I'm excited about a new podcast for entrepreneurs starting from scratch, or in their very early stages.
I like it so much that I'm trying to get my business-minded 12-year-old to listen to it as part of his "Daddy Homework" each week. [I haven't yet been successful, but I'm a persistent entrepreneur, so I haven't given up yet.]
In a down-to-earth, super simple tone and format, it's run by Dane Maxwell, a software and passive income entrepreneur who started 22 businesses, only to see most of them fail...because that's how s**t works.
One of his most basic and potent concepts is this...
Founders need to be aware of three things:
Their mechanism (product or service)
The customer's desired outcome (result or feeling)
The problem, he notes, is that most of us focus on #2, getting enamored with what we're creating, instead of #1, who we're creating it for.
As such, successful companies instead prioritize the list as follows:
Know and niche your customer.
Deeply understand the outcome they want.
Finally, create products or services to get them what they want. And if your first "mechanism" doesn't scratch their itch, then go on to the next one.
Another great bit of advice is this...
The greatest entrepreneurs master two skills:
Not being the expert in a certain subject or technical area.
One final question is tell us to ask ourselves each night is something like this... Did I create equity today (i.e., something with lasting value) , or was I just a technician (i.e., working to "do" the work whether as a salary or LLC owner providing all the services to the clients)?
I wish I had had these perspectives right before I started my first company. I should have talked to more prospective customers instead of staring at my belly button...ahem, I mean...data, code, and trends.