Think of it. It is quite easy. For a $100 product, just find 1000 buyers over the course of two years!
Well only if you remove all the factors of:
Here is a quick progression:
First month: $1,000
Second – Third month: $1,500
Five months later: Greater than $5,000
End of year: $10,000
2nd year: just double your income
Simple mathematics; right? Imagine. Just two years, and Lekki is waiting for you. You arrive! Right?
Well, it certainly doesn’t play out like that in reality. The few that get lucky still see things slow down afterwards. Most of the times walls are the big problems. Some people are good at hitting walls and going through the pain faster than others.
Illustration of Walls
“Why am I totally dead broke again?” that’s what I thought the last time I had started a business that failed. I had no income. I had just lost a bunch of money investing in my own business. I was in danger of losing my home. I was in danger of losing a marriage I eventually lost. And I was bitter: “Why, once again, am I here? ” I had made and lost millions. Couldn’t I have held onto one goddamn dime? Just once? How many times do I have to repeat this cycle? – James Altucher
The cycle there is the management of “walls”. The people who are victorious are those who manage them well – taking the extra steps and making the extra effort to be different.
1. Get ONE idea
The power of one cannot be mistaken. Just do one thing. Do it well. Do it so well that people call back to thank you for your service.
Of course, you think the process of getting this idea involves thinking of all the awesome ideas and breathtaking innovation that is happening all around you. Well YES and NO. The majority of ideas are not always new. A study from Harvard Business School reports that for every idea you beget, 7,000 other people are thinking the same. Isn’t that too much competition already? This study actually shows that the most important word in business is HUSTLE – your ability to execute well. Yes; we will come to that soon. For now, you need to get an idea. To get a truly awesome idea, list out your skills, interests, and abilities. Have an effective brainstorming session and come up with the best three ideas that utilize your unique strengths and skills.
2. Test it, baby! Test it!
The next best thing to do is test it. Ask colleagues if they would pay for the product or service you have thought up. Ask if they know anyone that would use it. What are they willing to pay for the product or service?
That way, you will be able to zero down on one idea and see how obviously people need it, this process has saved you an humongous amount of sweat and tears because if you randomly just chose any idea based on gut feeling, you could probably wind up in your closet starting all over again from ground zero.
SUMMARY of this section
1. Know your customers and be sure they have a pain/need for that product
2. Check out if they can afford it.
Find 3 to 5 people who are interested, see if they can make a down payment to help you get started. These are your first customers.
Here is a quick exercise. Have a look at the picture at the top of this post. Yes; yes. The one where the guy is pointing at whatever he is pointing at and saying something about Hustle, skittles and fingers. Simply put, hustle is the life-blood of any business. You need to work your butt off. Even when it seems that people are not noticing, keep delivering high quality service, innovating, thinking, working hard and smart. Don’t sit on your butt pretending to be busy while doing nothing.
Get your first 3 clients. No; not family members but real clients who are ready to hit you down with a bazooka when you don’t perform. That should help keep you on your toes.
4. Build your empire
How? By simply giving back that same value you gave when you had your first 3 clients and just keep expanding and innovating. Entrepreneurship is not a sprint. It is a marathon; a very long one. Build a community of like-minds, mentees, fans, influential friends around your products. E.g. Ebooks, blogs, social media, courses both online and offline.
Lastly, not everyone is an entrepreneur. If everyone was, who would work for who? And if you are not one, just gently back out and pass this to your younger cousin who you know has bristling potentials to be a successful entrepreneur.
“Not everyone is Mark Zuckerberg or Larry Page. Not everyone is going to drop out of college and create an iPhone or a time machine or a toilet that resizes itself automatically depending on who is sitting on it (although that would be pretty cool).” – James Altucher