No Market? No Money!

Is Your Million-Dollar Idea Actually Worth $0?

Author

Will Gregg
February 7th, 2025

In partnership with

Best Idea or Worst Mistake?

Ever had a business idea hit you in the shower and thought, "This could be huge!" only to lie awake at 3 AM wondering, "But what if I'm wrong?"

You're not alone in this mental ping-pong match. Every entrepreneur faces that mix of excitement and doubt.

But here's the thing - validating your business idea doesn't have to feel like you're auditioning for Shark Tank while wearing your pajamas.

Let's be honest: Most validation advice out there feels about as helpful as a chocolate teapot.

"Do your market research!" (whatever that means) or "Ask your friends!" (because they'll definitely tell you if your idea is terrible, right?).

Today, we're changing that with a stress-free way to validate your business idea using AI as your secret weapon.

🤖 The Quick-Start Validation Prompt: "Analyze this business idea [describe your concept]. Create:

  1. Three ideal customer profiles

  2. Their most pressing pain points

  3. Current solutions they're using

  4. Potential objections to your solution

  5. Market gap opportunities Format as a validation roadmap with specific testing points."

💡 Pro Tip: Before you dive into the full validation process, try the "Tiny Napkin Test" - write down your business idea in one sentence.

If you can't explain it to someone waiting in line for coffee without using industry jargon or taking three minutes, refine it first. The clearer your concept, the easier it is to validate!

In this newsletter, we'll cover: • The 3-Step Validation Framework • How to use AI for market research • Quick testing methods that cost nothing • Red flags to watch for (and how to fix them)

Ready to validate your idea without the stress? Let's dive into Step 1!

#1 - Are People Even Looking for THIS?

Let's ditch the complicated validation methods that feel like solving a Rubik's cube blindfolded. Instead, we'll use the "Traffic Light System"—simple, clear, and valuable.

Think of it like this: Before crossing a busy street, you don't need a detailed traffic analysis - you just need to know if it's safe to walk. That's precisely how we're going to validate your idea.

🟢 Green Light: Problem Validation. First, we need to confirm that the problem you're solving actually exists (and that people care enough to fix it).

🤖 The Problem Validator Prompt: "Research this problem [describe the issue your business solves]. Create:

  1. Common frustrations around this issue

  2. Current coping mechanisms

  3. Failed solution attempts

  4. Financial impact of the problem

  5. Emotional impact on daily life Format as a 'day in the life' scenario showing pain points."

🔥 Tip: Here's a validation hack that changed everything for me: Instead of asking people if they like your idea (they'll probably just be nice), ask them to tell you about the last time they experienced the problem you're trying to solve.

No story? No real problem.

#2 - If No One’s Complaining, No One Cares!

🟡 Yellow Light: People buy solutions to painful problems—not just cool ideas. Good luck making sales if your idea doesn’t solve a clear problem.

Here's a weird truth about business: Silence isn't golden - it's a warning sign. If nobody's complaining about the problem you're trying to solve, it probably means nobody cares enough to complain.

Think about it - what was the last thing that frustrated you enough to rant about it to a friend? That's the level of problem we're looking for!

Let's turn those complaints into gold.

🤖 The Complaint Finder Prompt: "Analyze online discussions about [your industry/problem]. Show me:

  1. The most emotional complaints people make

  2. Common phrases they use when frustrated

  3. What they've tried that didn't work

  4. How much time/money they've wasted

  5. Who they blame for the problem Format as a 'rage to riches' opportunity map!"

🔧 Best Tool: ChatGPT + Amazon Reviews + Reddit Search – Let AI gather and analyze real customer complaints.

🔥 Pro Tip: Here’s the "Thanksgiving Dinner Test"—if your problem isn't important enough for someone to bring it up during Thanksgiving dinner (you know, between the turkey and the drama), it's probably not painful enough to build a business around!

Signs You've Hit Gold: People rant without being asked • They use phrases like "I hate when..." or "Why can't someone just..." • They've tried multiple solutions • They're actively looking for alternatives • They're willing to throw money at the problem.

Signs You Should Worry: People respond with "Oh, that's nice..." • You have to explain why it's a problem • The response is "I could just..." • Nobody's tried solving it before • People aren't already spending money in this space

Remember: The goal isn't to create problems—it's to find the ones already driving people crazy.

Your future customers should be able to rant about this problem for at least two minutes without taking a breath!

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#3 - No One Pays for Nice to Have!

🔴 Red Light: Let's get real about something: People will spend $7 on a coffee they "need" but hesitate to buy a $0.99 app that would save them hours.

Why? Because one feels essential, and the other feels optional.

Welcome to the "Nice to Have vs. Need to Have" showdown!

Think of it this way: Netflix? I need to have it (try canceling it and watching your family revolt). Another productivity app? It's nice to have (and probably sitting unused on your phone now).

