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GuestUser4aMPs1
Guest
How often do you see someone "fall into" an entrepreneurial path, without careful consideration whether their path was right for that person?
Inspired by this insider's thread by @MTF, and as I approach my own first exit, I've thought a lot about Business Models. There's a lot I didn't know two years ago when starting out obviously. But had I given the business model more thought, it's my belief that I'd have a business that flourished rather than one that just pays the bills. My sole regret in entrepreneurship to date is "jumping in" to a business without more careful consideration of whether or not I, PERSONALLY could make it a success.
So. Although CENTS is a GREAT business model framework, there's a lot I know I DON'T want in the next business model that isn't taken into account by CENTS.
For example...
1: Competition & Commoditization. New copycat companies pop up every weekend, it's insane. In the next business, I want to win based on the inherent value of the product I provide. Not by who can sell better. Competition has to be either complacent or nonexistent.
2: Little Interaction with Customer, Before and Post-Sale. Services lends itself heavily to client interactions...from the sales process, through fulfillment, all the way through post-sale which I've grown tired of. I'm decent at driving PPC traffic for my own business and getting you on the phone to buy stuff, but that doesn't mean I want to. The next business model will require as little interaction from the customer as possible, such as physical goods or digital products.
3: I don't believe in the service and hate the industry as a whole, for many reasons. I had only jumped in because of the MRR component and it was something I knew how to do. Next business will be in something I can at least NOT hate. Being in an industry, whether you're an entrepreneur or not, is a miserable existence.
From this list, I can begin to expand on and consider a longer list of personal criteria for the next business model. I understand that this will shut me off from opportunities that exist outside this criteria, but I'd rather run with a business that is a better personal fit (and thus has a higher probability of success) than a HUGE opportunity with a low probability of success because it wasn't a good personal fit. I'd also probably be miserable.
I have a few dozen other things I could weigh a business model's personal worth to me, but am curious to hear from everyone:
Beyond this list, What is YOUR personal criteria for going into a business?
...Or is it even a thought before jumping in?
Inspired by this insider's thread by @MTF, and as I approach my own first exit, I've thought a lot about Business Models. There's a lot I didn't know two years ago when starting out obviously. But had I given the business model more thought, it's my belief that I'd have a business that flourished rather than one that just pays the bills. My sole regret in entrepreneurship to date is "jumping in" to a business without more careful consideration of whether or not I, PERSONALLY could make it a success.
So. Although CENTS is a GREAT business model framework, there's a lot I know I DON'T want in the next business model that isn't taken into account by CENTS.
For example...
1: Competition & Commoditization. New copycat companies pop up every weekend, it's insane. In the next business, I want to win based on the inherent value of the product I provide. Not by who can sell better. Competition has to be either complacent or nonexistent.
2: Little Interaction with Customer, Before and Post-Sale. Services lends itself heavily to client interactions...from the sales process, through fulfillment, all the way through post-sale which I've grown tired of. I'm decent at driving PPC traffic for my own business and getting you on the phone to buy stuff, but that doesn't mean I want to. The next business model will require as little interaction from the customer as possible, such as physical goods or digital products.
3: I don't believe in the service and hate the industry as a whole, for many reasons. I had only jumped in because of the MRR component and it was something I knew how to do. Next business will be in something I can at least NOT hate. Being in an industry, whether you're an entrepreneur or not, is a miserable existence.
From this list, I can begin to expand on and consider a longer list of personal criteria for the next business model. I understand that this will shut me off from opportunities that exist outside this criteria, but I'd rather run with a business that is a better personal fit (and thus has a higher probability of success) than a HUGE opportunity with a low probability of success because it wasn't a good personal fit. I'd also probably be miserable.
I have a few dozen other things I could weigh a business model's personal worth to me, but am curious to hear from everyone:
Beyond this list, What is YOUR personal criteria for going into a business?
...Or is it even a thought before jumping in?
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