My notes from the very well done video by FightMediocrity on the subject. It was so good I had to write it down and post it up here. 😊
An Entrepreneur is someone who solves problems through scalable solutions.
- Do you own the land you build your business on? Could someone slip the carpet from right under you?
- Are you reliant on a single platform like Amazon, YouTube, Google Organic Search alone?
- If 90% of your sales are based on one single platform like Amazon, they could kick you off and kill your business.
- If 100% of your business comes from an organic Google algorithm and that algorithm changes, you are in trouble.
- Look to diversify your income stream.
- I assume ‘a job’ violates control as well ;)
- I also assume this goes for equity control over your business as well.
- How easy or difficult is it to get into business? If anyone off the street can start the same business by filling out a form, you are violating entry. A business with zero entry barriers is a cattle call.
- The essence of Entrepreneurship is problem solving.
- It must have a level of difficulty.
- If you think a problem is too hard then you are not in the business to solve real problems you are in the business of making “easy money” and this will not be as successful as the further. The latter creates money-chasing Wantreprenuers.
- Solve a REAL problem.
- The only reason for a business to exist is to SOLVE A PROBLEM
- Eradicate inconvenience
- Provide better service
- Fill Needs
- Make things easier
- Satisfy wants and cravings
- Follow passions if the market actually wants it.
- The product must exist in time and stand alone without your connection to it.
- Does it serve while you are away?
- Your goal is to get away from the worst relationship ever created, your time for money.
- Time honored business are usually involved in the act of creation.
- Food products
- Web software
- Anything that exist independent of you.
- Can it be scaled or replicated with ease.
- Your product scales but your work doesn’t.