Let's figure out which side your idea falls on….

🤖 The "Will They Pay?" Reality Check Prompt: "Analyze this business concept [describe your idea] and show me:

  1. Pain level (scale: mild annoyance to hair-on-fire urgent)

  2. Current spending patterns in this area

  3. Competing priorities for their money

  4. Purchase decision triggers

  5. Price sensitivity points Format as a 'shut up and take my money' assessment!"

 🔥 Pro Tip: Use the "3 AM Test"—if someone wouldn't get out of bed at 3 AM to solve this problem, it's probably not painful enough to build a business around it. (And no, checking Instagram isn't a real problem, even at 3 AM!)

Signs You're on the Money: People are already spending money to solve this • They complain about current solutions • They've tried multiple alternatives • They face this problem regularly • The problem costs them money or opportunities

Warning Signs: "That would be cool to have..." • "Maybe someday..." • "I might use that if..." • "That's interesting..." (the kiss of death!) • "I'd use that if it were free..."

Remember: Your goal is to be a painkiller, not a vitamin. People might skip their vitamins but crawl through a snowstorm to get painkillers!

Bonus: Size Matters! Is Your Market BIG Enough?

Let's talk about something that makes entrepreneurs squirm: market size. And no, this isn't where I tell you to "go big or go home," – but we need to make sure your brilliant idea isn't targeting an audience smaller than a high school reunion.

🤔 Think of it like throwing a party:

  • Too many people? Chaos. (Hello, oversaturated market!)

  • Too few people? Crickets. (Welcome to "Why isn't anyone buying?")

  • Just right? Now we're talking! (Sweet spot alert! 🎯)

🤖 The "Size Check" Reality Prompt: "Analyze the market potential for [your idea]. Show me:

  1. Total available customers (be brutally honest)

  2. Likely conversion percentage (even more honest)

  3. Average purchase value (realistic, not hopeful)

  4. Purchase frequency potential

  5. Market growth indicators Make it read like a friend telling me the hard truth!"

 🔥 Pro Tip: I use the "Concert Test" - imagine your total possible customer base filling a venue. Are you looking at

  • Stadium crowd? (You might be too broad)

  • Intimate jazz club? (Could be too niche)

  • Mid-size theater? (Now we're talking!)

Remember: Niche is nice, microscopic isn't • Bigger isn't always better • Profitable beats popular

Your Quick Market Size Sanity Check:

  1. Can 1,000 customers sustain your business?

  2. Can you reach them without going broke?

  3. Will they buy repeatedly?

  4. Can you serve them all effectively?

If you answered "no" to any of these, it's time to adjust your target market to be broader or more focused on the profitable segments.

The Sweet Spot Formula: Market Size × Purchase Value × Purchase Frequency = Your Potential

Remember: You're not looking for world domination (yet). You're looking for enough hungry fish in a pond you can fish in!

Listen Up! This is where the rubber meets the road!

You know that feeling when you're absolutely convinced you've got a million-dollar idea?

That buzz of excitement that keeps you up thinking and noodling in your head at 2 AM planning world domination? Everyone is going to want it!

Yeah, I love that feeling too. But here's the uncomfortable truth:

The world isn't sitting around waiting for your brilliant idea. It's too busy looking for solutions to its own problems right now.

Think of it this way: Building without validation is like cooking a huge holiday dinner without checking whether anyone's coming, whether they like the food, whether they're hungry, or whether they're all vegetarians (surprise!.)

🤖 The "Reality Check" Final Prompt: "Review my validation journey for [your idea] and show me:

  1. What I've proven (no wishful thinking!)

  2. What I'm still assuming

  3. Where do I need more data

  4. My next obvious move

  5. What I might be avoiding Be direct - like that friend who tells me when I have spinach in my teeth!"

Your Next 48 Hours: Pick ONE thing from this guide. Just one. Not two, not all of them—ONE. Why? Because done is better than perfect, one validated assumption beats a hundred hopeful guesses. Choose Your Adventure: 

🟢 Problem Check: Are people frustrated enough to pay?

🟡 Solution Check: Is your fix better than their current workarounds?

🔴 Market Check: Will enough people pay enough money?

🔥 Pro Tip: Start documenting every piece of real feedback, data point, and every genuine response—not what you hope to hear but what you actually hear. It's like having a business GPS—it might not always tell you what you want to hear, but it'll keep you from driving off a cliff!

Remember: A validated, okay idea beats an unvalidated "perfect" idea every time.

Here's to building StartSmart, not blind - and getting paid for what you create!

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Remember: The most successful solopreneurs aren't lone wolves but part of a pack. And this is your pack. StartSmart Today! Join Now!

-Coach Will

Also, please reply and tell me what's currently challenging you. I read everything; you never know what doors might open from a simple conversation.

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