Issue 51 Everything you need to know v1 0 16mar2022 CEV 1024x576 1

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

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    How to start, grow and manage a business that lets you break free from the grind.

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    Issue #51 Everything you need to know to start a business March 15, 2022
    Hey , Last time I talked about our collective education gap: most of us never learned how to start a business. Which lead 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:
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    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, and if you do want to run a business, do you know your customer, solution and process?
    Enjoy, Jeff
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