How do you determine your worth?May 13, 2021
When you’re starting out a new business venture or side hustle, how do you know what you’re worth?
This was the topic in today’s episode of Ticker Ventures where I spoke to Sophia Choi who is starting a strategic partnerships consultancy.
Pricing your services and establishing a commercial model is always challenging because you want to try and create an ongoing revenue stream. That’s the ultimate goal. I talk about developing a commercial model in a Vision Document in my MasterClass – check it out here.
For more tips on starting your business model, click here to watch the full episode.
⚡️ Crypto update ⚡️
Bitcoin took a dive yesterday after Elon Musk tweeted that Tesla will suspend bitcoin payments citing “increasing use of fossil fuels for Bitcoin mining and transactions.” BTC is now sitting at just under US$50K and US$473 BILLION was wiped off the crypto market.
Elon, I’m a big fan but you’re wrong on this one. Here’s why:
- It’s claimed that 75% of bitcoin miners use renewable energy
- Bitcoin mining uses about 10x LESS ENERGY than the banking system and LESS THAN HALF of what gold mining uses.
- The difference we're talking about here is monumental and if instead the banking system was transitioned to cryptocurrency, we'd have a way better power equation.
- Founder of MicroStrategy Michael Sailor reports that the world produces 160,000 TWh every year, 50,000 TWh of which is wasted and bitcoin uses just 120 TWh.
In other crypto news:
- The world's youngest cryptocurrency billionaire, Ethereum co-founder, Vitalik Buterin, has donated the proceeds from selling off his 50 trillion Shibu Inu tokens worth $1.14 to India’s COVID relief fund.
- eBay has announced that it will allow NFT’s to be bought and sold on the platform.
- A Las Vegas casino has partnered with Gemini to become the first crypto-friendly casino-resort
- Mark Zuckerberg released a photo of his two pet goats named Bitcoin and Max.
⚡️ Insta Inspo ⚡️
I see it as a strategy, to burn out and realise that’s everything you’ve given and that’s all the energy you’ve got.
This is not a strategy for everyone. But for me, I like to push myself to my limits and past breaking point. Especially when I’m in flow.
Then I stop and rest. I take some time to recover by sleeping, doing some meditation, going for a run, eating a chicken burger 🍔
Go Live! With Fred Schebesta: How to Develop Your Business Idea
In this 6-step online course, I will teach you how I develop business ideas. I’ll share with you my strategies, formulas, and templates that I always use to build successful companies.
Each step includes a 30-minute video, and a worksheet full of resources, case studies, and links to incredible stories that will inspire you to Go Live! There’s also a bonus case study interview and a challenge to do in each step to help you take action and Go Live!
Here’s a recap of each step:
Step 1: The Entrepreneur Mindset
This is all about growing your confidence to Go Live with your business idea. I share my rules on building a growth mindset and set your first challenge, something that I personally commit to at the start of every year.
Step 2: How to Come Up with an Idea
This step is all about discovery. You’re building out your strategy while taking a journey of discovery and enlightenment.
Step 3: How to Determine if it's a Good Idea
The ideation step is about how to determine if it’s a good idea. It’s where your vision becomes reality because it’s going to be written down on a Vision Document.
Step 4: How to be an Expert in Your Idea
Step #4 is about learning how to be resilient, how to take on mistakes, failure, and rejection, and embrace these as positive experiences by reflecting and learning from the process.
Step 5: How to Test Your Idea
In Step #5 I’m going to share with you my formula for testing out an idea.
Step 6: How to Pivot Your Idea
We are going to lean into failures and wrong turns, and use them to pivot and get on the right track to building an incredible business idea. This is when you’re going to learn how to flex your entrepreneurial grit!
PLUS for the first 25 to sign up, I’ll review your vision document and send you feedback.
There are limited spots available. Don’t miss out on making your dream a reality.
⚡️ SUBSCRIBE ⚡️
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⚡️ Clubhouse: @fredschebesta
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