DE 013: How researching your business idea can save years of your life, and get you some nice cow horn!
Doing research on your business idea sounds kind of boring, but it can save you years of your life and maybe even hundreds of thousands of dollars. It’s something that almost everybody overlooks when they start their first business, yet it is the simplest, cheapest insurance policy you can take out on your own success. Shanley made the mistake of not researching her first business, and she paid for it dearly.
In this podcast, we explore the how, what, why of researching a business idea. We also explore what Shanley did to make sure her second business in Uganda, Olivia-Knox Manufacturing, has the best chance of success.
IN THIS EPISODE YOU WILL LEARN:
- How to think about conducting research on your business idea
- Why the cost of doing this research is close to $0
- Why the cost of NOT doing research can be the most expensive decision you ever make
- Why Ankole cow horn is so ridiculously expensive (eyeglasses made with the cow horn cost up to $15,000!!)
- How to set up manufacturing in East Africa, and the importance of high standards
- The process of gaining access to Ankole cow horn, and the way that Ankole cattle are treated like royalty
- The mistakes Shanley made in her first business, and how she is making sure she won’t make them again with Olivia-Knox
- How to find a great business partner (like Shanley’s partner!) , and how to manage without one
RESOURCES AND LINKS MENTIONED IN THIS EPISODE:
- Olivia Knox Manufacturing
- Hunter Thomson and Tom Walsh, literary journalists who inspired Shanley
- Shanley’s first organization was The Nakate Project, which sold accessories made by low income women in Uganda
- Ankole cattle, a special kind of cow unique to East Africa which has extremely long cow horns. The cow horn has special thermophilic properties and is particularly valuable in the design of luxury goods such as eyewear and jewelry.
- Shanley’s Indigogo campaign for Olivia-Knox Manufacturing.
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WHAT IS YOUR RESEARCH STORY?
What failures or successes have you had in researching a business idea? Share your experiences below.