Issue #51 Everything you need to know to start a business

Last time I talked about our collective education gap: most of us never learned how to start a business.  

This leads to some questions… Well, what is a business anyway?

It is one of those deep questions that feels a bit like what is the meaning of life.

Except that there is an answer.  

First, some updates:

📆  Are you creating busyness or business? Read more.

🎚 How levels of market awareness relate to niche marketing. Read more.

What a business is not.

A business is not “work.” It is not “effort.” It should not be you running around like crazy trying to do everything from sales to invoicing.  

That is self-employment. And it is miserable.

I once worked with a consultant who was constantly stuck in the self-employment trap. He had been doing it for years and worked 14 hours a day, 7 days a week. He took his laptop to his daughter’s swim meet. A vacation was a weekend of not working. 

He wasn’t running a business. He was working.

Everything you need to start a business is in the definition.

People start businesses to solve problems for other people. The business is a repeatable set of actions that solve the problem.  

So, what is a business? Easy:

  1. A defined customer. This is the person for whom you solve a problem. I know we keep harping on about this. We will continue to harp on about this. It is that important. Define your customer. 
  2. A defined solution. A job requires work. A business requires a defined solution, either physical or a service-based product, that delivers predictable results that solve a specific problem. I know it is a mouthful, but this is essential. 
  3. A process that delivers repeatable results. Because you do it over and over again. The same thing every day, every week until you decide to do something different. A profitable business requires monotony, and you must master the monotony to run a profitable business.  

Don’t believe me? Think of some of the biggest companies around:

  • Coca-Cola grew its business on, well, Coca-Cola.
  • Bill Hewlett and Dave Packard built their business around an audio oscillator.
  • Tesla started by building a roadster.
  • Wozniak and Jobs built the Apple Computer.
  • Microsoft only had an operating system. 
  • Facebook was an obnoxious hot or not website built in a dorm room.

And on and on and on. Most of the other companies in the world stay small because they don’t focus.  

So ask yourself this: do you want to run a business or work an independent job, if you do want to run a business, do you know your customer, solution, and process?

Trying to figure out your customer, solution, and process?

Well, how about joining a team of business owners dedicated to helping each other figure it all out? Start here.

Check out our Irresistible Sales and Marketing Masterclass

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