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Ideas Are Great, But Execution Is The Best. Here's Why
Profitability
The profitability of an idea is a framework that contains two parts:
- What comes in: People, resources, funds and time.
- What goes out: How big a step you can take toward reaching your goal.
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IDEA EXTRACTED FROM:
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Key Ideas
Details are important
Entrepreneurs naturally have big dreams and the willingness to follow them. But, they often disregard the details that go along with execution.
Goals are critical, but without understanding what goes into the execution can greatly injure your company. Profitability is such a concept that needs to be considered.
Profitability
The profitability of an idea is a framework that contains two parts:
- What comes in: People, resources, funds and time.
- What goes out: How big a step you can take toward reaching your goal.
It is important to make money
Money is a way of creating a measurable goal. Some goals align with giving back, but, in order for you to further any goal you have, you will need money.
The concept of profit
The fundamental idea of profit is to determine if and why an idea is worth your time.
If you have to spend more money to gain less, you need to have a great rationale to do it.
The time lag
Not every opportunity will bring in profit right away. An idea now can mean more profit later on. An early investment in a product can pay off massive dividends down the road.
However, you need to have a well-informed opinion on the timeline as well as how much money you might need to invest until you reach that point.
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What's Holding You Down
Some people allow fears to keep them stuck in their situations. Fear has the ability to keep you stuck and control your mindset.
You can silence it by stating this fear out loud and becoming familiar with the worst-case scenario.
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Mentally Prepare
Think if you are willing to sacrifice your free time to struggle to establish a side hustle and if you can handle the consequences of it.
If you are willing, develop a system of ...
Your Skills And Areas Of Interest
Acquire relevant skills, experience or industry knowledge necessary and ensure you have the passion and competence for what you are going to work on.
A good start is to monetize the skills you already have that are related to the side hustle you want to establish this. And if you lack key skills that relate to your interests or the side hustle you want to create, there's no better time than the present to learn them.
Validate Your Side Hustle
Your side hustle idea may seem awesome and disruptive to you, but your potential customers will likely ignore it like most “brilliant ideas” or even not have a need for it. So, ensure you're not creating a solution to a problem that doesn't exist, as this is one of the top causes of startup failures.
You can do that with objective feedback from potential customers and asking them to join a waiting list, pre-purchase your solution or hire you as a service provider.
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See Your Side Hustle as "Me Time"
When choosing your side hustle, pick something you want to do, be or achieve, and actively work toward it. Not only will you enjoy the sense of accomplishment that comes with progress...
Always Default To Action
Spend some time planning. Then spend a lot more time doing. If you're unsure, do something -- and then react appropriately.
It's easy to think and plan and evaluate yourself out of ever starting a side hustle. See starting a side business as the grand experiment it is. Never forget that the fun is in the doing -- not the thinking.
Only do What Generates Revenue
You may need to spend some time on admin and infrastructure. But you don't need fancy spreadsheets, comprehensive reports, a catchy brand or a mission statement.
Successful side-hustlers focus on selling and working. Anything else is time taken away from generating revenue.
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