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You will have seen in the video that I just went fishing with my son Hunter. It was a good idea at the time however there was very little preparation put into it so we got the results we deserved.

After reflecting on the trip which by the way was only 5 minutes from home and still lots of fun I was amazed at how many business parallels.

Lesson 1.

Where we went was convenient for us yet it very rarely has lots of fishermen fighting for positions. In fact we were the only ones there on a nice day in the holidays. That in itself is a warning sign. If there were fish there and biting I’m sure we would not have been the only ones there.

I still get amazed that with the speed news travels there are people who get ultra excited about going into or developing a brand new niche that no one else is in and wonder why, when they get there the reason no one is competing for it is because there is no market.

“Look for a hungry market not just where it is easy for you”

Lesson 2.

When Hunter and I looked at the spot the day before there were several fishermen there. One had landed a very nice “kingfish” using a lure. There were a couple of others who were unsuccessful using hooks, bait and sinkers.

We turn up with hook bait and sinkers and were also unsuccessful.

“Model successful people not unsuccessful people”.

Lesson 3.

After just a few casts it was evident that the bottom was littered with weed, snags and rocks and it took no time for us to lose (break) 3 sets of rigs. After a closer inspection of the foreshore it showed that there were already many pieces of entangled line indicating a hazardous area full of hidden snags.

“Do a thorough review of the area (total market) to find hidden obstacles or clues to success”.

Lesson 4.

I love fishing and would have loved to have stayed out for several hours however it became very evident that, we weren’t going to catch fish and we were going to lose a lot of equipment.

Now we could have stayed doggedly and say “it is a good idea I am going to make it work” which I have seen businesses try to do and eventually lose everything. If only they had taken some time out asked expert advice and revised their plan.

“Know when to hold em… know when to fold em… etc. “ But do it early enough.

So in the spirit of split testing Hunter and I are going again tomorrow same bait and time but a different location.

Stay tuned. I was going to say STAY TUNA’d  but that would have been too fishy.

See you next week.

Steve