Episode #16, 28 August 2022
Faizan and Faisal talked about starting something new:
1) Your priorities are what you DO not what you say
2) Everything stems from there. You can look at someone's life and see what their priorities have been.
3) When people struggle to stick with priorities, it's usually because they're not truly their own priorities
4) Family—>Friends—>Network—>Social Media = Feedback Loop is key when starting a new action
5) Do small launches, bite sized, even before MVP, Make a link, send an email, get a mailing list, do a one to one sales, product/definition can come later.
6) Practice the pitch, what is the idea/tell as many people as possible
7) Ask your self why you are doing some thing new?
They also spoke about testing your outcomes:
1) Don’t ask what happens if it doesn’t work, re frame the question and ask what if it does?(not the same as manifesting a win)
2) Record the journey, data seldom lies. Don’t rely on intuition alone
3) The IKEA Effect, get people to co-create
They also spoke about commercializing your actions:
1) If you have a winning product or idea, do not over or under price it, commercializing it means testing it at various price points to make sure its the right market product fit along with price fit.
2) Determine how / what value people put on it, vs thinking what people ought to pay for it.
3) Checking if it scales but not crying if it doesn’t. Not all biz = m$ some are successful in small increments
They also spoke about earning your first dollars:
1) You have to have a product/service people need and want
2) You have to have the commitment to test if it works/do people value it
3) Do not build a 1 sale to one person business, building repeatable is harder but scales more bonus
4) Avoid the tourist trap, just because a problem exists once, like a stall in a busy tourist area serving expensive & shitty food, do not force users to hate you