Round 2: Business edition...

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Business, the basics, round 2:

Are you in business yet? 

If so, you’re doing better than most! 

If not, ProfitZine got you to!

The Lean Startup Method:

This method, by Eric Ries, is simple and can be applied to any business, no matter how big or small. 

First, we need to understand some concepts, and as always, let’s start from the basics:

 Vision + Strategy + Product

(the product can be a service)

Vision

 The true north, the destination in your mind.

Generally, creating a thriving business.

Strategy 

The business model + product road map + point of view on partners and competitors

 + ideas on the potential customers.

Product

The result of the strategy.

Regardless of your business's stage, the vision holds, the strategy can pivot, and the product will be optimized (several times).

How do you know when and if we need to pivot or what optimization to implement at what time?

 Experiment as soon as possible!

-> Detail your vision from the vision to the product.

The more detailed, the better, “neighbor and micro niches” included.

Think Big, Start Small:

Many businesses fail because they spend a long time building and perfecting their strategy and products without testing them.

 After all that effort and dedication, nobody wants to buy it.

Wouldn’t this be the biggest nightmare?

It’s almost the same as buying an office and equipment before the business starts and is even presented to the world.

This situation is 100% preventable using an MVP.

 A Minimum Viable Product is an early product version.

You can call it a beta version that you present only to a small group of consumers.

 (Early adopters would be the best type of consumers).

Experiment!

With your MVP, you test the strategy and discover which parts are brilliant, and you don’t touch what is working but also which parts are not delivering as you anticipated.

To start something, you need to form assumptions sure, but accurate data about customer demand comes from observing real customer behavior.

Assume only what and when you need to, and don’t rely only on asking hypothetical questions to the consumers. Most consumers, like most people, don’t know exactly what they want or need until they experience it.

So, run trials before too much exposure and expansion. 

This is step 1 for any business launch.

-> What is or would be this MVP to you?

Think foundation, function, and accessibility..

Not in business yet? 

Let me tell you about the New Rich…

No, you don’t need to quit or hate your job.

You don’t have to be a single twenty-something.

Not even be born rich or have an Ivy League degree.

Oh, and Retirement is not the goal…

Here are the differences between the New Rich (NR) and Retirement focused person (R):

R: Work for yourself.

NR: Have others work for you.

R: Work when you want to.

NR: Prevent work for work’s sake.

R: Retire early or young.

NR: Have work periods and adventure periods.

R: Buy everything you want.

NR: Do and be all the things you want.

R: Not be an employee.

NR: Be the owner.

R: Make a ton of money.

NR: Chase dreams.

R: Have more.

NR: Have quality.

R: Reach the big pay-off.

NR: Have cash flow.

R: Freedom from doing what you dislike.

NR: Freedom to do what you like.

-> What are your goals? Who are you? A Retirement focused person or a New Rich? 

You need to know because the paths are not the same…

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Last thoughts:

The New Rich is a concept that a discover in the book “The 4-Hour Work Week” by Timothy Ferriss. 

(The expanded & updated version)

This is where the search starts for those not in business yet and where any business owner can get the inspiration and tools for a new way of life in business.

We will get more details on the Lean Start-Up Method and the New Rich Life in the next round on Business.

Until then, keep up the amazing work!

-> I ask you to reflect on this New Rich Lifestyle. 

And please, have the courage to dream!

Always up to the Stars.

See you in a week.

Your Zine.