The product category you choose will determine most of your business' momentum.
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Every category has attributes that affect the shape of your business: - how aware are customers of the category? - how price-sensitive is the customer? - how much overall demand is there? - how slow is the buying process? - what type of scale is required? - how competitive is it?
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So, the category you choose matters (a lot). Want to enjoy running your business? Want the business to help you achieve your goals? A fulfilling, profitable business is highly dependent on:
who your customers are,
and what product you're offering them.1 odpowiedź 2 podane dalej 6 polubionychPokaż ten wątek -
I should modify this slightly: "The product category you choose will determine most of your business' *possible trajectory*" If you open a coffee shop, that decision will determine the shape & potential for your business. Alternatively, SaaS has a different shape & potential.
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Obviously, it's not enough to choose a good category and build a good product. But, the category you choose determines most of the potential upside. Every category has a floor and ceiling when it comes to outcomes, and requires varying degrees of investment and risk.
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If you're going to take a risk, and start a business, it makes sense to ask yourself first: - if you're the right player for this game (as a founder) - if the potential return (in a given category) is reasonable for the level of investment that's required (time and/or money).
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Yes, your ability to execute matters too, but that ability is largely determined by the time you start building. It's the culmination of all your practice, skill development, experience, assets, and network. Ability to Execute x Potential = Outcome
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When you’re surfing, the wave you choose determines the quality of your ride. Even the best surfer can’t make a flat swell amazing. In business, the market you choose will determine the upward potential for revenue and enjoyment.https://justinjackson.ca/surfing
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