What are the 3 main questions to ask yourself before building a business or a startup~
Photo by freestocks.org on Unsplash
1. What we should build and for whom? (Know your target customers)
2. What market we could enter and dominate?
3. How could we build durable value that would not be subject to erosion by competition? (Moat or a castle that protect your business from competition attacking it)
Source (The Lean Startup)
1. IDENTIFY a PROBLEM:
When you find something very complex, don’t presume it to be only for you. There will be millions of people stressed with the same problem, similar to yours.
2. CREATE a SOLUTION:
Construct a solution (a product) for your problem. Consider it even being a short term product (like it should sustain atleast 3-4 years) beyond which someone else will create an easy solution for the same problem than yours. In a nutshell all it takes is just few months to earn millions when your product succeeds.
3. AUTOMATE the PROCESS:
This is a significant phase. Automate the business process (assigning management people, payment gateways etc). Why!? Automation helps to reduce dependency, physical presence for your business. Besides, you can go fishing, you can sleep, you can travel across the world, and still money knocks your account. Evidently you are not running for money anymore. Under any circumstances money will routinely flow into your account. That’s the influence of automation.
Photo by Svyatoslav Romanov on Unsplash
You may perhaps repeat the process or clock off, go on a world tour, resume, and think of the next product.
Have a nice day.
As per financial experts, anything which fills your pocket with money is an Asset.
Photo by rawpixel on Unsplash
Your house is not an Asset, unless its mortgages are over or until your rental income is more than the mortgage payment.
Cars are beyond doubt not an Asset even when the mortgages are over. Guess why? The value of cars depreciates every single day.
It’s obvious why majority of us are either broke or go bankrupt.Think about it. We don’t buy income generating assets. Radical change in our mindset is the vital input here. For example, if you buy a car and tag along with UBER which will fund money in your pocket from day 1 – that’s an Asset.
Have a nice day.