The #1 most helpful exercise I’ve ever published.

Useful for any entrepreneur, at any stage 👍  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Issue #74 | January 23rd, 2024 Hi, it's Pat! In my book, Will It Fly? – How to Test Your Next Business Idea so You Don’t Waste Your Time and Money, I included an exercise that has received more comments than any other action item in any of my books. The book was published in 2015 and written to be timeless. This simple exercise continues to help beginner and experienced entrepreneurs alike. In fact, I think it’s more important today than it was in 2015. What is this exercise and how does it help? Let’s talk about it. Let’s get unstuck. QUOTE OF THE WEEK Instead of focusing on the competition, focus on the customer. —Scott Cook THE STORY Imagine moving somewhere new, like a new state or country, without knowing anything about it. You just heard it was cool, so you pack your things and go. If you’re fresh out of college and on your own, perhaps this may be a fun adventure — but if you’re someone like me, then you kind of want to know a few things first… - What’s it like to live there? - What’s the cost of living? - Is it safe? - What’s the culture like? - How’s the job market? Diving in without thorough research or validation is surprisingly common among new entrepreneurs. Many leap into ventures driven by passion or a perceived opportunity without fully understanding the market or challenges ahead. In truth, more research is done shopping for items on Amazon than choosing a niche to invest time and money and build a business in. Not good. The Market Map exercise in Will It Fly? is a short but powerful exercise that reveals several things about the market you’re diving into (or the one you’re already in). Here’s how it works… it’s quite simple. You just need to find the 3 P’s: - P1: Places — Write down ten places your target market exists, online or offline. It might be a specific community or forum. Or it might be a convention or a regular standing meetup at some local shop. It doesn’t matter. Just find ten places where these people gather together. If you can’t do this now, then imagine trying to find them after establishing your business. - P2: People — Write down ten people your target audience already follows. They might be top accounts on social media, authors, or podcast hosts in the space. Or they might be leaders of the communities you found in P1. Your goal is to find ten people who have already earned the trust of the audience you’re interested in serving. - P3: Products (and prices) — Write down ten products that this audience seems to be paying for, along with the prices of each. They don’t have to be the same products, just anything you find they’re spending money on. It might be a physical product ora digital one. It might be something that gets consumed or displayed. Find ten products, and be sure to mark down the prices for each. This exercise might seem basic, and guess what — it is! I like basic because basic is simple. This is akin to an entrepreneur crafting a map to understand the terrain of the market they are about to venture into, or are already navigating. Yes, there are a lot more places, people, and products — but just the simple act of finding this information will quickly introduce you to two important concepts: - You can explore ways to create value more efficiently and quickly. Instead of duplicating what someone else has already done, what other problems can you solve? With your map, you now have a guide to connect with people and initiate conversations for a deeper understanding. - You can assess whether this space aligns with your fulfillment. Imagine success in what you create — would you still be happy and fulfilled considering your connection to this map and its people? If not, isn’t it much better to understand that now, rather than years — and many investments — down the road? I’ve run this exercise with students who already have established businesses. Each time, the exercise reveals insights that were previously unknown about the very niche they were in. In many cases, they see a list of partners to connect with, as well as places to begin advertising that they hadn’t thought about before. As entrepreneurs, we often do our work in our little bubbles, paying attention to just a handful of people and competitors in our space. Running this market map exercise regularly (I recommend doing it yearly) can help you understand who else is in the crowd with you and how to stand out from them. Find the 3 P’s and see what comes up. You’ll be surprised! Use a Google spreadsheet to help you organize your findings and add more notes as you see fit. Try it! SPONSORED BY HELLO SEVEN You're an amazing entrepreneur! But are you making as much as you could? Let us teach you how to transform your content and offers into money-multiplying machines. Subscribe to my newsletter, SHMONEY, and get real-world insights and reflections on generating and keeping money as a boss and a creator. I can't wait to show up in your inbox every Wednesday & Sunday! [Yess, I want to subscribe!](=) SPI NEWS AND EVENTS The (free) 2024 HeyCreator Summit is happening this week! Pat Flynn will share his expert presentation — How to Convert Your Casual Audience into Raving Superfans — at 1:30 PM PT / 4:30 PM ET Tuesday, January 23rd, while Matt Gartland explores Cash Flow for Creators at 12:00 PM PT / 3:00 PM ET Thursday, January 25th. [Click here]( to secure your free ticket and seize this extraordinary opportunity to learn from industry leaders! [Full Disclosure: I'm an affiliate for HeyCreator Summit.] Get an exclusive glimpse into the future of SPI Media! In the latest episode of the Smart Passive Income Podcast, Pat Flynn is joined by SPI CEO Matt Gartland as they reflect on the origins of their partnership and discuss how things have changed since 2017. Gain valuable insights into the future of online business, the evolution of SPI Media, and the groundbreaking expansion of the Expert in Residence program. [Tune in]( and be part of the journey! A business with a community is a business that thrives. Now is the ideal moment to unite your audience in a space where they can connect with you and, more importantly, each other. But how do you successfully launch and grow your community? Join Pat Flynn on Thursday, February 1st at 10:00 AM PT / 1:00 PM ET for the How to Launch a Community live webinar. Discover the essential steps to successfully establish and expand your community in 2024 — regardless of your audience size! [Click here to RSVP.]()​ DAD JOKE OF THE WEEK My friend entered a pun-writing contest. 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