Design for Quick Feedback

“Everyone has a plan ’till they get punched in the mouth” – Mike Tyson

The great thing about business is that you can test ideas quickly to see if what you think or want to do is valuable. Small tests done quickly to get feedback from customers will go a long way towards pursuing or developing an idea further.

Yes, make a plan. Then try it out quickly to see if it resonates and creates interest and engagement.

Most things we see today are needed and businesses exist to give people what are known established needs. Things such as:

  • Car dealerships
  • Cleaning services
  • Grocery stores
  • Electronics stores
  • IT services
  • Banks

There is historical demand among the millions of people out there consuming such products and services.

If you are innovating on a new type of product or extending a concept, think about how to test your idea quickly by proposing and putting it in front of real customers. You can find out quickly via feedback how to further develop your idea or abandon it altogether.

The Egg of Columbus

Monument to the Egg of Columbus.

Yes, you could have done that after you have seen it done. We get that benefit today watching how people put together solutions by benchmarking what others do first.

The Egg of Columbus story where Columbus challenges his mocking critics to make an egg stand on its end highlights the perception of others’ success.

If you discover something and share it or bring a solution that was not readily apparent, it becomes common, likely underappreciated, knowledge.

I think humility all around helps a great deal. We benefit from seeing something done and using it in our work and life. Watch a Youtube video, research a topic or simply ask a neighbor how they did something. The insights can save you pain and time.

At the same time, you are contributing when you figure out and share your knowledge. Others can take a look at your creativity or determination and integrate it towards their pursuits.

Learning and sharing can save a great deal of cost when we are trying to do hard things. We should simply appreciate those that make the egg stand.

How Do You Make it More Expensive?

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Photo by Leonardo Rossatti on Pexels.com

When we think about a problem, we like to solve it. Our brains are suckers for the open loop and we want to close it. If you are asking how to make something cheaper, you get solutions and thoughts on cost-cutting or quality cutting. And those that are super efficient at making things cheap have extreme scale to amortize such costs.

If you ask how to make something more expensive, you have to think about value. How do you make something worth more? How do you become worth more?

There are plenty of people that crave better. They can easily get cheap merchandise. But, they can’t always get that exquisite taste, feeling of quality or identity to name a few reasons why we pay more for the things we love.

What if you took the challenge to look at your prices? What would it take to make the value worth double? What would that look like? Can you add a thoughtful gift? What if you followed up with custom service at the right timing? The extra effort or concierge service could easily increase the value perception if you package your offering with some creativity.

Increase the value before anyone even asks. Sometimes it’s cost. Other times it’s care. Then, if you get traction that is repeatable, you can see if the value warrants an increase in price.

In a crowded marketplace with so many options for cheaper options, it would be hard to compete in categories that have people thinking about the low-cost option.

Become more expensive. It’s a fantastic way to differentiate and push yourself to be desired more. It’s not free. But it’s worth it.

Technology Darwinism

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Photo by Lloyd Freeman on Pexels.com

Automattic, the makers of this blogging platform, WordPress, bought Tumblr for less than 2% of it’s previous acquisition price of $1.1B. The hype has  died with another platform. And technology darwinism, survival of the fittest, the tried and true, is brutally pervasive.

Social can make you feel like something is happening. But, it’s hard to find a lot of testimonials of a complete stranger doing business through a social post.

We don’t have 5 different Facebooks with equal power. We have one that dominates. It’s still to be seen if it persists or if the world flips from privacy issues or attention fatigue to sink the ship.

Automation can be alluring and you can bring in so much technology that noone buys into using it in your company. Whether you move the needle of ROI can become overlooked by technology and the perceived power it holds.

Anyone can make their world more complex. And most people do. What if you could take a step back and remove what you have built up in your life. See what matters and doesn’t matter? The guys at Yes Theory deleted social media for 30 days and the outcome was life changing.

Maybe you find out that you can consolidate platforms. Perhaps you see a lot more time returned to you so you can put it to things like creativity and strategy.

We tend to like to add things to our lives rather than subtract. As technology consolidates and some platforms die or limp along painfully, I think of it as natural evolution on a hyperspeed pace. Our collective groupthink helps to filter and see what matters and doesn’t matter – what adds value and what does not.

In our own work and lives, we should speed up our decision-making so we can enjoy the outcomes of what is better at the end of the long cycle of technology darwinism that eventually weighs itself into our lives. Whether we are strategic or intentional can make the difference on reaching our goals faster.

