Creating Scarcity, Part 2

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.

  • If our business does not have a hard part, we don’t have a viable business. We need to focus most of our effort on the hard part. The hard part is usually around being known, being trusted, and creating something that is unique and remarkable. When we work on the easy part of the business, we are hiding.
  • We have opportunities to create scarcity after we have done the hard part of the business. We also need to think about how inclusive/exclusive our product/service needs to be as it scales up. Some products and services will benefit from being inclusive, and some will benefit from being exclusive.
  • “Will someone steal my idea?” Probably not, and we should worry less about it. Instead, we should focus our energy on making our idea remarkable and worth imitating or stealing. We talk about being the top of the world, in a world of one. Sometimes, being the one-and-only has a flipside of being obscure. The trick is to be in a race with competitors but being the leader with the most momentum.
  • Should we focus on just one tribe or working on several simultaneously because we might be rejected from some of them? As soon as we put ourselves in front of many tribes, the tribes will know we are not serious or committed to serving them. As a result, the tribes become less interested in us. We should focus on one tribe at a time, work with them, and, at some point, take the success stories to the next tribe.
  • A tribe must have a goal, a community, a culture where the members care about one another. In a connection economy, we will always do better when a tribe embraces us. We are hard-wired to belong and to do the same thing other people are doing.