Showing posts with label Making Money. Show all posts
Showing posts with label Making Money. Show all posts

Friday, 17 July 2015

THE SINGLE BIGGEST REASON MOST ENTREPRENEURS FAILED IN 2014.


Exactly two years ago today, I woke up at 5 in the morning. Yes, I was suffering from our generation’s new   sleeping problem. It is caused by too much blue light, especially when you stare at your cell phone before sleeping, which leaves you awake after only a few hours of sleep. I thought it was useless to try sleeping any further, so I decided to get up and start working.


After checking my emails, I found myself on Twitter. One of the tweets took me to an article about Ruby on Rails on TechCrunch. That article took me to Codeacademy, where I discovered you can actually learn how to code.
Then I was distrupted by a call from a friend of mine. During the call, I realized that day was actually the birthday of a friend of mine so I got on Facebook where the top post on my newsfeed was about a new social network.
I went to check what it was about and holy sh*t, that SoundCloud the article was talking about was actually such a cool thing. I spent another two hours on it.


Read: Have you heard about the social network that wants to transform the Speaking Industry around the World? SpeakersBay.com is set to launch soon!!!  Follow @SpeakersBay

Guess what? I even came up with a new startup idea that could be much better than SoundCloud! Soon, my mind was exploding with amazing ideas and I was exhausted.
Oh wait, I just saw another tweet. This time it was about “HOW TO blablabla IN blablabla STEPS.” That tweet took me to Inc.com where I spent another…

OK, STOP. FC*K  ME, I WAS AN ENTREPRENEURBut it was 2 a.m., the middle of the night, and I had truly wasted another day doing nothing but jumping from one website to another.
I had a headache and felt so much pressure on my forehead. I was in bed with my cell phone logged into Facebook.
Oh, I also realized, I never wrote to my friend to wish him a happy birthday.
That day, two years ago, I decided to change the way I work because I was finally so fed up with the one thing that made me fail over and over again:

“I WAS THE DISTRACTED MISERABLE GUY JUMPING FROM ONE WEBSITE TO ANOTHER, FROM ONE IDEA TO ANOTHER, WHILE GETTING ABSOLUTELY NOTHING DONE.”
OH, I ALSO FOUND IT COOL TO CALL MYSELF AN ENTREPRENEUR.
Distraction is the new illness of our generation of entrepreneurs. There is too much noise, too much information overload. If you don’t start controlling your environment, you are destined to FAIL.
Of course I had my excuses such as,

“But I am an entrepreneur and I need to be inspired,” “I need to learn new things if I want to become a successful entrepreneur and I am just curious”

Yes, it’s true. We, the entrepreneurs, are curious. Actually, the problem is, we are SO CURIOUS AND CRITICAL ABOUT EVERYTHING that we are constantly distracted while getting nothing done.

Here is what I did that has since revolutionized my life:
1.CONTROL YOUR ENVIRONMENT, YOU LITTLE BRAINY.
Entrepreneurs are the smartest people I have ever met. I don’t think it’s just because they are born to be so, but also because they use their brains much more than their peers working in the corporate environment, who are usually checking the clock to call it a day and go home.
Use this to your advantage and control your life. It all sounds easy, but how will you implement them on a day-to-day basishe things you will get done that day. Key: Don’t over-target. Be r
2.FIND THAT FAMOUS “ONE SINGLE THING” THAT YOU ARE INSANELY PASSIONATE ABOUT
Come on. It’s not rocket science. You are not looking for the love of your life. If you are reading this, I assume you have spent at least 18 years on this planet and have at least an idea of what you like and what you don’t. Remember, you don’t have to reinvent the wheel.
Discover what you are really passionate about and what you would change in your life or people’s lives. Think about what one thing you can do better than others, or how you could improve an existing problem.
I understand you need inspiration, but wasting a million days in a row jumping from one distracting website to another won’t help you find the idea of your life.
How do you make sure you’ve found that one single idea? Maybe Mark Cuban can help with his  12 Rules for Startups

“Don’t start a company unless it’s an obsession and something you love. If you have an exit strategy, it’s not an obsession”
3.       
       3. YOU FOUND THE THING OF YOUR LIFE? GREAT! NOW DO ONE THING: START!
Stop the vicious cycle and just start. You will be impressed by how many people will contact you or will want to work with you once you begin. Scratch your idea onto a piece of paper (yes, just on a piece of paper) and walk out of your apartment. Talk to people.
By the way, get a life and stop that bullshit of, “What if they steal my idea?” Talk to as many people as you can. Let them steal it if they really will, but you will kick their ass.
Please also stop saying, “I need to find an investor.” How about making some sales first?


