After being in the public spotlight for a few years, it’s visible to everyone who follows me that I’m different to most. Different in my approach, different in my implementation, different in my level of success. Because everyone can see what I’m doing with my product launches and business ventures, occasionally someone will ask the question of “Nick why do your ideas always work out, why does everything you touch turn to gold?”.
That’s a very flattering thing to hear, but the answer is more about systems and business model than some type of golden touch I’ve been blessed with. After 16 years of working on the web, with a great deal of that time with startups back in the dot com days between 1997 til 2001, I’ve had enough exposure to witness what works and what doesn’t.
So based upon that experience, I’ve avoided the habits that are almost guaranteed to lead a person to failure:
- coming up with hair brain ideas that have no basis is reality and no commercial demand
- copy what other people do, modifying it by 5% and then trying to compete with them
- not doing any competitive analysis to see if there is available market share to take
- refusing to listen to advice that highlights why a business venture wont work
- not investing in professional advisors and mentors that have industry knowledge
- making a product that seems ‘cool and clever’ but doesn’t add value to the customer
- plucking figures out of the sky with assumptions based upon capturing 10% of a market
- trying to undercut the competition and then positioning a product based upon price
While making sure I only spend my time and resources on the methods and patterns that do lead to success:
- researching customer problems then creating a solution that has valuable benefits
- being innovative and unique so that the consumer understands the USP advantages
- performing due diligence and surveying prospects to gauge what they’re willing to pay
- taking into account the for and against arguments rather than falling in love with an idea
- always investing in professional advice and mentors with proven industry experience
- making a product or service that has massive value that customers will gladly invest in
- ensuring that price points are based upon market research and are in touch with reality
- having a premium, value adding proposal that can be marketed at a higher price than others
Those elements are almost always in the research and planning phase, based upon those filters I also have a proven 7 step business startup blueprint that I use every time I create a new business or launch a new product. My blueprint has been refined over many years based upon many failures and a small number of successes. I think that’s what sets me apart from most other entrepreneurs, when they fail to get a result they give up and try something else.
When I fail, I analyse the reasons why then try again with modifications and improvements. If that fails, I try again with more adjustments and upgrades. I keep trying until I get it to work, which then gives me a success blueprint… which is not the same as a business plan plucked out of the sky in a brainstorming session.
So for those of you who are dreaming about becoming wealthy, unless you have a proven business model and success blueprint my advice is simple:
OPTION 1. either invest in a mentor that can guide you through the process while sharing their systems and secrets…
OPTION 2. or be prepared to fail and fail and fail until you finally figure out what works based upon trial and error
I like to do both of those, but as I said I’m different to most entrepreneurs out there, which is why my results and track record is different to theirs.