Often it comes down to a few simple Mistakes Made by Entrepreneurs they make along the way…
There are an awful lot of ‘wantrepreneurs’ out there.
These are people who want to be entrepreneurs, who maybe even tell people they are entrepreneurs, but who somehow lack that magic spark that they need in order to go out and change the world.
The question is: what is the difference between these people and those people who really do have breakthrough innovations?
Mistakes Made by Entrepreneurs: Talking Too Much
A lot of people I meet who have exciting ideas for apps, websites or products, will make the mistake of telling me all about it.
Which is not a problem because of intellectual property or anything like that.
It’s a problem because I can tell they’re never going to make it happen.
These are people who enjoy ‘playing business’.
People who love talking the talk but don’t actually want to do the work.
Instead of talking… do.
Mistakes Made by Entrepreneurs: Not Talking Enough
Then again, you also get the other type of entrepreneur who has an idea that they think is the best thing in the world and then they get incredibly protective over it.
This person refuses to tell anyone what they’re doing and they have a very hard time getting backers or convincing people to be interested as a result.
You know what? When you tell a potential consultant that you can’t tell them your idea, that’s insulting.
Ideas are a dime a dozen.
Execution is what counts.
So get over yourself: you need all the help you can get!
Not Talking Enough: Being Perfectionists
If you have an idea that is a big risk, then you need to get out there and make it happen as soon as possible.
What you can’t afford to do, is to spend years perfecting it and hiring designers and lawyers and anyone else you can in order to make it into something perfect.
This strategy involves investing too much time and money into an idea upfront.
And when you do that, you have a break even that is years away and you run the risk of losing everything you’ve put into it.
Instead, release an MVP quickly – a Minimal Viable Product.
This is a rough version of your product that you will then be able to test.
If people start buying that, the you can invest more into it.
If not, then you move on to the next project and don’t waste any more time.
It’s what they call ‘fail fast’ in the business!
How to Turn a Service Into a Product to Create a Ground Breaking Business Model
If you want to change the world and get rich doing it, a good place to start is to take a look at some of the people who have managed it already.
One of the best examples of that is Matt Mullenweg.
Mullenweg is the creator of WordPress, which in turn is a tool that you use to build websites.
The great thing about WordPress is how easy it is, as well as how flexible it is.
It ultimately lets you create things that you just wouldn’t be able to create on your own.
WordPress now powers 25% of the internet and makes money by taking a commission when a web developer sells a theme or a plugin built using the service.
This business model along with the huge success of the platform ensures that Matt is fairly well taken care of in terms of finances…
But is this something you can replicate?
The idea behind WordPress was remarkably simple: Matt was looking to put himself out of work.
What he did here was to productize a service, meaning that he would replace the web design service he provided with a tool that cold do it for him.
This is how a huge number of SAS businesses are born.
SAS is ‘Software As Service’ and it basically means that you’ve written a piece of software – often B2B – that will provide an important service to the end user.
Another example of this might be a fitness app that trains the user.
This has taken a service usually provided by an individual (a personal trainer) and turned it into an app that can be run on the phone
The advantage of SAS is the convenience that it offers the user as well as the scalability it offers you.
Imagine trying to build 25% of the world’s websites – the amount of man hours and admin it would take would be extraordinary.
But with a piece of software that builds websites? It becomes possible.
And the profit you can get from that becomes possible.
So now it’s time to ask yourself: can you turn the service you provide into a product? Could a program do what you do for a living? Make sure you invent it before someone else does!
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