CheatCodes - The jump itself is a victory, traits of a good business, focus on that first skill
The jump itself is the victory
This week's quote is a long one but I couldn’t resist sharing it.
I’ve shared it over WhatsApp to over 80 of my friends who I think are capable of doing massive things.
I share this with you because I believe that YOU are as well.
The traits of a good business
I hear a lot of ideas and most of them are bad.
Actually let me rephrase…they are bad ideas, they’re just not good businesses.
A good idea can solve a problem but perhaps the problem doesn’t have the characteristics of a good business.
So what makes for a good business?
A good business has 3 main things at the beginning.
That’s not to say that just having those 3 things will result in a successful business but this will massively increase your chances.
Is the problem you’re solving in the top 3 concerns of the customer?
This is important because your potential customer needs to genuinely care about your solution if they’re paying for it.
If it isn’t keeping them up at night then it’s going to be constantly pushed to the side.
2. Can they easily pay?
Some businesses require such a long sales process that it just doesn’t become profitable selling to them.
Or they have to jump through so many legal/ bureaucratic hoops to pay that it doesn’t become worth it.
P.S. This is why I’m not in favour of healthcare companies. They’re so painfully hard to work with.
3. Do you have an unfair advantage to build this business.?
At the beginning you need to have some secret edge, something which you can do which others can’t.
It could be that you have a big audience, or contacts in a certain space, or some skillset which others can’t compete with.
You just need something which means you can serve customers better than the next person. In summary, ideas don’t exist in a vacuum.
They need to be able to commercially viable in order to make for a good business.
These 3 features of a great business will help you increase your chances of success.
Focus on that first skill
Normally, I share a book entry but this week I wanted to share a video.
It’s only got 764 views (that’s how you know it’s a gem) but it's the gospel for anyone who is currently starting out in business.
It highlights the value of skill acquisition.
I hope after you watch this, you start working on the skills that you know you should.
You genuinely become a different person once you attain the first skills.
It might be stopping you from who you know you can be.
