You don’t need to have a “Eureka!” moment to come up with a great business idea. You can easily come up with great ideas if you ask yourself the right questions.
More people are interested in entrepreneurship than ever before. Everyone gets stuck at “coming up with a good idea.”
One problem I see is people want to create copycat products that aren’t any different from the incumbents. Or they want to make the same thing, but just do it cheaper.
I hate the “hustle” culture that’s embedded in modern entrepreneurship.
What is it? It’s the feeling that we should constantly be working. There’s pressure to work while you’re on vacation.
In the back of an Uber for 30 minutes? That’s time for a catchup call or to reply to emails.
Can you relate to this feeling?
It has never been easier to build a business online. By that same token, there has never been more competition. The best way to remain profitable long term is to invest in moats using the 7 Powers Framework.
It’s terrifying being a seller on Amazon. What if Big Bezos decides he wants to make an AmazonBasics version of your best seller? Or what if your supplier decides they want to start competing against you?
Affiliate marketers have to deal with people spying on and ripping off their campaigns. Facebook costs keep rising. Margins keep shrinking.
Everyone is approaching productivity wrong. Tactics such as Pomodoros and blocking distractions only scratch the surface. A more effective approach is to improve your workflows.
My career exploded starting in 2009.
The money was great, but my soul was taking a beating. I couldn’t keep up with the countless emails. I thought employees were the answer, but managing them took time away from me actually making money.
“Charles, what would you do if you had to start all over again? I don’t have any money to invest in a business, and I don’t have any skills that I can make money from! All I have is my time and work ethic. Please help.”
I’ve been getting emails like these ever since COVID-19 happened.
Whenever someone’s in a difficult financial situation, my advice is to find a job. And I don’t mean that in a condescending way.
A job is the fastest way to get stability. It’s hard to launch your business if your lizard brain is worried about making rent.
The Japanese carmakers were fighting for their survival after World War 2.
Everything was stacked against them.
1. The demand for cars declined.
2. The costs of production soared.
3. The war devastated the Japanese economy. The carmakers couldn’t get access to capital to finance large batch orders.
So often, we feel as if we have to grind it out for years to get results.
If you work hard and persistent enough, then the results will come. Well, what about all the outliers who defy this rule?
Legendary venture capitalist Marc Andreessen’s #1 advice for companies is simple: raise your prices.
In an interview on the Tim Ferriss Show, he said:
“The No. 1 thing — just the theme and we see it everywhere — the No. 1 theme with our companies have when they get really struggling is they are not charging enough for their product.
It has become absolutely conventional wisdom in Silicon Valley that the way to succeed is to price your product as low as possible under the theory that if it’s low-priced everybody can buy it and that’s how you get the volume.”
The following is a guest post by my friend Aaron Lynn. I’ve been getting emails requests over the years about how to implement systems into businesses. He’s one of the best at explaining this topic.
Everyone likes to talk about standard operating procedures (SOPs) and systems, but going from the idea of having them to actually working on them is different.
It’s hard to hire great talent.
Think about how fast you can gain skills in business. You can launch dozens of tests a day if you have the budget.
You can handwrite sales letters by hand daily to improve your copywriting.
But getting good at hiring? That takes a long time. Looking at resumes, interviewing people, and onboarding them takes months.