Have you ever seen those “top books to read for cs” lists? It’s frustrating to see 50+ books that you have to finish reading before moving on with your startup. They make you feel like, if you don’t read them a disaster will happen.
Although that is somewhat true. I have good news for you. You don’t have to read them all! I’m going to give you 7 of the most powerful tips needed for a great start. But, am I giving you everything you have to know? Of course NOT, and that’s where the bad news comes in…
You will have to read them eventually, but just to buy you some time I’ve summarized the important starting points from all the books I’ve read, so you can get a well-informed head start. I’m doing this so you can start now and stop with the “I have to learn” excuses. Sound good? Then, get a pen and paper because you’re going to be starting sooner than you think.
Here are the seven bulletproof business fundamentals needed for success:
1. It’s all a test
You won’t get everything right the first time. Many entrepreneurs think they’ve failed whenever their product doesn’t work out. It feels terrible… I know. You work for months on a product and then no one buys it. In fact, that’s why they tell you to launch as soon as you can.
So, you can get feedback and update your product fast. Listen to feedback carefully, modify the product and then launch again. Keep repeating this process until you get better and better. You’ll never stop enhancing it since nothing will ever be perfect. Remember that a startup is an experiment lab and there’s always something to improve.
You just have to improve one thing at a time. Oh yeah, one more thing… Don’t just accept feedback. Rather you should demand it and reward for it!
2. Give them the fish
Customers don’t want to learn how it’s done. Let me give you an example, imagine you enter a barbershop and the barber gives you scissors and teaches you how to cut your own hair. I’m guessing, you wouldn’t be happy at all. All you wanted was to get a quick haircut and then get out of there. Right? You don’t want to learn how to cut hair. You want your haircut. That’s why you should never teach your customers how to fish. Instead, sell the fish to them!
“It’s really hard to design products by focus groups. A lot of times, people don’t know what they want until you show it to them.” – Steve Jobs
3. Target, Lock and engage
Be specific. Don’t try to do everything and don’t try to target everyone. If you think your product is too general then make it specific. I don’t care if you’re selling pizza or an online course.
Here’s an example, Would you rather be a bodybuilder’s pizza restaurant or just the next boring pizza restaurant? Obviously the first one because it stands out and it’s specific. Bodybuilders who love pizza will rush right through your doors because you told them that this place is for them, you focused on them and you welcomed them. Unlike the general pizza place that makes them feel like the next customer. When you specifically create something for someone they will feel special.
That’s not all. Have you ever considered how much it would cost to promote your products to everyone? Hint: A LOT! Selling to everyone isn’t logical either. I mean, you wouldn’t try to sell a car to a 10 year old or candy to a 70 year old, would you? Ok, you get the point.
4. Playing the monopoly game
If you really want to make it big in the business, you need to have an advantage. Not just a tiny advantage, but, a great one. You need to stand out and be different. Remember that bodybuilder’s pizza place I told you about? That stands out to bodybuilders like no other pizza place ever will.
Contrary to what you learnt at school, competition is actually a bad thing and you need to try your best to avoid it. Exactly like the bodybuilder’s pizza place did. They differentiated themselves from the competition and began operating in the bodybuilder’s pizza market. It is a pretty small niche market, but they now have a monopoly in it.
As long as no one starts competing with them early on and they scale fast, they’ll still be the dominant business in the market. So what’s so bad about competition?
The problem with competition is that it wastes people’s efforts and forces them to survive rather than innovate. Innovation is what keeps our economy moving forward. Look at all the huge companies out there that are taking lead in all the innovation, they all have some kind of monopoly.
For example, Facebook, Google and Microsoft. Each of those companies have a monopoly:
- According to Smartinsights, Facebook owns 80% of the social network market.
- According to Theeword, Google owns just over 88% of the search engine market.
- According to Time, Microsoft owns just over 90% of the computer operating systems market (not for smartphones).
Although no company owns 100%, they do own the majority share and that’s what makes them super successful. However, these companies did not start big. They took over a small market and then scaled up from there (just like the pizza place). Facebook became popular in Harvard College then other colleges and then the whole world. It didn’t take over the whole world over night. The same with Google and the rest of the world’s largest companies. That’s exactly what you should do too.
5. How much will you get paid exactly?
Your income is proportional to the value you provide. First, let’s define value. Value simply put is answering the following question: How can I help people more? That means the more you help people the more you’ll get paid in return. It’s as simple as that. Whenever you want to create a product, always ask yourself, how can I help my target customer even more? Just make sure it’s something they really need help with.
6. What’s in it for me?
Who cares about features! People want to know what’s in it for them. What benefit do they get out of it? What problem does it solve for them? There are two types of benefits, logical and emotional (also known as the head and the heart benefits). People simultaneously weigh whether something fits well, is affordable, addresses a need – head part – and whether it makes them happy, look good and loved – heart part.
Features fall into the logical part. As an entrepreneur you should figure out what emotional needs you can fulfill along with the logical ones. You’ll stand out when you do that since a lot of entrepreneurs only focus on logical features. Remember, the power of emotions!
7. Are they talking about you?
You’ve probably heard of “word of mouth” or referral marketing and it’s greatness. That’s true, every business needs some sort of “word of mouth” marketing especially in the start.
Want to know how NOT to get it? Be boring! People don’t talk about boring. Have you ever talked to someone about what you had for breakfast last week? No, you wouldn’t even care to remember it, let alone talk about it. But, you can guess it was probably the same old boring breakfast.
Want to know how to get people to talk about you? By surprising customers. That’s because people talk about surprising out of the ordinary experiences. It usually sounds a bit like this:
“You can’t believe what happened yesterday! I ordered a Latte from the XYZ café and oh man, the interior design is just out of this world, I’ve never seen anything like it. I even got a free blueberry muffin and it was the best muffin I’ve ever tasted. You should really go and check it out.”
It doesn’t have to be something too big and expensive. In fact, it shouldn’t. Something as little as a hand written thank you card or tiny gift will go a long way. Whatever you do make sure you’re not boring, otherwise everyone will forget about you.
“Be a yardstick of quality. Some people aren’t used to an environment where excellence is expected.” – Steve Jobs
So there you have it. The 7 business fundamentals needed to run a successful business. Nevertheless, knowing them won’t help. You need to act! You can read all the books you want, but it won’t mean anything if you’re not taking action.
Write them on a notepad and refer to them whenever you’re making your business decisions. It’s not what you know, it’s what you do that counts. If you don’t act now, someone else reading this post will.
Which tip do you think is the most important and why? Please leave your thoughts in the comment section below!
5 Women Who Revolutionized Tech and Made Millions
The Truth About Marketing Every First Time Founder Should Know
While starting your own business is an exhilarating experience, many start-up founders struggle with successful marketing more than any other area of business. So if you’re thinking about starting a business, here are some of the key things you need to know about marketing before you take the plunge. (more…)
Lessons I Have Learned About Scaling a Business as a Startup Founder
When I set out to start my own business three years ago, I never imagined bright lights and private jets to New York or Shanghai for business meetings. Good thing I didn’t because it is nothing like that at all. It was a struggle from day one and I had to embrace the grind to grow. (more…)
5 Hacks to Improve Your Writing Skills in English for ESL Learners
Studying in college is hard for everyone, but ESL learners arguably suffer the most. Moving to a foreign country, learning a new language, and keeping pace with the rest of the class may seem like an unbearable burden. It’s okay to feel overwhelmed, but you have to pull through and not give up.
In moments like this, it’s always a good idea to seek help. Whether you go to WriteMyPaper to order an essay or just talk to a friend, admitting vulnerability is an important step towards improvement. In this article, you will find some tips on how to get better at essay writing, even if English is not your native language.
Control Your Environment
Improving your language skills is all about constant practice. Living in an English-speaking community is the first thing you should do to start your practice. It might be tempting to surround yourself with people who already speak a familiar language. However, this way, you won’t be practicing English on a daily basis.
You need to make those lessons almost intuitive in a way that you don’t have to do anything to learn the language. If you live in an English-speaking community, for example, if your roommate speaks English, you will have to practice the language, whether you want it or not.
Still, make sure you don’t take it too far. Taking care of yourself is still as important as ever. Feeling like an alien for the sake of education is not worth it. Remember to keep in touch with your friends and family, talk to them as often as necessary.
