be a great series!