🧵26/50
We keep talking of "value".
And how it relates to success.
Be it as a top 1% creator or a funded startup company.
I have first-hand experience with both..
& I won 2k$ in bounty from 20hrs of work in April.
Because I know the 6 SECRET factors.
(DO NOT Miss This) 🧵--
We keep talking of "value".
And how it relates to success.
Be it as a top 1% creator or a funded startup company.
I have first-hand experience with both..
& I won 2k$ in bounty from 20hrs of work in April.
Because I know the 6 SECRET factors.
(DO NOT Miss This) 🧵--
We will dive deeper into all 6 soon.
Before that tell me-
What do you understand by "value"?
Your success depends on helping OTHER people.
So be it a biz or content..
Consumer needs>> Your needs
So helping the consumer is at core of "value".
Clear?
Awesome.
Basic but Tricky
Before that tell me-
What do you understand by "value"?
Your success depends on helping OTHER people.
So be it a biz or content..
Consumer needs>> Your needs
So helping the consumer is at core of "value".
Clear?
Awesome.
Basic but Tricky
Startups & Creators have a lot in common:
Vast majority fail even before they start.
My startup did.
Am now studying the top creators to become one.
This is to get to a point where I am proud of my work, make enough money & have a fulfilling life in general.
But I am lucky.
Vast majority fail even before they start.
My startup did.
Am now studying the top creators to become one.
This is to get to a point where I am proud of my work, make enough money & have a fulfilling life in general.
But I am lucky.
How?
Because I get to PURSUE being a creator.
Or starting up.
It needs support of loved ones, safety net if thigs go wrong & a generally sorted life to seriously attempt this.
Unless you are still in school or something.
School is actually where you should be learning this!
Because I get to PURSUE being a creator.
Or starting up.
It needs support of loved ones, safety net if thigs go wrong & a generally sorted life to seriously attempt this.
Unless you are still in school or something.
School is actually where you should be learning this!
1️⃣ Discovering Value:
The problem statement is an explanation of why a set of circumstances is painful for a set of users.
The operating word here is painful.
Unless your problem is a pain killer, it's a vitamin.
And you have odds stacked against you.
All pains are not equal.
The problem statement is an explanation of why a set of circumstances is painful for a set of users.
The operating word here is painful.
Unless your problem is a pain killer, it's a vitamin.
And you have odds stacked against you.
All pains are not equal.
Creators tackle a pain point of their ideal customer avatar.
Startups bundle it into their mission statement.
The "best" problems are:
• Urgent [solving today > solving tomorrow]
• Frequent [once a day > once a decade]
• Acute [can't ignore > can wait to solve]
A good start
Startups bundle it into their mission statement.
The "best" problems are:
• Urgent [solving today > solving tomorrow]
• Frequent [once a day > once a decade]
• Acute [can't ignore > can wait to solve]
A good start
2️⃣ Creating Value:
You need to find a solution that solves the pain & is perhaps the most crucial requirement to succeed.
A customer buys the product (solution) not the thesis.
A client buys the service (solution) not the process.
(As a creator, you can sell products as well)
You need to find a solution that solves the pain & is perhaps the most crucial requirement to succeed.
A customer buys the product (solution) not the thesis.
A client buys the service (solution) not the process.
(As a creator, you can sell products as well)
But again, not all solutions are created equal.
@cagan's seminal book on Product Management "Inspired" lays out these 4 big risks of value creation:
• Value Risk
• Usability Risk
• Feasibility Risk
• Business Viability Risk
Img below explains each of them in simple terms -
@cagan's seminal book on Product Management "Inspired" lays out these 4 big risks of value creation:
• Value Risk
• Usability Risk
• Feasibility Risk
• Business Viability Risk
Img below explains each of them in simple terms -
3️⃣ Communicating Value:
You are an AWESOME football coach.
You know it.
But you have no testimonials or present students, no videos of you playing.
And not enough time with the parents or players to convince you are one.
Will you get to solve the problem you KNOW you can?
You are an AWESOME football coach.
You know it.
But you have no testimonials or present students, no videos of you playing.
And not enough time with the parents or players to convince you are one.
Will you get to solve the problem you KNOW you can?
Now maybe there is almost NO ONE who faces the problem you are solving.
But in 99% cases you are not able to find reliable, efficient & simple enough ways to SHOW your expertise/ solution.
When you serve EVERYONE, you serve NO ONE :
Creators have niches.
Startups have markets.
But in 99% cases you are not able to find reliable, efficient & simple enough ways to SHOW your expertise/ solution.
When you serve EVERYONE, you serve NO ONE :
Creators have niches.
Startups have markets.
4️⃣ Capturing Value:
You found a KILLER way to create omelets.
You put it out on YT & it went viral.
Many people would have benefitted from it.
But will you see any of the monetary rewards?
Even without piracy of videos, the answer is a pretty clear no.
No way to "capture" em.
You found a KILLER way to create omelets.
You put it out on YT & it went viral.
Many people would have benefitted from it.
But will you see any of the monetary rewards?
Even without piracy of videos, the answer is a pretty clear no.
No way to "capture" em.
Business models [startups] & offers [creators] exist to tackle this.
Biz model: I give you free news, I get paid from ads you see
Offer: I drive traffic to your course, you pay me 25% of each sale.
Digital world has mechanisms built in lines of code: easier to monetize than art
Biz model: I give you free news, I get paid from ads you see
Offer: I drive traffic to your course, you pay me 25% of each sale.
Digital world has mechanisms built in lines of code: easier to monetize than art
5️⃣ Scaling Value:
1st time startup founders worry about building out the prototype of the solution.
2nd time founders worry about getting a prototype in the hands of real users.
No users, no feedback, no revenue, no growth.
No matter how great your biz model is.
It's worth 0.
1st time startup founders worry about building out the prototype of the solution.
2nd time founders worry about getting a prototype in the hands of real users.
No users, no feedback, no revenue, no growth.
No matter how great your biz model is.
It's worth 0.
Creators put out 99% of their knowledge as free content.
Why?
As THAT content creates their authority in the niche, trust in the customers & gets eyeballs on the remaining 1% paid stuff.
In 99.99% cases, if you can 10x the eyeballs on it, you can ATLEAST 3x the revenue
Right?
Why?
As THAT content creates their authority in the niche, trust in the customers & gets eyeballs on the remaining 1% paid stuff.
In 99.99% cases, if you can 10x the eyeballs on it, you can ATLEAST 3x the revenue
Right?
6️⃣ Delivering Value:
You can have 100 customers knocking at your door but if you can't help them, it's a waste.
Be it less time or manpower or hitting the limit of tools you are using.
And if you can't keep present consumers happy, you have no right to look for more.
At All.
You can have 100 customers knocking at your door but if you can't help them, it's a waste.
Be it less time or manpower or hitting the limit of tools you are using.
And if you can't keep present consumers happy, you have no right to look for more.
At All.
In the early stages, the founding team of a startup is often the biggest determining factor..
in them getting barely funded vs happily funded.
The best creators out there not only thoroughly use tools, but are well versed in many.
They have a customized tool stack & workflow.
in them getting barely funded vs happily funded.
The best creators out there not only thoroughly use tools, but are well versed in many.
They have a customized tool stack & workflow.
Did you learn something new?
Those were the 6 parallel factors for the success of startups or creators!
What was your favorite?
Follow along @bewritethere in my journey.
RT the 1st tweet if you enjoyed this original framework! :)
Those were the 6 parallel factors for the success of startups or creators!
What was your favorite?
Follow along @bewritethere in my journey.
RT the 1st tweet if you enjoyed this original framework! :)
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