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DAY 1/30 - Series for http://getjasmin.com/
MORE COMPETITION LEADS TO MORE CUSTOMERS
With a $14 million dollar screenshot to prove it.
Join me in this 30 day series and let's talk biz ideas and unlearning some stuff.
1st Thread
#30DaysofThreads #jasmin30dayseries
MORE COMPETITION LEADS TO MORE CUSTOMERS
With a $14 million dollar screenshot to prove it.
Join me in this 30 day series and let's talk biz ideas and unlearning some stuff.
1st Thread
#30DaysofThreads #jasmin30dayseries
And I'll get the screenshot out of the way as promised.
This is one of my companies. I'm sharing this to say,
"Nothing I share with you in the next 30 days is theory".
I'm going to show exactly what has worked for me.
This is one of my companies. I'm sharing this to say,
"Nothing I share with you in the next 30 days is theory".
I'm going to show exactly what has worked for me.
But it will take unlearning a bunch of stuff.
There will be the anguish of having to let go of things that feel right but that just end up being oh so wrong.
And it will take questioning every single thing you've ever been told about entrepreneurship.
So expect discomfort.
There will be the anguish of having to let go of things that feel right but that just end up being oh so wrong.
And it will take questioning every single thing you've ever been told about entrepreneurship.
So expect discomfort.
Could as well get to it then.
The first thing I want to talk about today is competition.
And how we mistake no competition or low competition as a good thing when trying to figure out what business to start.
Sounds good right?
The first thing I want to talk about today is competition.
And how we mistake no competition or low competition as a good thing when trying to figure out what business to start.
Sounds good right?
I mean that's what we do to ourselves:
"The competitive landscape..."
"The market is saturated..."
"How will I compete with {insert huge conglomerate}
This all feels right but it's the source of us making really bad decisions on what businesses to start.
"The competitive landscape..."
"The market is saturated..."
"How will I compete with {insert huge conglomerate}
This all feels right but it's the source of us making really bad decisions on what businesses to start.
It makes sense in the startup world where folks are going for winner-take-all situations.
But in the regular world, the opposite turns out to be true.
And that's why I only build companies for which there is a shit ton of competition.
Trust me, I've eaten.
But in the regular world, the opposite turns out to be true.
And that's why I only build companies for which there is a shit ton of competition.
Trust me, I've eaten.
So consider this admittedly ridiculous scenario:
A Bikini Shop in Antarctica!
Thereâs NO competition...shoot, you can set up and not have another bikini shop for 1000âs of miles.
It's ridiculous to even type this out but, this is often what we do to ourselves.
A Bikini Shop in Antarctica!
Thereâs NO competition...shoot, you can set up and not have another bikini shop for 1000âs of miles.
It's ridiculous to even type this out but, this is often what we do to ourselves.
For âno competitionâ to mean there is some huge opportunity, one of two things has to be true:
1) No other human being on the face of the earth has thought of this thing and I'm a stable genius, or
2) Itâs a terrible idea
One of these seems far more likely than the other.
1) No other human being on the face of the earth has thought of this thing and I'm a stable genius, or
2) Itâs a terrible idea
One of these seems far more likely than the other.
So unlearning spot:
Whenever there is some huge opportunity, competition is already there and kicking ass. And that (against every natural feeling in your body) is a GOOD thing.
If there is money to be made, chances are, there is a ton of competition already chasing it.
Whenever there is some huge opportunity, competition is already there and kicking ass. And that (against every natural feeling in your body) is a GOOD thing.
If there is money to be made, chances are, there is a ton of competition already chasing it.
So my Antarctica bikini example was ridiculous but in some ways gas stations are just the opposite end of the spectrum.
There's sometimes two on the same intersection.
You can literally wave at your competition looking back at you across the street.
There's sometimes two on the same intersection.
You can literally wave at your competition looking back at you across the street.
And when I started to really take this in, and internalize it, and change my perspective, i started to find success in building businesses:
These two go together.
A TON of competition = A TON of customers to be had
These two go together.
A TON of competition = A TON of customers to be had
And that solved two other problems:
1) Coming up with an idea. Why? Ideas are all around and I can see folks making bank.
2) Validating that idea: Itâs already validated for me. Right before my eyes.
So I can skip this dance and get straight to executing.
1) Coming up with an idea. Why? Ideas are all around and I can see folks making bank.
2) Validating that idea: Itâs already validated for me. Right before my eyes.
So I can skip this dance and get straight to executing.
I know this stuff is a weird pill to swallow and you probably have some mental push-backs right now.
We've spent so many years trying to come up with a "unique idea", that reading this might feel like me saying Grandma's cooking sucks.
We've spent so many years trying to come up with a "unique idea", that reading this might feel like me saying Grandma's cooking sucks.
Iââll end with this.
Want to increase your chances of building something that works?
1) Look at products/services that sell. Sell those.
2) Competition is a good thing. You should be happiest when there is a ton of it.
3) Build gas stations, not bikini shops in Antarctica.
Want to increase your chances of building something that works?
1) Look at products/services that sell. Sell those.
2) Competition is a good thing. You should be happiest when there is a ton of it.
3) Build gas stations, not bikini shops in Antarctica.
In the days to come I'll share more stuff I've learned, how I was able to apply this stuff, quit my accounting job, and escape corporate America for good.
Real stuff, no b.s. Cause who got time for that?
Real stuff, no b.s. Cause who got time for that?
Wait, I forgot one more benefit of competition.
The successful ones leave a roadmap.
You can get cues on pricing, social media activity, Facebook ads, press, SEO, branding, the whole thing is laid out for you...
You just have to throw your hat in the ring and get to work!
The successful ones leave a roadmap.
You can get cues on pricing, social media activity, Facebook ads, press, SEO, branding, the whole thing is laid out for you...
You just have to throw your hat in the ring and get to work!
Ok bet, see you good peeps tomorrow!
You should jump on our list, we'll be sending out some resources to go along with these posts: https://getjasmin.com/
You should jump on our list, we'll be sending out some resources to go along with these posts: https://getjasmin.com/
