I've been re-reading TMF over the past week or so (I'm taking it slow... getting so much more out of it this time), and I was really struck by the section on MAGNITUDE.
We talk a lot on the forum about SCALE, which is a really important part of getting a Fastlane business going, but sometimes people overlook the magnitude of their ideas.
I was just reading about this social network that has managed to get $60 million in funding. It's a social networking site that has private networks for neighbors (not quite sure how I feel about knowing my neighbors better...lol). Imagine the magnitude potential that this website has. Creating a private space where people on a certain street can get to know each other better in a comfortable online space. If it works, it might actually have the power to "change" our communities in a good way.
Anyhow, I was just thinking about how we tend to think of magnitude in terms of the "price we can charge", and maximizing it, instead of thinking about the end effect we will have on our customer, and maximizing that. It all comes around again to that pesky "need" - which is what we need to make sure that we don't lose focus of.
If you've got an idea, and you can't think of how it is actually, legitimately, going to make your customer's life BETTER in a fairly big sense, then it lacks magnitude, even if it has scale.
Thanks, MJ!
We talk a lot on the forum about SCALE, which is a really important part of getting a Fastlane business going, but sometimes people overlook the magnitude of their ideas.
I was just reading about this social network that has managed to get $60 million in funding. It's a social networking site that has private networks for neighbors (not quite sure how I feel about knowing my neighbors better...lol). Imagine the magnitude potential that this website has. Creating a private space where people on a certain street can get to know each other better in a comfortable online space. If it works, it might actually have the power to "change" our communities in a good way.
Anyhow, I was just thinking about how we tend to think of magnitude in terms of the "price we can charge", and maximizing it, instead of thinking about the end effect we will have on our customer, and maximizing that. It all comes around again to that pesky "need" - which is what we need to make sure that we don't lose focus of.
If you've got an idea, and you can't think of how it is actually, legitimately, going to make your customer's life BETTER in a fairly big sense, then it lacks magnitude, even if it has scale.
Thanks, MJ!
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