How to Find Your Next Million Dollar Business Idea

E62: Ever scratch your head wondering what business you should start next? Yeah, we've all been there.

Today, host Yong-Soo (@YongSooChung) takes us on a solo flight as he unravels the simple decision-making process that led him to create his successful businesses. From his venture into startups after Wall Street to the unexpected success of Urban EDC. He shares his invaluable insights and practical advice on identifying micro and macro forces to help you succeed, validating business ideas, and creating your luck in entrepreneurship.

On today’s episode, you’ll learn:

- Finding Your Niche
- How to Turn Passion into Profession
- How to Identify Micro and Macro Forces
- Importance of Leveraging Social Platforms

This episode is a real game-changer!

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EXCERPTS:

Economic Forces and Personal Development: "Micro forces are internal motivations that add up over time and space to give you direction. Macro forces on the other hand are beyond your control and determine how much momentum your idea will have when you launch it." — Yong-Soo Chung (03:32)

Identifying Personal Entrepreneurial Opportunities: "Because what you buy is often a pretty good indicator of what might make a good entrepreneurial venture for you... Money and time are the two resources that determine literally everything about our lives. So ask yourself, what do I spend my free time doing? Chances are the answer to this question will intersect a lot with your credit card statement."  — Yong-Soo Chung (06:07)

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LINKS:

Episode 25 - How To Turn Your Side Hustle Into a Million-Dollar Business as a Creator

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First Class Founders is a show for indie hackers, bootstrapped founders, CEOs, solopreneurs, content creators, startup entrepreneurs, and SaaS startups covering topics like build in public, audience growth, product marketing, scaling up, side hustles, holding company, etc.

Past guests include Arvid Kahl, Tyler Denk, Noah Kagan, Clint Murphy, Jay Abraham, Andrew Gazdecki, Matt McGarry, Nick Huber, Khe Hy, and more.

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