Market gap analysis - Setting the reference point

The beginning is the most important part. It is here that you set your goals and constraints about an opportunity that has not yet been discovered. It is important because it is so much easier to be hard-headed about the business practicalities before you fall in love with an idea and get carried away with wishful thinking. When I say "business practicalities" I do not necessarily imply a project optimized for monetary profit. Non-profit organizations labor under the same "business practicalities" as everyone else. They just don't have to pay income taxes.

Goals and constraints relate to what you want to get out of a project and what you are willing to put into it. Just for the sake of simplicity, the discussion will focus on business-for-profit. Monetary profits are so much easier to measure, but the same considerations apply to a not-for-profit opportunity search.

Instead of "business practicalities," you can also read it as "sustainable."

A comprehensive set of goals and constraints, established in writing at the very beginning, is important because of the powerful distortions inevitably introduced by the emotional attachments that arise once imagination is engaged. You fall in love with your own ideas and wishful thinking swamps rationality and prudence. But, with a written set of goals and constraints, it is sometimes possible to pull yourself out of your own business fantasies.

One common tendency is to understate both goals and constraints. You think you can succeed with a smaller profit margin than what you actually need, it will take less time than is realistic, and it costs more in money and effort than what you imagined. Overstate goals and constraints in your written reference point, and understate the expectations for any particular opportunity.

As the maxim goes, "Aim High. That way you will at least avoid shooting off your own foot."

Free phone number and free voicemail

Although it is still by invitation only, and I had to wait about 9 months to receive my invitation, I recommend taking a look at Google Voice.

When I finally received my invite, I signed up immediately.  It was necessary to have a phone, or access to a friend's phone, to complete the process, but that;s about it.  I had the opportunity to pick from among several phone numbers in my area code (502 - middle Kentucky, Louisville), for free.  I then set it up so that it did not right through to the phone I borrowed, but rather went directly to the Google voice mail service.

My new phone number is 502-230-1613.

Although I can have calls to that number forwarded to any other phone that I wish, it can also be directed exclusively to voicemail.  The neat thing about Google voice is the automatic transcription from speech to text.  The voice mail messages I receive can be listened to as audio files, but they are also available as email text.

The speech to text conversion is very good, so far.

Another interesting feature is Google call widget (below).  Anyone wishing to call me can use it.  You enter your phone number in the widget data fields and Google places two calls - one to me and one to you, and then connects us.  It is cool.

Bootstrapping digital goods

A low-cost method of selling digital goods online is provided gt E-junkie.com. I've used the service as a consumer to buy a instant e-book download, which is relatively compact.

E-junkie pricing involves only a monthly subscription fee; with no bandwidth cost, no per transaction fee, or any other hidden fee.  Currently, the minimum monthly subscription fee is $5 per month, which is not payable until after the free 7-day trial period.

The bootstrap strategy is simple.  Line up your ducks so that you can sell at least $5 in digital goods in the first 7 days, during the free trial period, and at least that much every month afterwards, and your fixed costs are covered.