Getting Started - Ready, Fire, Aim: Stage 1 (0-$1M)

[theag]

Wasted 2mins of by life.

Judging from your posts so far and the personality you exhibit in this thread, you are actually wasting 24h of air each day.

 

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[Andy Black]

From Michael Masterson's book "Ready, Fire, Aim".


Stage One - Infancy (Zero to $1M in annual revenue)


Main Problem:

• You don't know what you're doing. (lol... I can relate)

Main Challenge:

• Making the first profitable sale.

Main Opportunity:

• Continuing to sell until you have achieved a minimum critical mass of customers.

Skills needed:

1. Getting things going.
2. Selling.

My notes:

• You're trying to find a product that people need and are willing to pay for, then find the Optimum Selling Strategy (OSS) for that product.
• Once you're selling profitably, then focus on that product and scale, scale, scale.
• Stage 2 is when you plateau with this product and then start building other products to sell to your customer base.

 

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[Andy Black]

I'm sure @kph200 regrets causing all the fuss, and he's apologised already so that's grand.

I'm also sure he's not the only person to read Michael Masterson's summary of the starting stage of any new entrepreneur's journey and dismiss it as being too basic.

Is that another mindset issue we have?

That it couldn't be as simple as that?

That the two biggest skills we need couldn't just be "getting things going" and "selling"?

Would you be surprised to learn that someone thinks the biggest problem for most of us (myself included) is that "we don't really know what we're doing"... aka WE are our biggest problem.

Sh*t man... that resonates with me.

IMO, you have to have a really deep understanding to be able to explain anything that simply.

 

[JasonR]

Michael Masterson says that you can (and he even recommends it in case you have no idea what else to pursue product-wise) do me-too products first and then come up with new ones (that generate the main profit. the frontend products are part of sales funnel and should pull in costumers). He also recommends to look up "hot" products in the market. So he's recommending to go into a highly competitive market or a market that is hot. So others on this forum recommend this too but add the fraction : "always add value" (comes up everytime in relation to FBA and doing a product in a highly competitive niche. Guys like bio always say: go, do it, as long as you add value (or a zipper, or another colour or and so on and so forth))

I think that the opinion of masterson is a totally different one in comparison to MJ's regarding new products/innovation?

I want to ignite a discussion and are totally open to other opinions! In case I got something wrong please tell me...

I don't think what MJ is saying in his book is to ONLY pursue new products that are super innovative or that don't exist. What he IS saying is you need to provide a GOOD product that does deliver value. Even if thousands are selling similar products.

At the Fastlane Summit in '15 MJ talks about how he believes in product based businesses. He used a local pizza/Italian restaurant (Oregano's in the Phoenix area) as an example. They make EXCELLENT pizza. They are always busy and have a long wait on weekends. Sure, you could get Dominos, but it's not an Oregano Pizza.

I don't think Masterson is saying sell the exact same crappy Chinese kitchen gadget everyone else is doing. What I took from it as look for MARKETS and that products that are dominating. Can you do it better? Can you do it more efficiently? Do you have a strategic advantage that others don't? Can you market it more effectively?

I think so many aspiring entrepreneurs get caught up in doing something that no one else is doing, that they think the market wants, only to work on it for 2 years and realize no one wanted their contraption/gadget/software.

Start with a MARKET. Look at what people are already buying - what people ALREADY want. Innovate if you can, but you must find some sort of strategic advantage or become a master of whatever it is you're doing.

Millions have been made on "me too" products, so don't necessarily be afraid of them. Always look for an advantage, and what additional value you can offer. So you want to sell pizza? Make it the BEST pizza with the FRESHEST ingredients people have ever tasted. Or, have the FASTEST delivery time than anyone else. Or do both if you can. Are you getting the picture...?

You will read in Masterson's books that USPs are very important. You need one to outlast the competition and dominate your industry. There are millions of "me too" products waiting to be improved upon and sold to the masses. My first successful product was a "me too" product with a very unique spin, and it sold extremely well.

 

[Andy Black]

Wasted 2mins of by life.

Go read the book...

 

[ZeroExile]

Wasted 2mins of by life.

Were you expecting to make 1m because of the title?

 

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[ZCP]

I got that if you don't know what to do, copy the others in your market to get started. Whether that be advertising types or product features. I think his point was DO NOT let it hold you up from selling one!

Once selling, then you can get feedback and make changes..... to the marketing or possibly to the product.

 

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[Andy Black]

Content of this thread is too regular or basic.

