And as if that wasnt enough,over three-quartersof founders have faced existential problems due to Covid-19.
You only need to reach out for it and let it flow on the path of least resistance.
Lets take a look at how to do the magic.
A close focus onretentionis essential to successful scaling.
It’s free, every week, in your inbox.
Naturally, all businesses need to charge enough to reinvest in customer acquisition, but it doesnt end there.
you oughta have an additional product to offer your customers to be able to grow rapidly.
Let me explain why.
A million-dollar business corresponds to a revenue of over $80,000 per month.
If 20% of those upsell next month, it gains another $10,000.
But lets shake that up a little.
Youdontneed blogging, because that only attracts content consumers.
Youdontneed a big audience, because building it up takes mountains of work.
Youdontneed lead magnets, because freebie-seekers wont buy anyways.
Most of that stuff wont make a difference.
Instead, tear up that to-do list and reverse the revenue needle upside down.
Likewise, dont overthink data yup, I said it.
The only data you should care about in the early stages is that in your bank account.
I know, its quite simple so why do so many businesses still fail?
Well, first of all, they dont go through the thought process outlined above.
Just think of thedonut holeas a product… it works because its simple, tasty, and mouth-sized.
But were you to initially pitch it to investors, youd likely fast become a laughing stock.
So, work hard and trust yourself.
Trust me, if you become uncritical of it, its the beginning of the end.
Almost60%of startups actually change their whole business plan to prevent business failure.
So, you may not need market research, but youmustlisten to clients obsessively.
Seek feedback, develop quickly, test.
If it works, double down on it.
Be a generalist, not a specialist
Now, listen closely.
If theres no market for whatever youve got, theres no point in building a business.
You also need to be good at what you do, otherwise, you wont make it far.
But this doesnt mean it’s crucial that you become a know-it-all.
Instead, invest in a team that can fill in your gaps.
If you have a strictly educational background, you might find yourself too specialized to see the bigger picture.
Ultimately, remember that running a business takes both being curious and pragmatic.
Luckily, I have that with my co-founder: he is the professor, I am the geek.
Be open to constant learning, because the deeper you dive, the simpler it gets.
Today, I have one simple message for you.
Do the work and youll get there.
His signature hands-on approach to thought leadership has disrupted four industries, including aerospace and the early internet.
A bestselling author of I Am Not Finished.