Maybe you will even realize you don’t need to give any share of your business to an investor. Even if you really need an investor, by making some sales, you will have a stronger hand to play.
In my case the former happened. After making some initial sales and seeing such a high customer repeat rate, I decided I was not willing to give up any share of my startup, PIQERS.

4. NOW THAT YOU’VE STARTED, HERE IS WHAT YOU SHOULD REMEMBER EVERY SINGLE DAY: SAY NO TO OTHER IDEAS, KEEP DOING ONE THING, AND DO IT REALLY WELL
Just because you started working on your idea doesn’t mean you won’t meet distractions along the way. Your mind will be about to explode with all the ideas you can apply to your business, the many features you can add to your product, etc.
Keep your focus. Say no to distracting ideas. If you keep doing that, another thing that will impress you will be the power of what you studied in your marketing book: word of mouth.
You will be truly impressed by the number of people coming back and asking for more work. Who cares about competition? You are just beating yourself. Isn’t that what matters in the end?

5. OH, BY THE WAY, STOP GIVING A FU*K TO WHAT OTHER PEOPLE THINK.
If you are an entrepreneur because you want to prove other people that you are successful, then please go back to step one above. Make sure you are following your passion because you have a vision and you are out to change something in this world.
Otherwise, this will kill you. You will have difficulty focusing and you will keep being distracted because you won’t really be passionate about getting anything done.
Now what? Stop wasting your time reading this article and get your ass back to work.


This article was also published on The Next Web. Posted by Ali Mese.
Credit: Ali Mese Founder & CEO @piqers

Tuesday, 14 July 2015

HOW TO MAKE AN EFFECTIVE MARKET RESEARCH part 2


Effective Market Research: Numerical Calculations.
Mathematics is global language so we are going to apply simple numerical calculations to accurately know what will perfectly sell online...
Applying a simple numeric 0 through 5 rating system to each Point of Failure is the best way to Qualify a product overall. 0 (zero) would be no impact at all, and 5 would be maximum impact, and an automatic disqualification of the product.



The CIP (Cumulative Impact Point) Score
Use the following system to apply a CIP Score to each of the Points of Failure when Qualifying your product:

Market Segment: 
Consumer = 0 points.
Consumer products reach the widest possible consumer base. The fact that a product is a general Consumer product has no negative impact on its likely sales online.
Prosumer = 2 points.
Prosumer products reach a narrower consumer base and require specialized knowledge to sell, which makes them a less likely candidate for the widest possible consumer audience and creates a higher level of difficulty in sales.

Professional = 4 points
Professional products reach a MUCH narrower consumer base. These products require professional handling and expertise to use or install. Professionals who use them most likely already have their own physical-world suppliers, and they're much more difficult to sell online. 


Size: 
0 Points if the product is under 150 pounds and the shipping dimensions are within UPS, FedEx and USPS limits. 
5 Points if the product is over 150 pounds or over any of the UPS, FedEx and USPS limits on shipping dimensions (size of box, etc.) This is an automatic disqualification. 

Integration: 
0 points if the product is stand-alone and no integration is necessary.

1 5 points if the product has to be built into or integrated into something else in order to function, with 1 point being simple integration and 5 points being something that has to be built into another type of product or enclosure in order to function. 5 points is automatic disqualification.

Visualization:
0 points if consumers regularly buy the product online and there is no need to see and touch the product.

I 5 points if the product is something that consumers may feel a need to see and touch before buying, with 1 point being the slightest need, and 5 points being an absolute need. 5 points is automatic disqualification.

Urgency:
0 points if there is no urgent need to have the product in hand right away.
15 points depending on the potential need of the consumer to want to have the product in hand with some sense of urgency. 5 points is automatic disqualification. 

Ideally, the product line you choose would have 0 (zero) CIP Score, which means it scores 0 on all Points of Failure. 

Let’s go through a couple of examples of Qualification.

Read: HOW TO MAKE AN EFFECTIVE MARKET RESEARCH  part 3

Credit to worldwidebrands.com