It's genius because it's so simple.

I didn't write it btw... I'm not smart enough to summarise stage 1 problems and the solution so simply.

Seriously though, go read the book. Highly recommended.

 

[Digamma]

I'm also sure he's not the only person to read Michael Masterson's summary of the starting stage of any new entrepreneur's journey and dismiss it as being too basic.

It's a system. Systems look unimportant only to people who never actually put themselves in the position of needing them. The steps to starting a venture are one of those things that look easy from the outside.

How is the book, Andy? Does it blueprint other steps?

 

[GSF]

Arrived the other day;


I've read his other books but I'm liking this book, has a good mix of direct response marketing and start up business advice, his writing style is easy to read and this is someone who knows what he's talking about has a lot of experience, he's also the creator of the blog/newsletter earlytorise.com for those who didn't know already, I put this up there with MFL

 

[theag]

Content of this thread is too regular or basic.

You obviously dont know what the F*ck youre talking about.

 

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[Andy Black]

Awesome, awesome book. I've listened to it twice (it's easy to listen to on audible), and the hardcopy arrived this week that I'm working my way through.

Michael Masterson defines 4 stages and, even though the first is the most applicable to me (and most of us probably), it's worth looking at the others even if it's just to make you realise you need to 100% focus on this first stage and that the other stages will be covered when you're there. Cross those bridges when you get to them.

I think this book is the current MJ giveaway too, so add yourself to the list if you haven't already.

 

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[Michał Kóska]

Simple and nice,

Don't forget folks that first you need to earn a $10, $100 to make your way up to the millions,

You won't earn $1000000 in the 1st transaction

Keep these post coming @Andy Black

 

[JokerCrazyBeatz]

It took me soooooooooooooooooooooooooo long to understand this thread , longer then im willing to admit.

But now i see how genius it is . And now im on my way

 

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[Deceiver]

I don't think what MJ is saying in his book is to ONLY pursue new products that are super innovative or that don't exist. What he IS saying is you need to provide a GOOD product that does deliver value. Even if thousands are selling similar products.

At the Fastlane Summit in '15 MJ talks about how he believes in product based businesses. He used a local pizza/Italian restaurant (Oregano's in the Phoenix area) as an example. They make EXCELLENT pizza. They are always busy and have a long wait on weekends. Sure, you could get Dominos, but it's not an Oregano Pizza.

I don't think Masterson is saying sell the exact same crappy Chinese kitchen gadget everyone else is doing. What I took from it as look for MARKETS and that products that are dominating. Can you do it better? Can you do it more efficiently? Do you have a strategic advantage that others don't? Can you market it more effectively?

I think so many aspiring entrepreneurs get caught up in doing something that no one else is doing, that they think the market wants, only to work on it for 2 years and realize no one wanted their contraption/gadget/software.

Start with a MARKET. Look at what people are already buying - what people ALREADY want. Innovate if you can, but you must find some sort of strategic advantage or become a master of whatever it is you're doing.

Millions have been made on "me too" products, so don't necessarily be afraid of them. Always look for an advantage, and what additional value you can offer. So you want to sell pizza? Make it the BEST pizza with the FRESHEST ingredients people have ever tasted. Or, have the FASTEST delivery time than anyone else. Or do both if you can. Are you getting the picture...?

You will read in Masterson's books that USPs are very important. You need one to outlast the competition and dominate your industry. There are millions of "me too" products waiting to be improved upon and sold to the masses. My first successful product was a "me too" product with a very unique spin, and it sold extremely well.

[HASHTAG]#goldpost[/HASHTAG] ?

I think a lot of people starting out will find this post absolutely helpful and should read this (me at least).

I personally thank you @JasonR for giving me more clarity.

 

[fastattack03]

He probably didn't know that this is a progress thread... (it is, right?) lol

Anyway, good luck man!

Love your posts!!

 

[Growth & Learn]

Wasted 2mins of by life.

Man, we're all sharing ideas here. Andy is someone who overwhelmingly shares a lot of solid ideas.

He was clearly starting the thread to just discuss the book. Not summarize how to make 7 figures in 1 damn forum post.

Here's how you can get 'credit' on that 2 minutes. Go watch some of his adwords vids. Take notes son.

 

[Chaseb731]

Wasted 2mins of by life.

You may want to read more if that took you 2 minutes to read.

 

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[Andy Black]

Start with a MARKET. Look at what people are already buying - what people ALREADY want.

^^^ This.

