I was inspired while going through this thread and thought it would be a cool thought experiment to try a different goal-target with the same focus on strategy, methods, and execution. No spilling the beans on exact products or services.
How would you prep? Would you try to learn something new or capitalize on your current skillset?
The Scenario
You and your very competitive best friend decide to have a competition to see who can build out a new business from scratch.
Each of you can start with $300 as your 'seed money' and that's all you can use for the initial startup.
You can increase that via additional side-hustles but no selling anything out of your garage here.
The first one to get their business to making $1k/day wins. Placing a constraint on time, you know your friend will hit the target in 6 months.
Since this is a completely made up scenario you get to insert your own reward/punishment for the winner/loser.
Here's how I would approach it:
My strengths are in coding and dev work but I want to get better at utilizing Google ads, FBA, and such so I would use my skillset to set up a sales funnel using them
I would go the e-commerce route and try my hand at drop shipping (never tried it before so I'd need to learn how) which means I'd spend the first week or two educating myself on the ins-and-outs as well as tapping YouTube, blogs, Udemy (limit myself to 1 course cuz money's tight), and the local library.
The challenge would come with getting the most bang for my bucks on the ads, I can't afford to waste money on ineffective ads and would have to really limit my daily expenditure (at least until cash starts coming in)
I'm also a big fan of automating the systems that I set up so ideally I can start earning and with the whole process working on its' own it would require very little time on my part except monitoring the ad effectiveness and making appropriate adjustments.
Once a sensible amount of money is coming in I would use the funds to scale. Adding additional items to the sales funnel for upsell as well as targeting a different niche, setting up a second e-commerce site. Rinse and repeat.
The risk is in my inexperience with this method. In all likeliness I'd botch the first attempt and have to start raking leaves, washing cars, and whatever odd job I can find to get some more money to try again.
reward to the winner: a ludicrously expensive meal at the fanciest, snootiest restaurant in town, then donate the next 6 months profits to a local charity
punishment to the loser: has to attempt to purchase a brand new super car while dressed, smelling, and acting like a piss-poor bum, winner video tapes the experience.
How would you prep? Would you try to learn something new or capitalize on your current skillset?
The Scenario
You and your very competitive best friend decide to have a competition to see who can build out a new business from scratch.
Each of you can start with $300 as your 'seed money' and that's all you can use for the initial startup.
You can increase that via additional side-hustles but no selling anything out of your garage here.
The first one to get their business to making $1k/day wins. Placing a constraint on time, you know your friend will hit the target in 6 months.
Since this is a completely made up scenario you get to insert your own reward/punishment for the winner/loser.
Here's how I would approach it:
My strengths are in coding and dev work but I want to get better at utilizing Google ads, FBA, and such so I would use my skillset to set up a sales funnel using them
I would go the e-commerce route and try my hand at drop shipping (never tried it before so I'd need to learn how) which means I'd spend the first week or two educating myself on the ins-and-outs as well as tapping YouTube, blogs, Udemy (limit myself to 1 course cuz money's tight), and the local library.
The challenge would come with getting the most bang for my bucks on the ads, I can't afford to waste money on ineffective ads and would have to really limit my daily expenditure (at least until cash starts coming in)
I'm also a big fan of automating the systems that I set up so ideally I can start earning and with the whole process working on its' own it would require very little time on my part except monitoring the ad effectiveness and making appropriate adjustments.
Once a sensible amount of money is coming in I would use the funds to scale. Adding additional items to the sales funnel for upsell as well as targeting a different niche, setting up a second e-commerce site. Rinse and repeat.
The risk is in my inexperience with this method. In all likeliness I'd botch the first attempt and have to start raking leaves, washing cars, and whatever odd job I can find to get some more money to try again.
reward to the winner: a ludicrously expensive meal at the fanciest, snootiest restaurant in town, then donate the next 6 months profits to a local charity
punishment to the loser: has to attempt to purchase a brand new super car while dressed, smelling, and acting like a piss-poor bum, winner video tapes the experience.
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