passion is the starting point
great people in all fields love what they do
underachievers turn into superachievers once they find their passion
the big problem is finding your passion: strivers know what they love and can head straight towards it and seekers dont know what they love and need to discover it
to find passion explore many paths
falling into your calling
follow your heart go for the zing
Sunday, February 12, 2012
Monday, December 19, 2011
Twelve standard forms of value
1) Product : Create a single tangible item or entity, then sell and deliver it for more than what it cost to make
2) Service, Provide help or assistance then charge a fee for the benefits rendered
3) Shared resource: Create a durable asset that can be used by many people then charge for access
4) Subscription
2) Service, Provide help or assistance then charge a fee for the benefits rendered
3) Shared resource: Create a durable asset that can be used by many people then charge for access
4) Subscription
Saturday, December 17, 2011
Hidden benefts of competition
When any two markets are equally attractive in other respects, you are better off choosing the one with competition to enter
It shows that there is a market of paying customers for this idea, eliminating your biggest risk,
The existence of a market means you are already on the right side of the iron law of the market
It shows that there is a market of paying customers for this idea, eliminating your biggest risk,
The existence of a market means you are already on the right side of the iron law of the market
Ten ways to evaluate the market
1) Urgency: How urgently do people want or need this right now
2) Market size : How many people are actively purchasing things like this?
3) Pricing potential: What is the highest price a typical customer would pay for a solution
4) Cost of customer acquisition: how easy is it a to acquire a new customer? On average, how much will it cost to generate a sale in both money and effort?
5) Cost of value delivery: How much would it cause to create and deliver the value offered, both in money and effort? Delivering files via the internet is almost free, inventing a product costs millions
6) Uniqueness of offer : how unique is your offer versus competing offerings in the market and how easy is it for potential competitors to copy you?
7) Speed to market: how quickly can you create something to sell
8) Up front investment: how much will you have to invest before you are ready to sell
9) Upsell potential: Are there related secondary efforts that you could also present to purchasing customers? (Customers who purchase razors need shaving cream and extra blades as well; buy a frisbee and you wont need another unless you lose it)
10) Evergreen potential: Once the initial offer has been created, how much additional work will you have to put into it in order to continue selling?
2) Market size : How many people are actively purchasing things like this?
3) Pricing potential: What is the highest price a typical customer would pay for a solution
4) Cost of customer acquisition: how easy is it a to acquire a new customer? On average, how much will it cost to generate a sale in both money and effort?
5) Cost of value delivery: How much would it cause to create and deliver the value offered, both in money and effort? Delivering files via the internet is almost free, inventing a product costs millions
6) Uniqueness of offer : how unique is your offer versus competing offerings in the market and how easy is it for potential competitors to copy you?
7) Speed to market: how quickly can you create something to sell
8) Up front investment: how much will you have to invest before you are ready to sell
9) Upsell potential: Are there related secondary efforts that you could also present to purchasing customers? (Customers who purchase razors need shaving cream and extra blades as well; buy a frisbee and you wont need another unless you lose it)
10) Evergreen potential: Once the initial offer has been created, how much additional work will you have to put into it in order to continue selling?
Core human drives
Useful to have a basic understanding of what people want
1) The drive to acquire: Desire to obtain or collect physical objects as well as immaterial qualities like status power and influence
2) The drive to bond: The desire to feel valued and loved by forming relationships with others, either platonic or romantic, business enhancing self attraction and deep connection ( Hospitality/Grooming services, dating agencies)
3) The drive to learn: The desire to satisfy our curiosity (Education workshops)
4) Drive to defend: Desire to protect ourselves and loved ones and property (Legal services/insurance)
5) Drive to feel: The desire for sensory stimulus intense emotional experiences, pleasure excitement and entertainment (Theme parks, drama, theatre, cinema, games)
1) The drive to acquire: Desire to obtain or collect physical objects as well as immaterial qualities like status power and influence
2) The drive to bond: The desire to feel valued and loved by forming relationships with others, either platonic or romantic, business enhancing self attraction and deep connection ( Hospitality/Grooming services, dating agencies)
3) The drive to learn: The desire to satisfy our curiosity (Education workshops)
4) Drive to defend: Desire to protect ourselves and loved ones and property (Legal services/insurance)
5) Drive to feel: The desire for sensory stimulus intense emotional experiences, pleasure excitement and entertainment (Theme parks, drama, theatre, cinema, games)
Economically Valuable skills
Not every skill or area of knowledge is economically valuable, making the leap from personal enjoyment to products and services will bring in payment/revenue
Five parts of every business
Value creation: Discovering what people need or want, then creating it
Marketing: Attracting attention and building demand for what you have created
Sales: Turning prospective customers into paying customers
Value delivery: Giving your customers what they promised and ensuring they are satisfied
Finance: Bringing in enough money to keep going and make your effort worthwhile
Marketing: Attracting attention and building demand for what you have created
Sales: Turning prospective customers into paying customers
Value delivery: Giving your customers what they promised and ensuring they are satisfied
Finance: Bringing in enough money to keep going and make your effort worthwhile
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