In this podcast, they give a great definition of a market as being "a demonstrated cashflow". People *already* spending money. You don't have to sell the same thing they are buying - you can attach yourself to that demonstrated cashflow.

e.g. for me, businesses spend well North of $100,000,000 per day on AdWords. As an AdWords consultant/agency/freelancer, I'm attaching myself to that demonstrated cashflow. Businesses are already dipping their hand in their pocket to spend with Google, and sometimes they will hire someone to get better ROI on that spend.

Shopify Ninjas helps people who are paying for Shopify. They're following a demonstrated cashflow.

 

[timmy]

From Michael Masterson's book "Ready, Fire, Aim".


Stage 1 - Infancy (0-$1M in annual revenue)


Main Problem:

• You don't know what you're doing. (lol... I can relate)

Main Challenge:

• Making the first profitable sale.

Main Opportunity:

• Continuing to sell until you have achieved a minimum critical mass of customers.

Skills needed:

1. Getting things going.
2. Selling.

My notes:

• You're trying to find a product/service that people need and are willing to pay for, then find the Optimum Selling Strategy (OSS) for that product/service.
• Once you're selling profitably, then focus on that product/service and scale, scale, scale.
• Stage 2 is when you plateau with this product/service and then start building other products to sell to your customer base.

Great post Andy. I will bookmark for later.
Thank you for sharing

 

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[Growth & Learn]

I'm sure @kph200 regrets causing all the fuss, and he's apologised already so that's grand.

I'm also sure he's not the only person to read Michael Masterson's summary of the starting stage of any new entrepreneur's journey and dismiss it as being too basic.

Is that another mindset issue we have?

That it couldn't be as simple as that?

That the two biggest skills we need couldn't just be "getting things going" and "selling"?

Would you be surprised to learn that someone thinks the biggest problem for most of us (myself included) is that "we don't really know what we're doing"... aka WE are our biggest problem.

Sh*t man... that resonates with me.

IMO, you have to have a really deep understanding to be able to explain anything that simply.

It's obviously a summary but you make a good point. We just have to take it just a step farther.

1.The skill of creating an idea and then executing the build is huge. Most people can't complete that task. It's a valuable skill for sure.

2. Also, the better you are at selling the more money you'll make as well. So, that's also an indispensable skill.

I'm seeing #2 more and more being one of the biggest movers in my business. The more I understand all the different ramifications and layers of selling the more I can serve my customer and be rewarded in the process.

 

[nzerinto]

From Michael Masterson's book "Ready, Fire, Aim".


Stage One - Infancy (Zero to $1M in annual revenue)


Main Problem:

• You don't know what you're doing. (lol... I can relate)

Main Challenge:

• Making the first profitable sale.

Main Opportunity:

• Continuing to sell until you have achieved a minimum critical mass of customers.

Skills needed:

1. Getting things going.
2. Selling.

My notes:

• You're trying to find a product that people need and are willing to pay for, then find the Optimum Selling Strategy (OSS) for that product.
• Once you're selling profitably, then focus on that product and scale, scale, scale.
• Stage 2 is when you plateau with this product and then start building other products to sell to your customer base.

So simple, yet I think so many of us (definitely including myself in this!) tend to overthink things waaaay too much, and forget to bring things back to basics.

Thanks Andy!

 

[jmusic]

It's a system. Systems look unimportant only to people who never actually put themselves in the position of needing them. The steps to starting a venture are one of those things that look easy from the outside.

How is the book, Andy? Does it blueprint other steps?

Is this system simple? Yes, it is extremely simple.

Is it easy? Absolutely not!!!

I've heard that ideas are cheap; execution is king! (Source? TMF ??)

 

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[Uly Sambrano]

You may want to read more if that took you 2 minutes to read.

I was thinking the same thing lol

 

[Scot]

Just downloaded the audio book. Thanks for the recommendation. I needed a new listen after the 5th replay of TFM haha

 

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[jon.a]

Wasted 2mins of by life.

Jerk

 

[kph200]

Wohhh guys I apologize if I offended any of you. Content of this thread is too regular or basic.
That's why I wrote what I wrote.
Again my intentions were not to make fun of it or any such thing.
GN

 

[timmy]

Wasted 2mins of by life.

Please do not entertain us with such juvenile nonsense. Enough of my time wasted replying to sideline issues.

 

[Rahim]

Great post Andy. Can't wait to read the book!

 

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[Uly Sambrano]

Ima have to read the book since im new and just heard about this