Formulas for business success

  1. Get started instead of just watching YouTube videos and giving yourself excuses!!!
    • procrastination (delay) is a success killer
    • you need a positive momentum, not a negative one
  2. Identify a problem
    • just sit down and make a list – there are tons of problems you are facing every day
  3. Solve the problem
    • every business involves someone getting paid to solve a problem 
    • how do you help a specific group of people improve their lives?
    • what kind of problems could you solve and have solved?
    • what doesn’t work well in a particular business that you are familiar with?
    • what slows things down and causes problems?
    • how can things be done faster, better and cheaper?
  4. Get paid
    • questions startup investors always ask – answer these questions to decide which business idea you should start pursuing
      • how big is the potential market?
      • how many people/businesses have this problem?
      • how much might they pay for a solution?
    • put together an MVP (minimum viable product)
      • do you teach them? or do you do it for them? 
      • you don’t know what people will need exactly until you test the market
      • evolve your problem after you receive customer feedback
    • at the beginning, your purpose is to test and learn, so it is ok to set a price that is enough to just cover your costs
      • think about making a profit later when you have an improved product that people actually want
      • more customers will tell you want they want after you get the ball rolling, that’s when you create a profitable product
  5. Refine and repeat
    • think about scaling up e.g. how to make things faster, easier and cheaper  to produce
    • make your business a factory of that solution!