Many talented people often wonder how they can turn their skills and expertise into a successful business. In this blog post, we will explore two key areas that can help you transform your talent into a profitable venture: Internal and External
What it Means to Look Internally When Forming Your Business
Start by determining what type of entrepreneur you are:
- Mission Based entrepreneur: Mission Based entrepreneurs tend to be drawn to a specific mission, a wrong that they want to right in the world, a cause that they’ll die for. Examples include eliminating bullying or providing clean drinking water to people around the world.
- Passion Based entrepreneurs: Passion Based entrepreneurs tend to have a hobby, a love, a passion that they want to transform into their vocation. It may be playing the guitar or learning how to fish, for example.
- Opportunity Based entrepreneurs: Opportunity Based entrepreneurs tend to spot possibilities that other people seem to miss. They are likely to ask themselves, “Why is it that nobody’s created a solution to this? Well maybe I should do it.”
- Undecided entrepreneurs:Undecided entrepreneurs are just that. They want to start a business but they’re just not sure what type of business that should be.
Identifying your own strengths and motivations will help you choose a business that is enjoyable and more sustainable.
Understanding the Product Grid
In addition to what type of entrepreneur you are, you also want to look internally at something we call the product grid. Which type of product makes sense for you based on your personality?
There are four quadrants of this grid.
The first is what we call Product Focused. This means that you’re the type of person that would do really well selling a specific product, like a book or a course. If you’re the type of person that likes being in a room by yourself creating things, Product Focused may be a great option.
That’s in contrast with the Client Focused quadrant of the grid. Client Focused is where you’re working with a small number of clients in a deep way, usually in the form of consulting, coaching, or maybe a mastermind. With Product Focused, you may be able to serve more people with the books that you sell, but you’re not touching your customers in the same deep and focused way that you would in a Client Focused model.
You also want to consider the Membership Focused quadrant. Membership Focused means that you are building a membership site where you are interacting with your members on a daily or weekly basis online. In other words, instead of building a product that you create once and sell, or working with clients one-on-one, you have a community of people online that you’re regularly interacting with.
And last but not least, the final quadrant of the grid is Event Focused. This is for the type of person that likes to interact with people at live events. You’re hosting live events, doing boot camps, workshops, etc..
Choosing a product or a group of products that match your personality makes it easier to get started with your first offer.
How to Look Externally to Successfully Build a Business
Pay attention to what the market is doing.
It’s one thing to have a business that feeds your soul, but you also want something that fills your bank account. That’s why it’s important to find proof that there’s demand in the market.
One of the things my mentors taught me is that pioneers get shot, but settlers get rich.
The secret is to identify whether or not somebody else is already making money doing what you’re thinking of doing. This is what the most successful companies on the planet have done.
Google was not the first search engine.They just built a better “mouse trap”. Facebook was not the first social media site. They just built a better version. And Amazon certainly wasn’t the first bookstore.
I learned this lesson when we started our first business, the Scrabble tile jewelry business. Up until this point, I had been dabbling online and trying a bunch of things, but nothing made any money.
I was spinning my wheels and guessing. In the midst of this struggle, my wife, Tylene, told me about a new site at the time, called Etsy. It was a brand new site – like Ebay for handmade goods.
And the cool thing about the site was that you could click on a person’s shop and see exactly how many things that they sold each day. You could effectively go back in time, day by day, and reverse engineer exactly how much money they were making.
That was the thing that gave me the confidence to finally pursue the Scrabble tile jewelry niche. There were people in this space making hundreds of dollars a day.
Fast forward to today, and you can do the same thing using Google and Amazon. The reason why you go to Google is because Google is the biggest search engine in the world and, if people are searching for something, chances are they’re starting with Google.
Similarly, Amazon is the biggest search engine in the world where people go specifically to make a purchase.
So, once you identify something that’s called your “Bullseye keyword,” a process that I teach inside our training programs, you then go search for the keyword to see who is advertising consistently, over time, using that keyword specifically.
And, if someone is advertising consistently, chances are very good that they’re actually making money. That will give you the evidence you need to start working on your own strategy for entering the same market.
By deeply considering your entrepreneurial type, identifying your product focus, and aligning it with market demands, you can successfully transform your talent into a profitable business.
Remember, the key lies in finding the right balance between personal fulfillment and financial success.
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