Businesses are not evolutionary endpoints. Businesses can be endlessly inventive. Why is it that putting a bookstore on the internet would lead to the world's richest man? If price isn't your differentiator, you'll work really hard to find one and fail. A business plan tells you if it's worth doing. Will this have been worth doing?
What's the smallest thing I can do in the shortest amount of time that will give me evidence to confirm or disconfirm my core thesis? Root in your own experience, not in somebody else's business book. Your experiences are your core differentiator. That's what you're bringing to the party.
The person screwed on price wins on convenience or timing.
I want a startup because all the cool kids have a startup. Really? Every new business is a start-up.
Chris's advice on starting a new business?
- LOW OVERHEAD. If you can ever get your overhead covered 100%, you should immediately go start a business.
- OVERREACH. Don't be too creative when you don't need to be.
- PROTECT. Keep the parasites out.
- TIMING. Look at the timing of when you want to expand your market.
Is it worth doing? Well, the business plan says it's a good idea. But looking back, it was a bad idea. Here's the story of Chris and Corey's friend, Sushee Perumal. Enjoy this episode of Market Dominance Guys: Business Plan - Take the Money.
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