How does one start a business and how does the business keep alive.
I have read lots of books that usually all point to the same concept.
- Do something that people want, and that is good for them
- Do something that your competition doesn’t do, this brings the customers in
It seems to be that simple. For anyone starting a business and trying to do the same thing that others are doing it is probably 100 times harder to get customers without the 2 rules mentioned above.
The next part of it is that you need the minimum viable product.
Why is this so important? It took me a long time to realize this because I like to think big and go for it all and want to have the most amazing product or service possible. However, while considering the first two rules I have learned to keep in mind that being able to do what your competitors can do, plus one thing that makes you better, and then realizing that the most efficient thing to do is have the one thing you can do better be your selling feature and thing thing you do better does not need to make you 100 times better than your competition, 10 times better is enough.
If someone tries to make a 100 times better product it will likely take a lot longer and consume a huge amount of resources and may result in not having a product of service to sell (because its still in development) and then there is no cash coming in and the company dies.
The alternative is doing something a little better, using less resources and having a product of service to sell.
As the company grows from selling the first mvp, the product or service can be updated to include even more features for customers and this will continue to bring in more customers and offer more stuff to sell existing customers and this is how it grows.
So, I think most people try to accomplish too much too fast (i have done this a lot). And essentially relaxing and chilling out while taking it one step at a time is the way to master business.
But, don’t take my word for it… take a look around and see if you get this message from billionaires such as Elon Musk…as in the video below: