In the podcast series, Seth Godin’s Startup School, Seth Godin gave a guided tour to a group of highly-motivated early-stage entrepreneurs on some of the questions they will have to dig deep and ask themselves while they build up their business. Here are my takeaways from various topics discussed in the podcast episodes.
- How to get good at just about anything? 1) You know what to do, 2) You can do it, 3) You care enough to get and take the hit.
- For business journeys and venture, it is about 1) Do you what are the right answers as told by industry visionaries or smartest consultants? 2) Are you good enough at writing, presenting, organizing, leading, hiring, raising funds, and all those business to-do’s, 3) Do you care about the project to get and take the hits from others?
- Many people who spend much time in getting their ducks in a row. Being an entrepreneur, you often don’t have the luxury of time to get all the ducks in a row. You merely start and figure out what to do with the ducks you have. Over time, you can collect more ducks. The entrepreneur journey is often a lonely one.
- There are a few ways to think about monopoly and business architecture. 1) the evil and unfairly control of the market, 2) an entity will not let you do a particular thing. The desired monopoly is to achieve making something that someone else cannot make it the same way you do.
- Every successful business has established a monopoly on something. Brilliant entrepreneurship is figuring out something you do that will cause others to cross the street and buy from you. People understand this is the one and they need it.
- The industrial mindset is to build the best mousetrap and make it even cheaper. The modern entrepreneurship is based on the connection economy.
- The easiest way to build a profitable monopoly for a small market is to be the center of the connections.
- When you decide to become an entrepreneur, you mostly have an empty lot to build your house.
- There are “virtual real estate” or opportunities that are up for grab in every industry. It takes the deliberate choice to stake out one corner of the market, so do not complain if you found yourself in a wrong spot. Move to another spot or figure out how to deliver even better work required by that spot. Be mindful of the sunk costs.