Welcome back to another teaching edition podcast! Today we are doing over the “5 Stages to Building a GREAT Business!”
1. Why Be an Entrepreneur?
I knew that I wanted flexibility of schedule, unlimited income. I wanted to control my future. I didn’t want to work for somebody because I had lost my dream job.
You need to find out your why.
2. Come Up with an Idea
Start looking for ideas. Be very alert to profitable ideas and things that could be a business.
I’m like an addict. I see ideas all the time. An idea to me is anything that I think could be profitable within my area that I understand or within one of my lines that I’ve had pre-existing success in, so I don’t look for ideas everywhere
3. Do Your Due Diligence
Come up with a business plan and ask yourself some questions:
- Is there a competition out there?
- How am I going to be different than my competition?
- How am I going to price my business in relation to my competition?
- How am I going to attract customers?
- Who do I need to launch this business from day one
4. Launch It.
At some point you gotta crap or get off the pot. I have a general rule, I don’t launch any idea that I have within six months. A lot of times I’ll spend about a month marinating on the idea, not even doing due diligence. I just marinate on the idea. I write it down in my journal. If the idea looks good a month later, then I know I’m onto something.
5. Survival, Struggle, and Pivot
Tthis is where you’re going to have to make a change. You’re going to see an opportunity that you never saw coming, and it’s going to be your job to identify what it is. There’s going to be a lot of opportunities, and you’re going to have to make the choice between a good opportunity and a great opportunity. That’s the struggle.
6. Traction
This is where things start coming together. You start seeing repeat customers. You have enough customers coming through your doors. You have enough interest in your product and you’re converting enough to generate money and actually stay in business
