23d ago in General discussion
Does Anyone Have a Different Take on This?
Posted this to Twitter / LinkedIn today.
**Cheat code for entrepreneurial success**
DO NOT invent a brand new business model.
Instead, COPY existing businesses.
Why? There’s proven demand.
Just be sure to change this one thing ↓
You MUST find a way to differentiate.
Two ways to accomplish this:
- Price
- Market
I DON’T recommend competing on price.
This results in a “race to the bottom” and will cut your profits razor thin.
I DO recommend differentiating by market.
AKA, sell your offer in an underserved market.
I’ve launched 4 startups in my 26 years.
My two successful startups differentiated by market:
- Greenbox Storage: Summer storage service for college students
- FounderBrands: Content agency
Greenbox Storage succeeded because there was little competition at my alma mater.
FounderBrands succeeds because I niched down and chose a hyper-specific Ideal Customer Profile ↓
Founders who want to drive leads from Twitter.
(And by the way, I didn’t invent those business models. I copied them)
My two startup failures:
- Air mattress rentals for college students who had friends come visit
- Business consulting for college students
Both original ideas. Both failures.
Here’s the lesson:
1. Competition exists where demand lies.
2. No competition is a red flag.
3. You can succeed by selling in an underserved market.
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5 comments
Does Anyone Have a Different Take on This?
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