Practicing language is not just about doing your homework. You can make practicing English a normal part of your daily routine by watching TV, listening to music, and reading books in this language.
Yet, this is a bit tricky. When being surrounded by white noise, people tend to learn not to notice it. You need to ensure this doesn’t happen. As you watch movies or read books, maintain your attention on what you’re doing. If you hear or see a word that you don’t understand – translate it and write it down. Be mindful and remember what you’re doing this for.
Writing Is The Answer
If you want to specifically learn to write, you need to do one thing, and that is to write. Continuous practice will help you understand what mistakes you often make and, in time, eliminate them. Focus on your goal, and don’t get discouraged when something’s not working. After all, even Rome wasn’t built in a day!
Get a journal and write in it daily. Pick a new topic every time and note everything you can think of. It’s also important that you write by hand, a spelling checker in your computer is tempting, but it will not help you remember how to spell words correctly.
Besides, journaling as a habit has multiple health benefits, and it can be therapeutic. It can help you get in touch with yourself and process your emotions better.
Learn In a Group
It’s proven that learning in a group is more efficient due to the sense of competition. Find a bunch of like-minded people who want to study with you or join an already existing one, like a speaking club.
The benefit of such activities is that you get all these people from entirely different backgrounds who are all good at various things. This will help you exchange experiences, which is impossible if you’re alone.
Schedule regular meetings, come up with topics to discuss and activities to do. You could watch videos or movies together, or talk about common things. Having assignments like describing an event can also be beneficial for the entire group. This way, while one person speaks, the rest think about how they would say the same things differently.
This will help you feel more confident in your skills and, consequently, speak and write better.
The most important thing about learning a language is not to be afraid of making mistakes. It’s inevitable; you just have to take it as a natural part of a learning process.
A child that is learning how to walk doesn’t give up after falling once, and you shouldn’t either. It’s most likely that your friends understand that you’re just learning a language, and they won’t laugh at you for misusing a word or a few.
Get over that fear of error and make as many mistakes as it will take. Treat it lightly, and don’t beat yourself up for it. On the other hand, try to attend as many events as you can that will expose you to the foreign language. Not only will it boost your English skills, but also improve your social confidence!
Learning a language is hard; there’s no arguing about that. However, it’s going to get easier with time. Take every hard thing that life throws at you and turn it into a lesson.
Watch your favorite movies in English, converse with native speakers, and you’ll see the improvement very soon!
Remember to be patient about it. Don’t give up, and don’t beat yourself up over something that you have so little control of. Good luck!
3 Ways to Build a Brand Authentically While Showing Up Powerfully
How to Spend and Invest Money in Ways That Contribute to Self Worth
30 Most Famous Quotes of All Time to Motivate You
4 Steps for Leading With Honesty and Openness
The One Concept We All Need to Accept for a Happier Life
55 Inspirational Quotes That Will Change Your Life
(Images) 52 Motivational Picture Quotes For An Epic Year Of Success
30 Famous Quotes That Will Inspire Success In You
40 Rare Motivational and Inspirational Picture Quotes
72 Positive Thinking Quotes For More Inner Strength & Growth
3 Prince EA Videos To Change Humanities Path To Greatness
(Video) What Is Success? An Entrepreneurial Story To Inspire You
(Inspirational Video) What If Today You Knew You Were Going To Take Your Last Breath?
How To Make Enough Money From A Blog To Quit Your Job – Kate McKibbin
How Finding Your Passion And Becoming An Entrepreneur Can Lead To Happiness – Chiquita Searle
- Success Advice4 weeks ago
Feeling Like Giving Up? Read This Before You Do
- Success Advice4 weeks ago
The Secret to Your Weekly Success
- Success Advice3 weeks ago
5 Leadership Lessons You Can Learn From Coach Carter
- Success Advice3 weeks ago
7 of the Most Important Leadership Competencies
- Quotes3 weeks ago
7 Quotes Every High Achiever Must Remember
- Success Advice4 weeks ago
Burnout Is Real. Here Are Five Strategies to Manage It
- Life2 weeks ago
Self Confidence Will Take Your Life to New Heights
- Success Advice3 weeks ago
How to Master the Art of Communication