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

Inspiring Innovation Podcast
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

Dane Maxwell co founder of The Foundation
Dane Maxwell

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:

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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