Meron Bareket

How To Increase Your Rate Of Success

“If you want to increase your rate of success, double your rate of failure” -Thomas Watson Click To Tweet

IIP 010: How To Create a 6 Figure Business With No Risk And No Idea With Dane Maxwell

Inspiring Innovation Podcast episode 010 Get it on iTunes

How To Create A Successful Business Out Of Thin Air With No Previous Knowledge

At the heart of The Foundation’s success is Dane Maxwell and his passionate belief in reviving the Great American Dream.

Starting out at the young age of 21 years, from his parents’ basement, Dane created a successful six figure business, followed by more success stories. While it may sound like any entrepreneurial tale, what is remarkable about Dane’s is the fact that he did not have any winning idea to base his business on. He, literally, created successful enterprises out of thin air!

In a unique exclusive interview with the podcast, Dane shares some of the Foundation’s best kept secrets to inspire a whole new generation of aspiring entrepreneurs.

How To Find Good Product Ideas For a Business

The most basic human desire, is not to be loved; it is to be understood, says Dane. This core concept is the underlying principle of ‘idea extraction’, a multi-tiered process that Dane uses to figure out what any line of business really needs as a service.

The process is all about finding a real pain — and solving it. It’s done by interviewing target customers in a specific process, and asking them specific questions that lead them to reveal their pain, their business problems. Once you understand their problem, it’s incredibly easy to suggest a solution for them. More than that; according to Dane, they will beg you to build it for them. They will be angry if you don’t take their money and create the solution you’ve just described.

Dane Maxwell’s Idea Extraction Questions

What made Dane’s interviews on Mixergy and Smart Passive Income incredibly popular was the sharing of some of his ninja-questions that he teaches his students at The Foundation, and that have helped him create multiple successful software businesses for himself. But on today’s episode, you’re not only getting access to one ninja-question that he never revealed before in any previous interview (!!!), but also get to see Dane in action; when he flipped sides and became the interviewer, conducting a LIVE idea extraction session on the show.

After the interview, Dane asked me to send him a copy of the audio so he could share it with his paying students. That’s how valuable today’s episode is, and I hope you’ll make good use of it! 🙂

In this episode you will learn:

The 12 phases of Dane Maxwell’s Idea Extraction process.
How to tap into an endless source of product ideas for new businesses.
Dane’s parameters for picking a target market.
The 4 key elements that Dane looks for in a business.
Why should you sell tools instead of digging for gold?!
How to find ideas about business that can be done at home.
How to approach people for idea extraction & where/how to find them.
How to sell a product that doesn’t yet exist <<< — HUGE!
A LIVE Idea Extraction session that was ultimately shared with Dane’s students.
How to use Google to approach prospects.
Why you need to collect money in advance from your customers, and why this might unveil the real crucial problem your customer needs solved.
What keeps Dane inspired.
What’s the one thing Dane would’ve done differently in his career.

Items mentioned in this episode include:

The Foundation.
Dane Maxwell @Twitter.
Sam Ovens, founder of SnapInspect.
Love Yourself Like Your Life Depends On It – the blog post I written about meeting Kamal Ravikant.
Love Yourself Like Your Life Depends On It [on Amazon].

Sharing the love – gratitude for reviews!

My deepest appreciation to all of you (comment or email me if you want to be removed from the list):

Patch Porter from the UK – you rock!
Terdfurg from the US – I hope the sound was better today. Thanks for your kind review!

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Stay awesome,
Meron

Disclosure: Please note that some of the links above are affiliate links. There is no additional cost to you, and I will earn a commission if you decide to make a purchase.

Transcript

Continue reading IIP 010: How To Create a 6 Figure Business With No Risk And No Idea With Dane Maxwell

Indecision Is The Greatest Thief Of Opportunity

“Indecision is the greatest thief of opportunity” -Jim Rohn Click To Tweet

IIP 009 : Rick Calvert (CEO of NMX) On Turning An Idea Into Reality

Interview with BlogWorld & New Media Expo CEO and co-founder; Rick Calvert

My guest on episode 9 of the Inspiring Innovation Podcast, shares a real-life story of turning a grand idea into reality. In 2005, Rick Calvert started a personal blog sharing his views on state politics, a subject he’s personally passionate about.

As time passed more and more people were reading his blog. Internet-famous bloggers started mentioning him and linking to his site. The ball was rolling. Then, someone contacted him asking to advertise on his blog.

When someone offered him money, Rick realized there is a bigger opportunity in his hobby and decided to “go pro”. Since he worked in the trade shows world, the first thing that came to his mind was finding when the next blogging trade show takes place; so he could come down, network, meet people, and learn more about making blogging his main business.

“I Knew What I Was Looking For… But None Existed”

Rick Calvert, co-founder and CEO of Blogworld New Media Expo

Rick quickly found out that there was no such trade show anywhere in the world in existence. So he asked around, first his blogging friends if such thing would interest them, and then his trade show peers, asking, “do you think it’s a good idea?”

They all did. So Rick had his validation, and set to work. Only he was already holding a full-time job, so this became his second job. He worked a full work week at his day job, and clocked over 40 hours each week building his dream trade show. Two years later, it was launched in the greatest trade show city in the world – Las Vegas.

Today his show brings together thousands of people from 50 different countries, creates new businesses and new opportunities, new partnerships, and helps content creators make more money, get sponsored, and build a better business.

What Rick And I Talked About

Today’s interview tells the story of the creation of BlogWorld and New Media Expo, sharing a real life entrepreneurial story of turning an idea into reality, but also packed with tips and advice to bloggers, podcasters, YouTubers and other content creators who seek making a business and a living out of it.