1. Pick an idea that works for you.
Most people think they know what they're good at. But they're usually wrong.
Most businessmen can't find out why their company is struggling. The main reason is you can only build business on your strength. Doing what you love usually works only for hobbies. Don't make a company around your weakness even if you love it.
Let’s say you love basketball, but you are not good enough to play professionally. If you want to follow it as a career, You will have struggle financially. Yeah, you can play basketball as a hobby, but you should be creating businesses around things that come easily to you.
Take the time to become more self-aware. If you're talkative and like asking questions, maybe start a podcast or host events. If you’re organized, becoming a virtual assistant can be lucrative.
2. Identify the trends.
Another reason why startups fail is because the founder ignores trends.
For example...
Small businesses are struggling with social media. More adults are having that problem. So, you can set up a company that teaches people how to handle social media for small businesses.
View problems as opportunities to help people out. You’ll earn money as a reward for your solution and get paid in proportion to the problems you solve.
3. Launch quickly.
“Sometimes good enough is perfect.”
This concept involves creating models that are only good enough. Enough to test on the market. The greatest mistake new entrepreneurs make is to build something that nobody wants to purchase.
By using different models, you focus on making something people can pay for, easily and cheaply.
Speed of delivery battles procrastination.
That means that we're going to procrastinate because of we want to do everything perfect about the initial launch. Then we lose interest, and the idea never gets off the ground.
Don't forget: good enough is fine.
This concept is a reflection of MVP which I have talked about in THIS blog.
4. Change around what customers want.
Entrepreneurs can learn a lot from Apple and Kodak. How?
The iPhone has continually developed from user requests and continues to dominate the smartphone market.
On the other hand, although Kodak was the top photography brand for over a century, they ignored early warnings and didn't change fast enough for the digital world. By 2012, the company went bankrupt.
When it comes to growing your business,
don’t fall in love with your idea. The idea gets you started but be willing to change. Improve your idea through experiments and tests. Otherwise, you'll fail.
5. Optimize your pricing.
Most businesses get their pricing structure wrong.
In research, two professors analyzed all the things you can do to make a positive impact on your business. In that research the found that optimizing price is the first thing you can do to make a positive impact.
In most businesses, the price of their products are way too low or high.
If you research economics, it's an analysis of the use of economic resources. Most people only have a limited amount of money.
So, focus on testing different prices to ensure demand for your offer. If people won’t pay a penny, shut the business down or do a massive pivot(change).
But if the product sells well—or you can charge a premium price over similar products in the market—you’re ready to scale.
6. Scale.
To scale your business, you need two things: viral free marketing and paid advertising. But your product has to be good for it to work.
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