TheUnemploymentDojo's Blog

The Worst Time To Start A Business

Posted on: December 12, 2012

Believe it or not it’s when your on the brink of going broke. When you’re too engulfed on the need to make money, you radiate desperation, you radiate an intense lack of creativity and your clientele or prospects can see that deeply. You don’t even communicate value. You’re every breathe like my mentor calls it is relaying “commission” which is the deep intense desire to make a commission rather than sell value.

You tend to look at everyone as a customer as long as they have the money. You almost take it personal if someone doesn’t buy from you and you “cut” them off  for not buying because in your words not mine, they are “selfish” Now this has got to be the most hilarious feeling to have. How do i know? Because i’ve been there and done that and i see many many people falling in to this trap everyday! The right strategy!

  1. Get a hustle to eliminate your most basic needs. It could be something like tutoring or consulting or teaching something that will pay food and shelter. This removes the desperation.
  2. Have a 3 part system that tests and validates ideas at electric speed. This will be the core part of your business as if you jump this step you have only yourself to blame. This is important because:-
  • You learn your market
  • You learn your marketing
  • You tweak your offer

3.   Work on your business by leveraging technology or outsourcing. This is                    very important. You need to focus on what you’re good at and even more important, what bring s the “moola”

4.   Don’t spend extravagantly unless, it adds to step 2 and 3. Every business has a repeatable portion it must overcome(get comfortable doing despite the monotony) to become successful. Something Seth Godin calls “The Dip” Hence the need for a team!

Repeat step 2-4 and be very observant on step 2. 93% of businesses that are profitable are not working on the core business they started. Through some intuitive insight,they realized through work,what works and what doesn’t and 93/100 times it was not what they thought their business represented. What does that mean? The business that you start has a 7% chance of making it and the only way you will know about it is by testing scientifically. We start with a well educated hypothesis based on prior research and then start running tests(step 2) to validate our hypothesis. The tests are cheap, iterative and make a couple of assumptions one being that are targeting the perfect customer who knows that they have a problem that needs a solution.

Have a triple 12 day!

Lee Kariuki

lkariuki@gmail.com

9174083080

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1 Response to "The Worst Time To Start A Business"

Lol! Good one. keep writing.

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Lee Kariuki
1-888-MY-ETHER ext. 04466282

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