43: What’s the value of a business idea?

Welcome back! Since you last heard from us, Craig and his family have found themselves in Aix-en-Provence, France, and are absolutely loving it there.

Show topics:

  • Ken and Craig debate Ken’s newest side project, Nugget, that he’s been working on with co-founder Justin Vincent.
  • The importance of choosing the right place to settle down with your family, and what impacts those decisions.

 

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7 thoughts on “43: What’s the value of a business idea?

  1. Replacement name suggestion for Nugget/Startup Labs: Lead Seed

    Then put use Startup Labs as an overarching brand that helps entrepreneurs through the phases of starting a business. Lead Seed is phase one.

    Also, the show is great, but your intro music/voice over is so over the top infomercial-esque, and so at odds with the way that you present yourselves on the rest of the show that I thought it was a joke the first time. Same with the old intro. It’s up to you guys but I feel like a really simple 5 second instrumental (of any musical genre) would fit you guys so much better.

    The way you guys have a straight up honest conversation about everything, good and bad, even though your customers might hear it, is what makes the show really unique and worthwhile. Your intro is the polar opposite to me and it’s the only reason I haven’t shared this with anyone else. I can’t see them getting past it without giving up on the show. Sorry, just trying to help out.

    Speaking of honest conversation, Ken you always talk about all of it, ups and downs, and I both respect and am fascinated by your updates because of it. Craig your updates are always interesting and it seems like your business is doing pretty well, but it also seems like you’re being pretty reserved about talking too much about it. I get why, but it makes your updates less unique compared to all of the other podcasts/blogs/etc by entrepreneurs out there. It feels more like PR and marketing where we only hear one part of it and that’s just not nearly as interesting. Maybe there’s someway you could be a bit more raw about it without leaving your business too open to criticism or whatever you might be worried about. I’d be really interested to hear it.

    Anyways, just some unasked for thoughts, take em or leave em and keep on keepin on.

    • Excellent feedback, Carter! I 100% appreciate it.

      About Nugget, Justin and I decided to stick with Nugget.

      Because, right as we were in the middle of rebranding everything to Startuplab, someone mentioned us on Hacker News and we were getting a ton of traffic. We thought it would be silly and confusing to rebrand in the middle of a PR event, so we stood our ground with Nugget.

      Yesterday, we reached #6 on ProductHunt which drove nearly 6.5k unique views to Nugget. So, again, probably not the right time to consider rebranding.

      And here’s something: not one single person of the thousands who signed up for a trial or paid plan commented on our name. So, hell, what do we know? ¯\_(ツ)_/¯

      Thanks again for listening and for taking the time to reply!

      • That makes total sense. I hadn’t realized that you’d picked up traffic like that for it already, good thinking on being consistent.

        I hope that you do keep focusing on helping entrepreneurs and startups and that Nugget is just the start of that. It seems to me that it’s one of your real passions, and in my mind that means that you’re going to put out much better stuff because of that. I’d love to see Startup Labs (or whatever branding) become a go-to for starting or improving a new business. Everyone right now offers essentially self-help stuff like motivation, strategy, and other info like that or they have a singular tool like project management software.

        Nobody has really done a good job so far of serving the people who are between “I’m thinking about becoming an entrepreneur, I just don’t know exactly what I’d do or how” and “I have a business, employees, and customers/clients and now I need to optimize and grow even more”. The thing is, a lot of people spend years in between those and if you can help them there, any that succeed are now going to be very loyal customers with business money to spend on your stuff.

        Good luck!

  2. $495 one time, you’re guaranteed to receive an idea you like.
    Extend the guarantee or do a risk reversal.
    If you don’t find an idea you can sink your teeth into this year we’ll refund your $495 and give you an extra $100 for wasting your time.
    $11 just…. just no.

    • Ah, I see you’re $49 now, my bad. I still think the monthly model for this is going to be tough.
      Charge more up front.
      Up sell the community aspect if people want it as your recurring piece.
      $495 you get the first month (or 2) of the community free if you want to keep access to that part its $xx/mo after that.

      • Community as add-on is interesting. As is the idea of including it for a while as a free trial. That creates a chicken-egg problem with the community. At launch, the number of users in the community is small, so we don’t want to do anything to stunt its growth and thereby decreasing its value.

        Definitely will review this in a few months when the community is much more of an impressive asset. Right now, it’s in growth mode.

        I do want to add that I’ve been suprised by the level of thoughtful engagement in the community. These people are really, truly taking action on these business ideas. We’re seeing teams forming, ideas get validated, customer interviews conducted. Really great so far seeing as there are less than a hundred people conversing in there so far.

    • Agreed about the $11 not being a good idea. Here’s a quick update, we launched with this pricing (https://nugget.one/signup), Free Trial or $49/mo ($490/yr), Advanced for $97/mo ($970/yr). 60 Day Money Back Guarantee. At launch we had signups for every plan level. Now we’re optimizing from there. Who knows where we’ll end up.

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