Don’t Be Original

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Photo by fotografierende on Pexels.com

The romantic idea of creating something innovative and new can get us sidetracked quickly in entrepreneurship. There are 28 million small businesses in the United States as of this writing. You are competing with all those businesses, minds and offerings. The likelihood of being original is difficult against such staggering numbers!

Think about how you buy. You likely buy the same groceries and try one here and there for kicks. You spend money at a lot of the same places – restaurants, gyms, haircuts, etc.

Heck, we largely have the same phones in our pockets. Could you invent a new phone the masses would buy?

Instead of seeking to be original, give people what they want. Be valuable. Be understood. Allow your message to be clear. Take what people want already and compete on being “cheap, fast or good.

You can build on viability and find where the innovations are while actually working hard to meet known expectations and needs.

There is definitely a place for inventors and pioneers. We need dreamers and challengers. But, you want to be around and be relevant. And that takes empathizing, observing and being industrious. Meeting people’s needs and building the conditions for doing business together are no small feat.

Giving people what they want places you in the game. Being good at giving people what they want is hard enough. Trying to invent or find people to want what you offer can be a relentless slog. Perhaps you can innovate, dream and be original in an art form. Do your business by meeting needs and being valuable in business. If you must act on your originality and dreaming, build a non-profit, perform art or give away your ideas in a whole other context. That might be the better mix for underwriting your ambitions.

Learn to Unlearn

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“The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn. ” ~ Alvin Toffler

I often think about that phrase, “What got you here won’t get you there.” It’s a powerful reminder that you can’t rest on your accomplishments for long. Someone out there wants to eat your lunch, or the world around you at large is relentlessly making your achievement meaningless every day.

One strategy if you don’t want to have to keep innovating is to find a commoditized required industry and camp out. Society needs trash removal, utilities, cleaning, bookkeeping and bandages. Cash flows continuously in and out of those boring businesses and the entrenched players don’t have to pivot too much. That is as long as there is not someone reimagining how to lower costs and increase conveniences for customers.

There are things I was an expert in previously that are simply foregone memories now. There’s too many areas where the world has become more efficient that has forced me to have to “learn, unlearn, and relearn.” And that’s fair. Everyone is subject to the requirement to being relevant and valuable. You have to keep proving your place and worth in this world of endless options.

One way to measure ongoing staying power is to think about how much you are personally growing.

How many books per month have you read?

How many people have you met in the last week?

What new ideas are you sharing?

You have to keep learning, testing and sharing. In this mode, you have to think of value as something to apply and discard when the game has changed.

The last thing you want to be is illiterate among so many that are taking initiative every day to become better and offer something timely and powerful. That’s the game today for value creators.

Value is Perishable

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J. Money’s Work History from BudgetsAreSexy.com

I keep up with a lot of blogs in my reader and I came across this article from a fun, candid article at Budgets Are Sexy. I like reading articles from bloggers that put the raw truth of their journey out there. It’s bold and courageous of them. This article was a reflection and a great reminder that value is perishable.

We are not working in an economy where we will be doing the same thing in five years. Here’s a guy that lists 36 jobs in his journey and how he rounded back to his core, but he was always exploring new options and opportunities.

It’s a strange thing when we run across friends 10 or 20 years later. They are usually doing something totally different.

And often, we have been doing something far from the path we were once on as well.

What you consider value today does tend to have a half-life. Automation, competition and efficiencies change the value equation all the time. You might have charged a premium before, but then the world gets smarter and everyone can do what you are doing. That’s when you have to change course or reinvent yourself.

I think there’s sectors where you can hide out for sure. It’s one strategy to combat innovation. I’m not sure it’s that safe or secure. It’s simply defense and fear.

If you simply operate with the security that today is a snapshot of what you may be doing or offering, you can stay relevant, fresh and engaged. You can keep observing and pushing into new areas where your value can be recognized and compensated for.

I don’t think there’s this job out there that will make you feel secure. Nor is there a product that will be a hit for the next 10 years guaranteed.

I do think you are a living, breathing person that can be continually valuable. You are only perishable if you bank on some kind of false staying power rather than increasing your abilities over time. Keep moving and embrace that journey of doing many other things yet to come.

It Used to Work and Now It Doesn’t

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If you haven’t read business biographies like Derek Sivers of CD Baby or Elon Musk of PayPal fame, it’s well worth the time. There’s a bit of nostalgia as I think back to the 90’s and early 2000’s and what life was like just a short time ago. We didn’t have a world of iPhones, apps, Wi-fi, video streaming, or social networks. The ecosystems were being built into what we see today.

