As with any skill, the skill of building a business relies on talent, experience, knowledge/data, and good systems in place to push you to implement.
Over the next few weeks I’ll go over some past and present businesses I have made/ helped make, use them as case studies, and outline what steps we took to
1) identify the aspect of the business that people would pay for
2) worked out a way to maximise that aspect
3) continually innovated to make the business provide a greater income for lower costs
The coinciding lessons of each case study, I predict, will be
1 taking action consistently is the key step that separates a failure from success
2 providing more VALUE to the customer is the foolproof way to increase income, not to fool them into spending more than they should
3 identifying the best method to get a customer’s attention and once you have that attention, to effectively show them the potential benefit to them of using the business is the way all marketing works
Also I’ll be putting in a photo of myself with each post since that seems to be what people do on Qoorio, it isn’t relevant to the post its just a picture of my face
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People prioritise what’s important to them.
If you’re doing a joint venture with someone who continually can’t meet to work but can meet you to go socialising (happened to me last week) then they don’t want to do the venture even if they think they do
If somebody can’t work with you on a joint venture but has the time to go on social media (happened to me yesterday) then they don’t want to do the venture even if they think they do
Or at least, they do not understand that they must prioritise working if they want to succeed
In my experience you can try to convince people to care more about putting the time in (something I’ve only successfully done twice by getting across exactly what the benefits to them are so they started self-motivating) or you can realise they aren’t as invested as you and do the venture yourself/ find somebody else with their skillset
This is a common problem in ventures with no money invested, just 2+ people putting work into something that will grow, in my experience. And something you just have to accept as part of human nature!
A lot of people are very skilled at their job. This does not often correlate with being highly paid for their work!
A lot of people with low skill level are making more money with that skill than the higher skilled people.
The ability to turn a skill into something that can make money is a skill in itself (the skill of monetisation), and without it a skilled person will be eternally underpaid. With it, a person can make money with a low skill level in that area.
Do you agree? Disagree? Why? And what are the consequences of this?
If you agree, is the solution to teach people the skill of monetising? Or is it to match the monetisers up with the skilled individuals so they can make money together?
Would economy benefit from widespread effective monetisation by skilled individuals? Would it be the opposite? Let me know your thoughts!
The paradox in corporate management.
I recently discussed with a few top managers in leading IT players about talents and business growth that they can bring.
So what do they want?
They want to attract top talents to their companies to build innovative business models and enter new industries to ensure at least double-digit growth.
How do they want to get it done?
Easily and securely. Not to cause problems to the current CxO management layer, to fit one's talent into a tiny corporate square and not to cause damage to existing procedures and methods.
Is it real?
No. It is not real for sure. You cannot grow & innovate and at the same time, protect current inefficiencies. You cannot protect the mistakes that are hidden in the methods of current operations.
In order to grow -- you need to change.
So stop wasting talent for the objectives that you genuinely do not want to achieve.
Or rethink the way your today’s organization work.