Hey there, Alex here from Dynamite Jobs. Here’s a recap from Dan and Ian’s 50-minute discussion on reliable ways to start a business in 2020. If you’d like to hear the full discussion, check out the full video below. Please let us know what you think and what other topics you’d like the guys to cover! Check out their livestreams here.
You don’t need a brand new idea to start a business.
Entering the entrepreneurial life does not always require light bulb moments and inventing the next great thing. The following are five trusted methods to help you look for new opportunities and capitalize on them.
1. Rip, Pivot, Jam (5:31)
This method is all about seeing what’s happening in the real world, identifying a problem, and then positioning yourself to improve the existing solutions.
Rip – Find an established idea and see how it can be improved. The idea can be improved by identifying some of its failures or improving features.
Pivot – Identify an established solution and reapply it somewhere new. This can be done by bringing a proven idea to a new market or country or introducing a new material to innovate an existing product.
Jam – See what’s happening in the real world, not just your cerebral world. You may have a great idea forming in your head, but it needs to withstand the tests of being viable in practice and creating demand.
2. The Takeover Technique (12:43)
Most people who dream of becoming an entrepreneur don’t have the skills to successfully launch a business. So how does one get to that point? One method is to find an existing business and leverage its resources. By finding a small, remote company and becoming a ‘ninja-level’ employee, your vision and ideas will be respected and used by the founder.
This path can take years and may not lead to you directly running that business, but it will teach you entrepreneurship on someone else’s platform. By ascending to authority, you’ll have new contacts, opportunities, and a deep understanding of an industry. This experience and skillset will inevitably turn you into an entrepreneur.
3. Understanding 1000 true fans (19:51)
This is a brainstorming exercise to help you visualize owning a profitable asset. Imagine what sort of product or service you would need to develop to have 1000 people pay you $100 each year. Also, imagine building an audience of 15,000 people interested in a certain topic. What could you put in front of them for $100 that is appealing enough to 1000 of them, compelling them to buy?
There are variances to this. You could find:
- 1 true employer to fund your entrepreneurial education
- 10 true clients who pay you a few thousand dollars a month for your skill or services
- 100 true customers, who pay you a few hundred dollars a year
- 1000 true fans, who pay you $100 a year
- 10,000 visitors, who use your resources regularly and can be monetized
4. Cover a Profitable Beat (26:08)
Mainstream media is not providing valuable information to businesses nor are they ahead on what’s trending. Businesses are looking elsewhere for niche information that’s profitable to their industry. Sharing information that helps someone profit or improve their lives is truly valuable.
Lifestyle and travel bloggers have an opportunity to do this by going beyond what has already been covered. Instead of writing about an island that’s been visited by every other travel blogger, writing about how to visit that island, and open a bank account, is valuable to a certain market. Reposition the writing energy to serve something being unserved. Information that helps someone make a profit will reap profits to those who are providing it.
5. Become a Deal Master (32:07)
When you don’t know what to make, just go make money. Understanding the particularities of a certain product or market is a knowledge base that you can almost always profit from. Learning how to become a deal master also teaches you how to identify value and builds sales skills. On this journey, learn from the existing deal masters. Trade information and make friends. Understanding how to exist together is profitable for everyone. These new skills, industry knowledge, and connections can be leverage into entrepreneurship and new ventures.
How are you thinking about starting a business in 2020? Let us know your thoughts below.
More Resources: Actionable advice, case studies, and the information to help you build wealth through entrepreneurship. See the Best of the TMBA.
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