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Hi There, I just finished reading the book and it was very insightful. I wish I had read it before starting a business and even before I started college.
Anyway, my question(s) stem(s) from the book.
What idea should I use to make my millions (I'm kidding, hopefully my value addition can be humor)
I am all for learning new skills and do not struggle with that. I more struggle with learning skills that don't directly benefit my business so I don't have to hire them out. Where should I draw the line? I do my own marketing accounting etc. At what point should I value my time more that the time it takes to learn a skill?
My Second questions is related to the first. I struggle with polygamy in trying to run multiple businesses at once. I will typically learn a skill and figure I can easy sell it and make money. I now see I should be running it through the needs in the marketplace test. The question is what is considered sticking with one business, how close do the products need to be together? For example I think there are 3 different categories:
A. Related activities:
A financial Advisor that does taxes
Cell phone service provider that sells cell phones
Author and Speaker
Realtor and Loan Officer
B. Somewhat related activities or similar products that kinda go together:
Financial Advisor who does Mortgages
Financial Advisor and Real estate investor
Mortgage Loan Officer who does taxes
C. Unrelated Activities:
Cell phone seller that is a Loan Officer
Realtor and a Roofer
Poop Scooper and Roofer
I understand category C would by polygamy. Would 2 things in category B be considered polygamy? From the consumer viewpoint they sometimes go together, but sometimes don't. I assume products that can be sold together are not considered polygamy.
Thank you for any insight.
Anyway, my question(s) stem(s) from the book.
What idea should I use to make my millions (I'm kidding, hopefully my value addition can be humor)
I am all for learning new skills and do not struggle with that. I more struggle with learning skills that don't directly benefit my business so I don't have to hire them out. Where should I draw the line? I do my own marketing accounting etc. At what point should I value my time more that the time it takes to learn a skill?
My Second questions is related to the first. I struggle with polygamy in trying to run multiple businesses at once. I will typically learn a skill and figure I can easy sell it and make money. I now see I should be running it through the needs in the marketplace test. The question is what is considered sticking with one business, how close do the products need to be together? For example I think there are 3 different categories:
A. Related activities:
A financial Advisor that does taxes
Cell phone service provider that sells cell phones
Author and Speaker
Realtor and Loan Officer
B. Somewhat related activities or similar products that kinda go together:
Financial Advisor who does Mortgages
Financial Advisor and Real estate investor
Mortgage Loan Officer who does taxes
C. Unrelated Activities:
Cell phone seller that is a Loan Officer
Realtor and a Roofer
Poop Scooper and Roofer
I understand category C would by polygamy. Would 2 things in category B be considered polygamy? From the consumer viewpoint they sometimes go together, but sometimes don't. I assume products that can be sold together are not considered polygamy.
Thank you for any insight.
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