That’s certainly one option to consider.
I’d like to ask a few questions to those interested in this topic.
What is your appetite for risk?
Are you prepared to fail in business?
How much do you think you can lose?
How much do you think you are willing to sacrifice in order to achieve your business/wealth goals?
We all have our own models and preferences. Here’s mine:
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Find those places in the Venn diagram where your areas of interest, passion and commitment meet the desires and needs of the world/marketplaces.
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Spend some time becoming very well-versed in one or more of those areas. Become expert or as close to expert as possible.
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Develop products/services that can be positioned in those areas
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Offer and monetize
I’m a fan of the Kevin Kelly concept of 1000 True Fans.
I don’t need to take over the entire world; just to establish a client base and a set. of price points that enable me to meet my personal budget scale goals.
Beyond that:
- automatize as much as possible. passive income is golden.
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The best advice I can give is to to build a platform.
Something people can use to further their own goals, in whatever way they see fit.
Facebook is the ultimate example of this, they provide a useful tool for people to connect and share information, and also provide one of the most powerful advertising engines ever seen. The users provide all the content, and Facebook collects the cash.
Similar platforms include Uber, AirBNB, etc. They provide the means by which users can do whatever they want to do. Transportation, a place to stay, etc.
A platform could also be information around a certain topic - this is what most influencers do. If your platform is a specific take on health, for example, you’re providing information to help people achieve fitness, longevity, etc. Josh Axe is a good example of this. He provides content and also promotes related products. Since you can use a healthy body for nearly anything you want, his platform is compatible with anyone’s personal goals.
Another platform is product-based. This could be technology, like a Fitbit or a smart phone, or even something as mundane as a common cooking ingredient like flour. If it helps the customer achieve their goal, it can be a platform.
But, there’s something else. It has to be versatile!
An electronic device that only does 1 function isn’t a platform, it’s just a device. It has to be able to be used for a large number of things, in a large number of situations/applications.
You don’t even need to come up with the applications… just provide the means for people to do multiple useful things with it and they will develop the uses.
Not understanding this several years ago was the critical mistake I made with my business. It’s built around a single product that has several closely related uses, but that’s it. We’re now in the midst of a pivot to a becoming a data company that uses consumable products, but we’re not there yet.
Make it about the customer getting what they want, with you simply providing a means to do so. An ingredient they can use to make lots of things with. A device they can use for multiple forms of communication. An information resource focused on a single niche.
Provide a few examples to get them started, and they will run with it.
Provide a means to help people get what they want, let other people use it to help even more people, and your users become your promoters. In return, you will get whatever you want.
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This is very helpful advice. Thank you!
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