Podcast Overview

Sixteen years ago, Andy Frisella, “The MFCEO,” and his business partner, Chris, started a company called Supplement Superstores with $12,000 they earned from striping the stripes on parking lots and now do annually over $100 million a year in business.  He started this podcast basically for three reasons.

  •      To mentor people who don't have mentors
  •      To motivate people in a real authentic way
  •      Because he has a passion for motivating and helping people

Andy’s main motivation here is to help people realize what it takes to A) be successful. B) stay self motivated and C) hopefully for people to give back to others as well.

Introduction: How to Come Up with A Business Idea

What do you do when you have passion and a strong work ethic, but no idea or direction for a business?  How do you figure out if a product or service is a "million dollar" idea? In this episode, Andy Frisella, along with co-host Vaughn Kohler and special guest Theresa DePasquale, discuss the finer points of generating and testing a business idea.

You Have to Love What Your Business is About

According to Andy and Theresa, as cliche as it sounds, the way you come up with a business idea is to think about your passion.  What do you like? What interests you?  This is supremely important, because when work gets tough, only your passion for the product or service will keep you going.  So the key to how to come up with a business idea is to ask, “What am I really enthusiastic about?  What do I love?”  Whatever you do, don’t focus on the money.  Money is a by-product of the quality of your service or product.  And that quality will only be there if you are passionate.

You Have To Be Able to Believe in Your Business

Along with passion, Theresa and Andy point out that, in order to be able to be successful in your business, you have to believe in the product or service you’re offering.  If you don’t believe in it, you won’t be able to sell other people on it.  So, when you come up with a business idea about a product or service that you love, you also have to deep down believe that it provides value to the world.  Some things that people are passionate about, Andy says, are difficult to turn into a business.

You Have to Look for Problems That Need Solutions

According to Andy, this is a huge key to help you come up with a business idea.  Train your mind to look for problems that need solutions.

Your idea doesn’t need to be 100 percent original.  

According to Andy, you don’t have to come up with a brand new, 100 percent original idea for a product or service.  You can take an existing business idea--and the important thing is to make it better.  Improve it!

Methods of Generating an Idea

Andy, Vaughn, and Theresa all agree that it’s important to be constantly gathering material, through reading or browsing the internet.  The more data you gather, the more this serves as raw material for ideas.  Andy and Theresa both say they spend a lot of time thinking, but not necessarily writing out their thoughts.  Vaughn, on the other hand, is likely to come up with a business idea after “freewriting” - a method of ideation promoted in books like Accidental Geniusor Brainsteering.

Don’t Wait for the Perfect Idea or Plan. Just Start!

Andy says that your idea or plan doesn’t have to be perfect.  When you come up with a business idea or plan, you aren’t going to move forward without mistakes.  You just need to move forward.  “Just fucking start,” Andy says.

Don’t Ask “Is It A Million Dollar Idea?”  Make It One.

Andy says, “don’t ask whether it is a ‘million dollar idea.’”  The key is to make it one.  Hustle, work hard, be passionate.  Was the pool noodle or Snuggie a million dollar idea?  Or did the people who created those products make it that way?

Summary:  Here are the Questions To Ask 

Here are the questions to ask to come up with a business idea: Am I passionate about it?  Do I like it?  Does it interest me?  Does it solve a problem or fulfill a need?  Is there an existing business idea that you can improve?

Links Mentioned In This Episode

Books Mentioned In This Episode

 

 



Also in MFCEO Project Podcast

Two Realizations You Must Have Before Success Will Materialize For You, with Andy Frisella - MFCEO311
Two Realizations You Must Have Before Success Will Materialize For You, with Andy Frisella - MFCEO311

This is a message to anybody who is frustrated with some aspect of your life...whether your frustration is with your business, or a relationship, or your fitness...or whatever! There are two realizations you must have before success will materialize for you, & when I tell you what they are, you're probably going to say "well, no sh!t"...but I guarantee you're not really acting on these realizations. When you do...& I'm going to tell you how...things will go far, far better for you.
Read More
ARE YOU BLIND TO NEW LEVELS?: Why Choosing The Hardest Possible Path Is a Good Idea, with Andy Frisella - MFCEO310
ARE YOU BLIND TO NEW LEVELS?: Why Choosing The Hardest Possible Path Is a Good Idea, with Andy Frisella - MFCEO310

Everybody wants to be happy. Everybody wants to be successful. So why isn't everyone happy & successful? The truth is, it's not because people aren't willing to work hard. A ton of people in the world work hard & are still not happy & successful. The problem is in how they approach the work. In this episode, I talk about why choosing the hardest path possible is a good idea & the incredible thing that happens when you push yourself beyond your limits.
Read More
The 3 Worst Pieces of Advice You Can Get, with Andy Frisella - MFCEO309
The 3 Worst Pieces of Advice You Can Get, with Andy Frisella - MFCEO309

So many of you are good people who genuinely want to kill it in your business & life, but a ton of the advice you are getting on the internet...on Instagram & YouTube & on all the podcasts by the success gurus & "business coaches"...well, it's f*cking terrible & really counterproductive to your success. There are three pieces of advice in particular that are the worst. In this episode, I tell you what they are & actually provide the right advice, so you can make the impact & money you really want to make.

Read More