Millions Of Dollars Right At Your Fingertips You Need To Pay Attention
In todays world you have access to a huge amount of information from google, social media and news outlets in real time. With all this information you can gain access to so much information. With all this information sometimes we just scroll on by like fucking zombies, well stop scrolling through everything right now. Start paying attention to where people are spending their money now. As entrepreneurs, literally everything is at our fingertips now a days so take advantage of it. As an entrepreneur and one that works with Family Offices I am always discouraged by entrepreneurs that simply don't know their immediate surroundings. They can have big grand ideas but they don't even know what their friends are doing.
You want to start by analyzing the broad picture of what is going on in the world around you. Take your social media for example when you see your friends spending money on good times don't be jealous and scroll by. Start to build an actual data bank in your mind or on paper of what is going on. Are they spending money on adventurous vacations, bars and better yet how are they spending it. These questions can now actually be organized right in front of you with all the data available to us and sometimes entrepreneurs don't even realize it sometimes.
When you start breaking this data down around you the pieces begin to line up. You can not only test your theories of a business but find out what the demand is. This isn't just for fancy new SaaS and technology products either. Will your friends on social media overall enjoy a new type of flavored beer because that is what you have seen them spend their money on over and over again? These are the questions you not only have to analyze but document.
As both an entrepreneur and investor it is all about showing the numbers. These numbers to me don't mean I am a math whiz it is a language, a language of proof. In the idea phase and startup of a product you can show me the data of your friends and friends of friends and show what the demand is out there for a new product and why. Instead of saying very eloquently I think this will work on a grand scale. Tell me how much your friends and family would love it and why. Show me because the information is more available than ever.
The reason why this data is so important to the entrepreneur is because there are other networks of friends and family out there jut like yours. No one is the same but if a large group of people like something chances are not everyone is blowing smoke up your ass and more importantly if you can show that data on your social media or through your network you have something. Not just for investors but for yourself.
This is where your ideas can transform into reality because you can see where people spend their money and check in. When your in tune with your environment and now social media it is easier than ever to plug in. It opens the door for you to identify where people are spending their money and how you can capitalize on that. Before social media and the internet it took a lot of leg work to find out information on competition or ideas. Now you can see if your county has a certain kind of cupcake shop all your friends rave about or a type of bar that every single relationship you have on social media loves and not one place is even close to it in your town. The old saying goes follow the money ad with technology and social media it is easier today than ever before to follow the money.