People want what they want, and they vote with their dollars, giving it currency. If no one wants your high-minded, high concept product/service/book — shelve it. Then produce and sell them what they want, consistently. Let your net profit finance your high ideals.
Creating wealth in five simple steps.
Business Model: What you plan, prepare to produce and why; that will finance your life from the cradle to the grave.
Make what we don’t know what we want but now can’t live without.
Monetization: How you intend to attract an audience, stakeholders, resources, et al., to generate revenue for your business (life).
Note: A spoonful of sugar helps the medicine go down.
Revisit #1 if you fail to attract.
Revenue Model: Continuously giving your audience what they want for a fee – while keeping stakeholders happy.
Profit Model: How you intend to sustain, survive, and thrive when nearing your expiration date.
Earn now and later.
Exit Model: Determine how you’re going to close up shop while still in control.
Think of wealth like it is the first law of thermodynamics.
Conservation of Energy states,
“Energy can’t be created nor destroyed; it can only change form.”
This is true of wealth too. There’s no shortage and never was. As long as there’s a want; there will be wealth. #blackfriday
- The Referral of A Lifetime by Tim Templeton
- Transitioning from Employee to Entrepreneur by Marvin L.Storm
- Hackers and Painters: Big Ideas from the Computer Age by Paul Graham
- Art of Profitability by Adrian Slywotzky
Retail Therapy. It’s time for us to delete this marketing concept from our brains.
Spending your hard-earned money on frivolous things makes bank for the producer or corporation. But leaves your account depleted – you in debt with a trinket that has no monetary value. How is that remotely satisfying or therapeutic?
Change your mind.
If you’re feeling bad; instead of shopping, create a solution that is valuable to you and those in need.
REVENUE THERAPY –
Now there’s a new catch phrase that is much more satisfying. Yes, your “Eureka” moment will have you smiling all the way to the bank while helping someone solve their problem, to boot.
Mindless Consumer to Mindful Producer…
But just in case you’re not ready for a change – there are 177 days ’til Black Friday, November 29, 2019.
H/T: “Medical News Today” for the Eureka link. What happens in the brain during a ‘Eureka!’ Moment? Published Monday 30 April 2018
Update on post previously published Oct 16, 2016.