3 Simple Questions To Find Your Business Idea

Key Concepts

• Side Hustle Formulation: The process of identifying and developing business ideas for supplemental income.
• Market Demand: Existing proof that a skill or service is valuable, demonstrated by prior compensation.
• Problem Solving: The core function of a business – identifying and resolving issues for customers.
• Skill Leverage: Utilizing existing skills and knowledge to create a scalable business model.
• Custom GPT: An AI tool designed to assist in identifying potential business ideas based on individual skills.

Identifying Untapped Business Potential: Three Key Questions

The video focuses on overcoming the initial hurdle of generating side hustle ideas, specifically for individuals who feel they lack viable concepts. The central argument is that potential business opportunities are often hidden within existing experiences and skills, and can be unearthed through targeted self-reflection. The presenter outlines three key questions to facilitate this process.

Question 1: What Do People Already Pay You To Do?

This question centers on identifying skills with demonstrated market demand. The core idea is that if an employer (past or present) has compensated you for a service, a market already exists for that skill. The presenter emphasizes that this isn’t about grand talents, but rather any skill for which you’ve received payment. The focus should be on dissecting your current and previous job roles to pinpoint the specific problems you’ve solved for your employer. The proposition is to then consider how these problem-solving abilities could be offered to multiple customers instead of a single employer, forming the basis of a business. This highlights the importance of scalability – moving from a one-to-one service relationship to a one-to-many model.

Question 2: What Do Friends and Family Seek Your Advice On?

This question taps into informal expertise. The presenter posits that the topics people consistently seek your guidance on are strong indicators of potential business opportunities. The underlying principle is that a business, at its core, is a vehicle that solves problems for someone else. If people consistently come to you for help with a specific issue, it suggests you possess knowledge or skills that others find valuable. This isn’t necessarily a formal qualification; it could be practical experience or a natural aptitude.

Question 3: What Have You Learned You Would Have Paid To Know Sooner?

This question focuses on recent skill acquisition. The presenter suggests reflecting on skills learned within the last 5-10 years that would have been beneficial to know earlier in life. This is particularly relevant to the creation of online education businesses. The rationale is that if you would have paid to learn a skill, others likely feel the same way. This identifies a potential audience willing to invest in learning that skill, creating a viable market for online courses, tutorials, or coaching.

The Craft Skills GPT: An AI-Powered Idea Generator

To further assist in this idea generation process, the presenter introduces a free resource: the “Craft Skills GPT.” This is described as a custom GPT – a specialized version of the ChatGPT AI model – designed to interview users and identify their potential business skills. The GPT functions by asking a series of questions to uncover the user’s “craft skills” – those abilities that could be translated into a profitable business venture. Access to this GPT is provided via a link in the video description.

Logical Connections & Synthesis

The three questions presented are logically connected by a common thread: identifying existing skills and knowledge. The first question focuses on validated skills (those for which you’ve been paid), the second on recognized skills (those for which you’re sought for advice), and the third on valued skills (those you wish you’d learned sooner). The introduction of the Craft Skills GPT serves as a practical tool to facilitate this self-assessment process.

The core takeaway is that viable business ideas aren’t necessarily about inventing something entirely new, but rather about recognizing and leveraging the skills and knowledge you already possess to solve problems for others. The video advocates for a proactive approach to identifying these opportunities through focused self-reflection and utilizing available resources like the Craft Skills GPT.