Today we continue with the shows that won the May voting for just Jack Tuesday shows. As a reminder voting is still open for another week for Junes shows, you can cast your vote on that here.
Today though we dive into one of my favorite topics, entrepreneurship. Namely determining what business to start, or more to the point what type of business to start.
There are a seemingly endless array of businesses out there but actually we can break them down into just a few true types.
First the most obvious break is
Once we do that then we can split those into the following
- Physical Products
- Non Physical/Electronic Products
- Functional Services – accounting, mechanics, design work, etc
- Educational Services
- Entertainment Services
There are some gray areas, if you sell and entertaining video that educates people and also is downloaded as a non phyical product, what is that? It is a combination of a educational and entertaining service and a non phyical product. The key is that will dictate how you do the following…
- Market it
- Sell it
- Deliver it
- Support it
- Up sell it
- Develop the next product for your customer base
It will also have a huge impact on where you will have to spend most of your time. In this case once the product is developed it will all be about the sales, marketing and follow up.
If you were in a product based business and you physically make the product say soap, you have to then add manufacturing, packaging, inventory management to the list.
Next up, we need to look at the driving reasons people buy products, there are only two…
- They need the product
- They want the product
Finally we look at the driving motivation for buying wanted vs. needed products, there are only three…
- Because they are Entertaining
- Because they are Profitable
- Because they are Life Changing
When you develop a product that does all three we call it the golden trifecta of marketing.
We can then ask the three most important questions about our perspective customers, these are…
- Who are they
- What do they want
- How do they want it (packaged/delivered/etc)
It is in all of this that you determine what the right business/product/service is right for you and your life style.
We marry the above with the following questions for ourselves…
- What are you good at
- What do you love
- What do you hate
- What amount of money can you invest
- What amount of time can you invest
- What are your biggest weaknesses
This leads us to determine some things about how to proceed such as…
- What do I need to learn and how can I learn it
- A small “starter business”
- Taking a job more what it teaches then pays
- Self study
- All the above
Today we examine all of this and begin the path of entrepreneurship, a path not everyone will take but the path that creates more freedom than any other path in our modern world.
Resources for today’s show…
- Join the Members Brigade
- The Year 1793
- Join Our Forum
- Walking To Freedom
- TSP Gear
- TspAz.com – support TSP when you shop on Amazon
- Part Time vs. Transnational Businesses from FMWJ
- Special Price on the TSP Genesis II Knife
- Love Like Crazy – Lee Brice
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