This is the new way to winApr 29, 2021
I’ve got a challenge for you. Instead of trying to be the best at something, try focusing on being first or being different.
I spoke about this on the Psychology of Entrepreneurship Podcast with Ronsley Seriojo Vaz.
I think big companies eventually get into a mode where they only do it one way and that tends to be where they just borrow dollars and they just throw money at things and money is time, people, and resources.
They want to make the best thing. They have lots of capital and they throw it at the best agencies and the best developers and the best specialists. What often happens is that their goal of launching the best product comes with delay.
Whereas I think what a lot of other companies do – ones that are growing fast – are focused on being first or different. They completely ignore all of the customers that those companies are focused on, and they just focus on serving other customers really, really well. In doing that, they will probably evolve some features that other customers might eventually like and use that product, and slowly over time you are going to board the island in that way.
I tend to work towards 'first' and 'different' rather than 'best' and therefore solving that problem from the perspective of a more mild approach. It’s from the book, The Innovator’s Dilemma, by the late Clayton Christensen.
Christensen explains, “Disruptive innovation generally has to cause you to have to go to after new markets. People who aren’t your customers. And the product that you want to sell them is something that is so much more affordable and simple that your current customers can’t buy it. So the choice that you have to make is should we make better products that we could sell for better profits to our best customers, or maybe we ought to make worse products that none of our customers would buy that would ruin our margins...That really is the dilemma.”
I love this strategy because it can build new customers and build a moat around your business.
Whatever you’re doing in your job, whether you’re working on a new business idea or you work inside an organisation, how can you be first or be different?
⚡️ CRYPTO UPDATE ⚡️
- Instead of cash rewards or frequent flyer points on credit cards, Social Finance Inc. (SoFi) is offering their cardholders to cash in their 2% back on bitcoin and ethereum
- MasterCard has teamed up with Gemini to offer 3%, and Visa with blockFi for 1.5%
- PayPal users can now link wallets to Coinbase to buy crypto, but be sure to check the fine print on the fee – almost 4% for payment processing
- While bitcoin miners are HODL’ing, US$3.6 billion in bitcoin options are set to expire today.
- Will Elon Musk’s appearance on Saturday Night Live push the coin closer to $1? Is it time we build a statue to the people’s coin?
⚡️ INSTA INSPO ⚡️
Ideas not executed are dreams.
Everyone has a dream. Some people have many dreams. But the ones who make their dreams come to life by GOING LIVE will never live with regret. Even if their dream doesn’t work out.
Don’t leave your idea as just a dream. What’s 1 thing you can do today, right now, to build your idea?
Here are some things you can do today - with no money:
⚡️ make a phone call
⚡️ write down your idea
⚡️ send an email
⚡️ start an @instagram account
⚡️ post it on @facebook
⚡️ ask someone for feedback
⚡️ go through the customer journey of your competitor (without making a purchase, or make a purchase if you can)
⚡️ build a website
⚡️ write 1 blog post
⚡️ read an article
⚡️ watch a video
Go Live with Fred Schebesta: How to develop your business idea
This week I held our first LIVE webinar Q&A for all the hustlers in my masterclass. I am so fired up right now 🔥 and can’t wait to see how these business ideas develop.
If you enrolled in the class but couldn’t make it to the webinar, I’ll share the recording with you soon.
If you’re keen to jump into this course and launch some rockets click here to check it out.
If you haven’t hit that button, subscribe to The Weekly for more stories and tips to get you inspired for the week ahead.
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⚡️ Clubhouse: @fredschebesta
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