Three Crucial Business Elements
This post was published during Coronavirus outbreak in March 2020.
Each business activity has to fall into one of the 3 categories:
- Product/Offer creation
- Traffic Source
- Sales Mechanism
If what you are currently doing does NOT fall into any of these categories, you might not be spending your time/money/efforts on what will move your business forward. Ex. If you are spending days/weeks of perfecting your logo, you're wasting time.
If EVERYTHING that you are doing falls into just one or two of the three categories, your business is not complete.
Ex. if you keep adding new products/keep working on tweaking the offer, BUT you don't work on the traffic source or how to sell the product - you won't be able to sell it.
Ex. if you are constantly tweaking your ads, but your offer sucks, or you don't have the sales mechanism, you won't sell it
Ex. if you are tweaking your funnel but are not driving traffic to it OR your offer sucks, you won't sell it
It is easy to get stuck and sucked into the shiny objects (new tools, new frameworks, etc.) and become a Squirrel Entrepreneur. Don't be a Squirrel. Don't focus on the wrong thing.
When building business models and designing a strategy, make sure you include the above three categories so that you grow your business strategically and are not focusing on the gimmicks.
Strategic Entrepreneur>Squirrel Entrepreneur
The full story of the Shiny Object Syndrome and a Squirrel Entrepreneur is HERE (you need to read it till the end, all four parts, to understand it fully)
The approach to building and growing your business is all backwards. Read why HERE
“If you don't have a plan, you become somebody else's plan" -- Terence McKenna