Table of Contents
How to start, grow and manage a business that lets you break free from the grind.
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:
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:
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?
- 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.Enjoy, Jeff
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.
New Irresistible Sales and Marketing Cohort Starts April 5.
Other great stuff from around the web 🪟 Want to relive the glory days? Check out this "Windows 98" simulator... complete with minesweeper. Unmistakeable confirmation that some people have too much time on their hands. 🍟 Did you know that McDonald's has an ice cream problem? Now there is also a huge kerfuffle over the app a couple of entrepreneurs created to fix the problem, and Jack in the Box is trying to cash in. 🧐 The latest in the Blockbuster saga: Free Blockbuster... Take a movie, leave a movie, coming to a street corner near you.
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