When you start a business, you’re making a bet. Not all bets are equal! Investing $100k in Business A vs Business B could have dramatically different outcomes. What’s surprising is how few entrepreneurs consider the possible range of outcomes (the upper and lower bounds).
-
Pokaż ten wątek
-
Outcomes in business are largely dictated by the market you choose. If you invest $1.2 million in a McDonald’s franchise, your possible annual profits are likely $100k-$250k. Or, you could invest $100k in a software company, and earn $1+ million a year.
4 odpowiedzi 2 podane dalej 7 polubionychPokaż ten wątek -
(My wife just pointed out that most McDonald’s franchise owners would have been better off investing that $1.2 million in an ETF. “You could earn 8-10% interest, make the same money, and not have to do anything).
5 odpowiedzi 0 podanych dalej 30 polubionychPokaż ten wątek -
My working theory is that there is a certain class of entrepreneurs who can make any business “work.” It makes sense to be strategic about the industry, market, or product category you choose, because that decision will determine the floor and ceiling of your possible upside.pic.twitter.com/Lq5yzSJDhD
4 odpowiedzi 0 podanych dalej 8 polubionychPokaż ten wątek -
Justin Jackson podał/a dalej Justin Jackson
Of course, in relation to what you choose, *who* you are matters a lot. But many entrepreneurs have multiple opportunities they could pursue. Choosing the option with the best possible upside (given your strengths) is the aim.https://twitter.com/mijustin/status/1221504985101291520?s=21 …
Justin Jackson dodał/a,
Justin JacksonKonto zweryfikowane @mijustinChoosing the right market is just step 1. After that, there are many factors that influence success: - who you know, and who knows you - your financial margin - how you execute on the product - how you execute on marketing channels - your history + skills - positioning1 odpowiedź 0 podanych dalej 0 polubionychPokaż ten wątek -
We can’t talk about increasing the chance for success without addressing this truth: Anyone can start a business, but that doesn’t mean everyone should. Some people are starting the wrong businesses. But also, some people are the wrong kind of people to be starting businesses.
2 odpowiedzi 0 podanych dalej 4 polubionePokaż ten wątek -
In the same way: anyone can try to become a pro skateboarder, but that doesn’t mean everyone should. (The same is true in business, poker, salsa dancing, modeling, and karaoke).
2 odpowiedzi 0 podanych dalej 3 polubionePokaż ten wątek -
W odpowiedzi do @mijustin
Interesting thread, Justin. So many entrepreneurs start with an idea (myself included on more than one occasion) and don't yet have knowledge about validating the idea/testing the market, or even thinking about margins.
1 odpowiedź 0 podanych dalej 1 polubiony -
W odpowiedzi do @Jessica_B365 @mijustin
For me, these concepts came through seeking SaaS info online and through an accelerator. For many, the first point of outside help is an economic dev office or SBDC. You get lots of help on a business plan and establishing your business.
1 odpowiedź 0 podanych dalej 0 polubionych -
W odpowiedzi do @Jessica_B365 @mijustin
But, probably not the education to think through if it is the right business to start. We realize so much once we are in it. How can that knowledge be passed along to people just starting? On the other hand, would we have gotten to this point without a bit of blind ambition?
1 odpowiedź 0 podanych dalej 0 polubionych
For me, it was people opening up their business financials to me that made the difference.
Folks like @mariepoulin, @mbuckbee, @adamwathan, @taylorotwell, @nathanbarry, showed me there were better markets + business models out there (with more upside).
-
-
W odpowiedzi do to @mijustin@Jessica_B365 i jeszcze
Same. For me, it was some podcasts with
@amyhoy,@alexhillman, and@patio11 and going to the first BaconBiz as well as some friends doing 30x500 (which I never actually paid for but I feel like was imparted to me by osmosis).2 odpowiedzi 0 podanych dalej 2 polubione -
I think there is still a blind spot in many people's entrepreneurial vision where there exists either B2C businesses (which people use themselves), Unicorn VC Backed enterprises, or Fortune 1000 companies.
1 odpowiedź 0 podanych dalej 1 polubiony - Pokaż odpowiedzi
Nowa rozmowa -
Wydaje się, że ładowanie zajmuje dużo czasu.
Twitter jest przeciążony lub wystąpił chwilowy problem. Spróbuj ponownie lub sprawdź status Twittera, aby uzyskać więcej informacji.
building