How to Recognize Opportunity in a Marketplace | Ep 260

The Game with Alex Hormozi

Alex Hormozi

Education, Entrepreneurship, Business, How To

4.9 • 4.8K Ratings

🗓️ 22 December 2020

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Are you really looking at the right market? Today, Alex (@AlexHormozi) talks about the important questions you need to be asking when evaluating the market to determine opportunities and the viability of an option.

Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.

Timestamps:

(0:19) - Identifying a good market for your business

(1:36) - The four key market characteristics for success

(4:26) - Applying the market selection framework

(6:30) - Making the right market choice

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Transcript

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0:00.0	Real quick, you guys already know that I don't run any ads on this and I don't sell anything.
0:04.6	The only ask that I can ever have are you guys that you help me spread the words.
0:07.8	We can not more entrepreneurs, make more money, feed their families, make better products,
0:12.0	and have better experiences for their employees and customers.
0:15.0	The only way we do that is if you can rate and review and share this podcast.
0:19.4	The single thing that I have to do is you can just leave review,
0:22.0	take you 10 seconds or one type of the thumb,
0:24.0	it would mean the absolute world to me, and more importantly,
0:26.1	it may change the world of someone else.
0:28.6	And as soon as he switched from selling newspapers to selling masks in manufacturing,
0:33.4	he went from a few million dollars a year to few million dollars a week.
0:37.3	Welcome to the game where we talk about how to get more customers,
0:39.8	how to make more customers, how to keep them longer,
0:41.8	and the many failures and lessons we have learned along the way.
0:44.3	I hope you enjoy and subscribe.
0:46.1	What's going on, everyone?
0:47.4	What I want to talk to you about today is a question that I get all the time,
0:51.6	which is how do I know I have a good market, right?
0:54.6	Which is what are the things I should be looking for to know I have a market that I should go after?
1:00.2	And the first thing I want to address here is,
1:02.4	I had this conversation yesterday and someone's like,
1:04.7	hey, I'm between dentists and hearing aid specialists and pharmacists,
	...

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