1/ Are you an entrepreneur? Here's how you increase your chances of making money in business.
2/ Resist the temptation of coming up with something 'truly groundbreaking' or 'original'.
Business isn't an art piece, and it's the last place where you should search for meaning.
Business isn't an art piece, and it's the last place where you should search for meaning.
3/ Business is a devotion to markets and making others' lives better, and not for expressing your artistic or innovation urges.
4/ This is why I'm very skeptical of:
- Mission statements (market dynamics >> your mission)
- Do gooders (profit >> don't be evil)
- Changing the world (customers indulging in their habits >> customers changing their habits)
- Mission statements (market dynamics >> your mission)
- Do gooders (profit >> don't be evil)
- Changing the world (customers indulging in their habits >> customers changing their habits)
5/ I'm not saying profit motive is morally correct. But you make your choice the day you decide to be an entrepreneur.
Market, competitive and organizational dynamics would eventually make you take decisions that your pre-entrepeneur self may despise.
Market, competitive and organizational dynamics would eventually make you take decisions that your pre-entrepeneur self may despise.
6/ Once you decide to pursue profit, the easiest way is to look at a really big market, copy an existing product in that market and make it better in ONE specific way which is under addressed by existing players in that market.
7/ Why copying ideas in a BIG market is more likely to work than innovating from scratch:
- You don't have to convince customers that they have a problem worth solving for. They are already seeking solutions.
- You don't have to convince customers that they have a problem worth solving for. They are already seeking solutions.
8/
- You don't have to convince customers to pay a specific amount. They're used to paying for stuff in the market
- You don't have to seek distribution channels. Customers are already flocking them to find products in that market (Adwords, retail chains, etc.)
- You don't have to convince customers to pay a specific amount. They're used to paying for stuff in the market
- You don't have to seek distribution channels. Customers are already flocking them to find products in that market (Adwords, retail chains, etc.)
9/ It all boils down to minimizing your risk significantly. Statups are multi-variable equations. Why would you want to solve multiple variables at once?
Pick on variable and innovate on it. Copy everything else. I wrote about it earlier on my blog: invertedpassion.com/copying-ideas-…
Pick on variable and innovate on it. Copy everything else. I wrote about it earlier on my blog: invertedpassion.com/copying-ideas-…
10/ Finally and most importantly, be honest why you want to do business.
Don't do it because it's cool. Don't do it because you want to change the world.
Do it because you want to make money. People paying you $$ is a proof that you've made their life better.
Don't do it because it's cool. Don't do it because you want to change the world.
Do it because you want to make money. People paying you $$ is a proof that you've made their life better.
