TheWiseGuy
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Author's Note:
This thread is mostly intended to be a personal diary. I'm not expecting people to skim through my intimidating blocks of text. However, the chance of somebody doing so and becoming inspired encourages me to post it freely on the forum.
Moreover, this is likely more suited to the "INSIDER" forum. Quite frankly, I can't afford it right now, and my goal is to buy a membership when I'm profitable. In my earnest attempts to encourage people in a similar position, I won't vacate this execution thread when I upgrade to an INSIDER.
- TWG
So, I'm now in my third attempt of building a successful business.
My previous business was a service in which grieving pet owners could create their own pet storybook to honour their pet's life.
For the first time in my entrepreneurial journey, I actually got somebody to hand over their cash in exchange for my service.
However, as time passed, I realised the gaping holes which resided in my business model.
Some of which were:
• Extremely high CAC
• Niche within a niche market–contingent on too many things
• Each order was made to order, requiring a lot of time and eliminating any chance of getting into retail
Despite my greatest efforts, I had to eventually shut it down. As a result, I lost roughly €800-900 – something that I don't consider as a "loss" but as a tuition. 5 years of college couldn't have taught me what I learned from this venture.
Fast forward to a little under a year later, and here I am, starting again. But this time, I'm coming back with a series of lessons to apply to my next venture.
“Failure is simply the opportunity to begin again, this time more intelligently.”
-Henry Ford
Put simply, this failure does not cause me a great deal of shame, nor embrassment. In fact–it gives me confidence, hope and energy. Mr.Failure is the world's most misunderstood man (something I go into more detail about in a previous thread of mine).
So, what am I aiming for?
A physical product that adheres to:
LSIS.
Lifetime Value.
Scale.
Innovation.
Simplicity.
Trying to sell a made to order product with no customer lifetime value made me realise the importance of these four things.
I'm now back in the "idea" stage, and my plan is subject to change. Perhaps it won't be a physical product, but this is the framework I'm exploring.
A major inspiration to me is Aaron Krause, who invented "Scrub Daddy". Simple products that you can touch intrigue me, and Scrub Daddy is the perfect product with the perfect business model.
For now, my goals are as follows:
1. Create an idea within my mind.
2. Scrutinise this idea against everything I've learned in the past year and the CENTS framework. This step also includes market feedback etc.
3. Begin executing.
In acquiring an idea, I must be perceptive to problems and pain-points. Each of my intended solutions will be noted and passed on to step 2. If it passes step 2, we begin step 3. Multiple ideas may pass into step 3, which will then be evaluated using MJ's WADM: Weighted Average Decision Matrix.
Somewhere in my mind, an idea has been sleeping. It's time to awaken it.
Hammer on.
This thread is mostly intended to be a personal diary. I'm not expecting people to skim through my intimidating blocks of text. However, the chance of somebody doing so and becoming inspired encourages me to post it freely on the forum.
Moreover, this is likely more suited to the "INSIDER" forum. Quite frankly, I can't afford it right now, and my goal is to buy a membership when I'm profitable. In my earnest attempts to encourage people in a similar position, I won't vacate this execution thread when I upgrade to an INSIDER.
- TWG
So, I'm now in my third attempt of building a successful business.
My previous business was a service in which grieving pet owners could create their own pet storybook to honour their pet's life.
For the first time in my entrepreneurial journey, I actually got somebody to hand over their cash in exchange for my service.
However, as time passed, I realised the gaping holes which resided in my business model.
Some of which were:
• Extremely high CAC
• Niche within a niche market–contingent on too many things
• Each order was made to order, requiring a lot of time and eliminating any chance of getting into retail
Despite my greatest efforts, I had to eventually shut it down. As a result, I lost roughly €800-900 – something that I don't consider as a "loss" but as a tuition. 5 years of college couldn't have taught me what I learned from this venture.
Fast forward to a little under a year later, and here I am, starting again. But this time, I'm coming back with a series of lessons to apply to my next venture.
“Failure is simply the opportunity to begin again, this time more intelligently.”
-Henry Ford
Put simply, this failure does not cause me a great deal of shame, nor embrassment. In fact–it gives me confidence, hope and energy. Mr.Failure is the world's most misunderstood man (something I go into more detail about in a previous thread of mine).
So, what am I aiming for?
A physical product that adheres to:
LSIS.
Lifetime Value.
Scale.
Innovation.
Simplicity.
Trying to sell a made to order product with no customer lifetime value made me realise the importance of these four things.
I'm now back in the "idea" stage, and my plan is subject to change. Perhaps it won't be a physical product, but this is the framework I'm exploring.
A major inspiration to me is Aaron Krause, who invented "Scrub Daddy". Simple products that you can touch intrigue me, and Scrub Daddy is the perfect product with the perfect business model.
For now, my goals are as follows:
1. Create an idea within my mind.
2. Scrutinise this idea against everything I've learned in the past year and the CENTS framework. This step also includes market feedback etc.
3. Begin executing.
In acquiring an idea, I must be perceptive to problems and pain-points. Each of my intended solutions will be noted and passed on to step 2. If it passes step 2, we begin step 3. Multiple ideas may pass into step 3, which will then be evaluated using MJ's WADM: Weighted Average Decision Matrix.
Somewhere in my mind, an idea has been sleeping. It's time to awaken it.
Hammer on.
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