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1. Introduction
The irony is that the more successful you get at what you do, the less of it you will do. When your team grows, your days will gradually fill up with work unrelated to your profession: you will spend most of your time managing relationships with people responsible for funding your company (paying customers and investors) and people who work in it. The lessons in part 1 explore nine characteristics founders must have if they want to grow beyond a one-person practice
Have strong principles. Your source of truth to help you do what’s right instead of what’s easy.
Be an expert in your field. You are in the business of solving other people’s problems. It’s easier when you know what you’re doing.
Be mission-driven. A mission is a way to describe what success of your venture is, so everyone on your team works towards the same goal.
Make decisions with confidence. Having a framework to prioritize your work is key to achieving results effectively.
Plan your path to clearly defined results. The strategy is about finding the most effective use of limited resources.
Plan your path to clearly defined results. The strategy is about finding the most effective use of limited resources.
Respond to demand. The easiest way to create value is to solve an existing problem.
Build momentum. Big companies are just small companies that kept building momentum.
Know how to outperform competitors in any market circumstances.
Know how to effectively organize other people to get the best results.
You must create circumstances that inspire you to do your best work — lifestyle has a significant impact on how you feel about your work, yourself, and others. It's hard to change lives of others if you are miserable, but the good news is that your lifestyle can be designed just like any part of your life. The lessons in part 2 explore how your lifestyle goals affect your business model.
The third and last part of the course compares the five business types to help you understand the pros and cons of each, so you can select the appropirate business model for your first business — a combination of lifestyle considerations, business type, and a marketing tactic explored in idea grid lesson.
You can solve the same problem in five different ways. For example, if your customer is hungry, you can sell them an oven (your product) or prepare them a meal at your restaurant (service). You could let them order takeout from one of many food vendors (marketplace) or let them use your bakery to make their produce (platform). Finally, you can sell them a loaf of bread from your store. Selecting the right business type depends on a variety of factors including your customer's needs, your domain and technology expertise, your lifestyle goals, and strategic priorities such as growth vs. cash flow.
Build a useful tool that automates or speeds up repetitive work. Hard to make, easy to scale./p>
Solve your customer’s problem by doing it yourself. Easy to start, hard to scale.
Provide a community with tools to make their solutions. Hard to build, easy to scale.
Connect buyers and sellers. Easy to build, hard to scale.
Sell products online. Easy to build, hard to scale.
What you sell is not always what you market. Compare nine tactics to acquire customers.
Combine five factors to estimate whether your business model is worth validating.
3 minute read
I don't want to sound like a jerk but what if someone has a good idea and you say it's not and market it for your own purposes? I'm NOT saying you would but trust on FB is kind of limited and I am sure someone is thinking this very thing. I'm just the mouthpiece. Nothing personal I promise?
This was a real post from someone on Facebook
This is a very valid concern for “basement entrepreneurs.” Let me put it to you this way - there is no shortage of ideas in the world. Whatever genius plan you're hatching to dominate the world, there are probably 10 teams out there right now, more experienced, better funded, working on the same thing. And if nobody is doing what you’re doing - it’s for a reason, trust me on this one.
200 years ago it was possible to come up with real “first of a kind” because everyone was busy digging in the dirt and screwing in dark alleys.
Make work ethic your best weapon and nothing will stand in your way
Today, it’s all about finding niches and innovating with “harder, better, faster, stronger” execution.
It’s not the idea that makes the business. It’s execution. It’s the daily hustle and grind. There’s no replacement for that. The more openly you share it with people, the more feedback you will get early on. This is the easiest path to getting early validation.
You gotta let your idea out there. You will meet people who will try to steal from you. I guarantee it. They are called competition. And no matter how long you keep your idea in the basement, the day you finally launch, these people will try to take what you built, do it better, and call it their own. And your job will be to keep one step ahead of them. That’s called business hustle. Make work ethic your best weapon and nothing will stand in your way.
This content is currently available only to private beta users by invitation. I release content to small groups of early adopters who are interested in providing feedback to improve the course material. If you are interested in getting early access, request an invite.