Going back in time and hearing the backstories of entrepreneurial success messes with my mind as I get to take advantage of all these wonderful tools without any thought to how I move in and out of workflow, systems, entertainment and transportation. Life is so much easier in a connected world.

And over the years, I remember so many types of projects and work that used to have demand and people paid a lot of money for. Websites were hard and expensive to build and now they’re easy and cheap. Payment systems were custom and expensive also, but now they’re integrated features.

There are so many things that used to work as a business model and now they don’t. And it is always so tempting to sit on a pipeline of demand when things are flowing. What you may miss is that you are enjoying the cash flow from an innovation that has yet to be commoditized. Someone will eventually build a platform and make what is difficult easy. It happens too often that it should be part of the conscience forefront of your business planning.

Expect that disruption will come.

Expect prices will come down and efficiency and automation will prevail.

Expect competition to push on your position.

Expect things will end.

Expect that you will have to reinvent yourself.

You see a lot of entrepreneurs that hit that one success. They built credibility and started leveraging other people’s money with their credentials. However, seeing repeat successes is less common.

A lot of the play is about getting lucky or having an instinct for timing. That’s part of the requirement for good entrepreneurship.

When we look at history, it’s important to heed that lesson we see repeatedly; know you are within a phase. What you are offering is valuable but will decline in value as the world gets more efficient. Know where you are in the lifecycle and think about what you will do when what you enjoyed profitably doesn’t work as well as it used to anymore.

Obsolescence can be painful if you haven’t planned for it.

 

How You Get Conviction

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Believe nothing. Move with the popular notions of your peers. Play it safe. Fit in.

That’s a good way to blend in without much change. It can work well as a strategy for work that is predictable and factory-oriented. In fact, most people are seeking this kind of stasis.

However, the reality of today doesn’t leave such a convenient existence as much of an option. Technology and people’s behaviors keep pushing the envelope and create new normals. And, if you are not careful, you can become disoriented, marginalized and irrelevant.

You have to have conviction.

It is the awareness, decisiveness and deeply embedded belief in what you do or value that matters most. You have to believe that it works or is true.

You need conviction to survive.

You need conviction to be valuable.

You need conviction to get results.

It’s a rare quality. And the key to getting conviction is struggle. That’s right,

Struggle = Conviction

When you struggle through work or hard problems, you gain insights that bystanders and observers simply cannot appreciate without going through the same journey.

Try doing something like building your own website on a server. You make a lot of mistakes as you learn. You understand how IT works with FTP uploads, server security, blank home pages, and all sorts of tripwires and pieces that make a site work. Albeit, it’s easier today than ever. The information and instructions are readily available. And when you experience the failure along the way, you have to keep choosing to push towards your goal until you eventually launch something.

This is true for anything that is complex. You have to struggle through the work. Along the way you give yourself a gift. You know what is true and why. You gain conviction.

So many opportunities are within reach for anyone with initiative. And getting conviction in leadership, technology, organizational behavior, selling, projects, and everything else we deem as worthy work is critical. You know that you know that you know.

The True Entrepreneur is a Doer

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“The critical ingredient is getting off your butt and doing something. It’s as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer.” ~ Nolan Bushnell, founder of Atari Computer

I know true entrepreneurs. I love them. They move to action decisively. That critical ability to generate ideas and act on them quickly is a true separation. It creates energy, momentum and something out of nothing.

It’s creativity in action when you see entrepreneurship.

I like to play things loose and see what happens. I like to generate ideas, lots of them. And I turn those ideas into movement. I like to get the universe to react from some action I create. It is what works for my entrepreneurship by doing something quickly and clearly.

Most of my ideas are not perfect. But action helps perfect the concepts. Here are some ways I start the process of moving from ideas to action in my entrepreneurial approach:

  • Sharing my idea with my audience and looking for reactions
  • Tapping my network and starting conversations
  • Building requirements documents
  • Booking a meeting with a person that can move my idea forward
  • Finding a platform to start posting, positioning and engaging
  • Opening a loop so I get dissatisfied
  • Closing a deal
  • Creating a new service offering and pitching it

I like the challenge of making ideas happen, and the more action that is clear, the more fun it becomes to create value in the world.

There are so many resources, technology and people to make entrepreneurship happen. Leading is the key, and that starts with Nolan Bushnell’s insight that action is a critical habit. Anything short of that is simply dreaming.