i have this business idea, what the hell do i do now?
TRANSCRIPT
I have this business idea
MeThe enemy
Some practical suggestions
Europe, Australia, PNG, Hong KongCorporate: Trainee Sales Rep => CEO7 new products2 businessesMentoring StartUpsPeter Gjersoe
Who is the enemy?
The statistics:Australia:2011 -> 2015: ‘285,000’ new businesses’*Within 36 months: 50% gone*Within 60 months: 90% gone*
*ABS: Counts of Australian Businesses, including Entries and Exits, Jun 2011 to Jun 2015
Official reasons for failures
* Cash flow problems *Unable to get enough customersUnable to build the right team
“Are we there yet?”
Only 5% are suited to be Sole traders
We live in amazing timesUBER: The world's largest taxi company: - Has no taxisFacebook: The worlds most popular media provider: - Creates no content Alibaba: The world's most valuable retailer: - Has no inventory Airbnb: The world’s largest accommodation provider: - Owns no hotel rooms
Australia
Founders born: 19782002: Founded AtlassianMarket cap: $4.37 Billion
Mike Cannon-BrooksScott Farquhar
Creating a profitable & sustainable business
Business case
Interviewing successful entrepreneurs:Accept you will need to do some selling
6 step processStep 1: Do what you loveStep 2: Pick your niche
Make it “an inch wide, but go a mile deep”Identify your ideal client
Find your ideal client’s chat rooms on social media
#3: Pick a sub-niche and become the expertBecome the go-to person: Deliver answers
Learn about their real pain (pain = $!)Solve one pain amazingly well => leverage
Create and invite people to watch a 90 sec video“The 3 biggest mistakes people make when..”At the end: (1) Checklist and (2) Call to action#1 Objective: Your list = Your future & fortune
Step 4: Create evangelistsProspect => Customer => Client => Evangelist
Value ladder
Step 4: Create evangelistsProspect => Customer => Client => Evangelist
Value ladderFree educational video in exchange
First $ exchange <$10: ‘No brainer’ low cost but High value
Gradual increase cost, and keep High value (package up)
Step 5: Create a GREAT client experience“Make it easy for your client to say Yes!”
Step 6: Be patient
Social media
PPC lead magnet: Your 90 sec video
Influencer
Gary Vaynerchukwww.garyvaynerchuk.com
1999: ‘Shoppers Discount Liquor’ $5Mill => $60Mill2005: VaynerMedia: 700+ employees
Why? Daily motivation and ‘What's happening’
Influencer
Russell Brunsonwww.dotcomsecrets.com
Why? Internet How-to guy
Influencer
www.futurescope.com
Why? Heads-up on what is happening
Eben Pagan
Last 2 suggestions
The best solution creation tool I know
Eric Ries
US universities - INTUIT and GE
A path to follow
Make it easier to explain your vision and conceptMaximise the probability of developing a winning
solutionAttract co-creators
Attract finance, and Provide ongoing updates to stakeholders
https://leanstartupmentoring.com/
Find an "Accountability partner”Review weeklyTake it seriously
Summary
Life is too short to create stuff nobody wantsTrust and work with your niche and ideal client
Be patient
To develop a profitable and sustainable business:
Getting the concepts right - TodaySources of investment – 12 AprilMarketing your business – 7 June
How to control growth – 13 September
* 2008 impact. US now 12th amongst developed nations
Influencer
Peter Thiel
PayPal -> eBay 2002: U$1.5Bill
Zero to OneOne to N
What? Book is excellent and interesting opinions
Recommendations
Books:Peter Thiel, Gary V, Russell BronsonM. Gerber: “The E-Myth revisited”
T. Robbins: “Unlimited Power”TV Programs:
SBS: “Small Business Secrets”
Gary Halbert
You want: “A hungry crowd, with money”
Decision making
If it’s not a Hell Yeah!It’s a no.
Sell what they want
Sell what they need