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“Remind people that profit is the difference between revenue and expense. This makes you look smart.”

SCOTT ADAMS

282

875 reads

MORE IDEAS ON THIS

To Start A Business

To Start A Business

To start a business, you need three things:

  1. A product or service,
  2. A group of people willing to pay for it, and
  3. A way to get paid. Everything else is completely optional.

Ask three questions for every idea:

  1. How would I get paid with this idea?

329

1.99K reads

Passion And Usefulness

Passion And Usefulness

  • But in the overlap between the two circles, where passion or skill meets usefulness, a business built on freedom and value can thrive.
  • Not-so-secret recipe for microbusiness alchemy: Passion or skill + usefulness = success
  • There’s no failproof method; in fact, failure is ofte...

291

2.3K reads

Launch

Launch

  • In the battle between planning and action, action wins.
  • You need to show people how you can help remove or reduce pain.
  • Mission statement: We help [customers] do/achieve/other verb [primary benefit].
  • “Plan as you go” to respond to the changing needs of your customers...

296

1.06K reads

“An ounce of action is worth a ton of theory.”

FRIEDRICH ENGELS

292

1.02K reads

“A desk is a dangerous place from which to view the world.”

JOHN LE CARRE

283

1.17K reads

“Your time is limited, so don’t waste it living someone else’s life.”

STEVE JOBS

290

931 reads

Features Vs Benefits

Features Vs Benefits

We tend to default to talking about features, but since most purchases are emotional decisions, it’s much more persuasive to talk about benefits.

Example: A feature is descriptive (“These clothes fit well and look nice”) and a benefit is the value someone receives from the item in question ...

286

794 reads

Urgency

Urgency

  • If you’re not sure where to spend your business development time, spend 50 percent on creating and 50 percent on connecting.
  • The difference between a good offer and a great offer is urgency (also known as timeliness): Why should people act now?
  • The message you want to communi...

292

946 reads

“Passion, though a bad regulator, is a powerful spring.”

RALPH WALDO EMERSON

276

2.05K reads

You can grow a business one of two ways:

You can grow a business one of two ways:

  • Horizontally, by going wide and creating different products to apply to different people. Horizontal expansion involves going broader by serving more customers with different (usually related) interests;
  • Vertically, by going deep and creating more levels of engagement with customers....

289

801 reads

why 1 + 1 can equal 3:

why 1 + 1 can equal 3:

……“A successful partnership (or any type of collaboration) should create a combined business which is at least 33 percent larger than the sum of what the two individuals could achieve on their own.

  • Big problems create big opportunities.
  • Our future is tied to what we do, decisio...

284

789 reads

“Catch a man a fish, and you can sell it to him . Teach a man to fish, and you ruin a wonderful business opportunity.”

KARL MARX

302

1.52K reads

Questions Before A Startup

Questions Before A Startup

  1. Impact : Overall, how much of an impact will this project make on your business and customers?
  2. Effort: How much time and work will it take to create the project?
  3. Profitability: Relative to the other ideas, how much money will the project bring in?
  4. Vision: How close of...

295

1.24K reads

Small Changes = Big Impact

Small Changes = Big Impact

  • The not-so-secret to improving income in an existing business is through tweaks: small changes that create a big impact.
  • If you operate a service-based business, consider how you can introduce a “productized” version of the service.
  • Providing both a product and a service help...

279

797 reads

The $100 Startup Model

The $100 Startup Model

  • Follow-your-passion model.
  • Build something that people want and give it to them.
  • Low startup cost.
  • At least $50,000 a year in net income.
  • No special skills.
  • Full financial disclosure.
  • Fewer than five employees.
  • Could you explain what yo...

308

3.25K reads

Give Them The Fish

Give Them The Fish

  • Give people what they really want, not just what you think they should have. Give them the fish!
  • (Passion + skill) → (problem + marketplace) = opportunity
  • You just have to find the right passion, the right audience, and the right business model.
  • The first $1.26 or fir...

296

1.34K reads

HOW TO PUT HAPPINESS IN A BOX AND SELL IT.

HOW TO PUT HAPPINESS IN A BOX AND SELL IT.

Strategy 1: Dig Deeper to Uncover Hidden Needs

Strategy 2: Make Your Customer a Hero

Strategy 3: Sell What People Buy

  • If your business focuses on giving people more of what they want or taking away something they don’t want (or both), you’re on the right track.
  • Busi...

299

1.55K reads

Show Me The Money

Show Me The Money

  • Spend as little money as possible and make as much money as you can.
  • Spend only on things that have a direct relationship to sales.
  • Borrowing money or investing a lot of money to start a business is completely optional.
  • Maintain a practice of regular rate increases so...

289

876 reads

Three Key Principles to Focus on Profit

Three Key Principles to Focus on Profit

  1. Price your product or service in relation to the benefit it provides, not the cost of producing it.
  2. Offer customers a limited range of prices.
  3. Get paid more than once for the same thing.

Also, having a high-end version creates an “anchor price.” When we see a sup...

296

864 reads

Make People Feel Good

Make People Feel Good

  • The secret to a meaningful new career was directly related to making people feel good about themselves.
  • You can pursue freedom for yourself while providing value for others.
  • Value means “helping people.”
  • The more a business can focus on core benefits instead of boring...

298

1.73K reads

Magic Formula

Magic Formula

  • KEEP COSTS LOW
  • GET THE FIRST SALE AS SOON AS POSSIBLE
  • MARKET BEFORE MANUFACTURING
  • RESPOND TO INITIAL RESULTS
  • MAGIC FORMULA: THE RIGHT AUDIENCE, THE RIGHT PROMISE, THE RIGHT TIME = OFFER YOU CAN’T REFUSE.
  • Work “on” your business by devoting time every d...

305

1.1K reads

Substance And Style

Substance And Style

  • Style without substance = flash (No one respects these people.)
  • Substance without style = unknown (Everyone who knows these people respects them, but not many people know them.)
  • Style with substance = impact (This is the goal.)
  • Remember that most core needs are emo...

297

892 reads

CURATED FROM

CURATED BY

prince_rahul

"A good idea should be like a girl's skirt; long enough to cover the subject and short enough to create interest."

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Be intentional about your pricing decisions

Be intentional about your pricing decisions

Pricing is one of the most important aspects of doing business. It is often the most difficult. Proper pricing is the difference between success and failure, between profit and loss. No matter what kind of company you’re trying to create, you will need to know how to price your product or service...

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