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4 Key Questions EVERY Entrepreneur Must Be Able To Answer

 

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by David Garland in David's Blog

Sometimes the most important answers stem the simplest of questions (and go ahead and leave yours below…we are all in this together and can learn from one another).

Here are four super important questions:

What is your business?
What is your business model?
Who are you looking to attract and how to do you market the business?
How are you unique and what is your unfair advantage?

OK, so #1 first: What is your business?

In many respects, a business is what you DO/CREATE and a problem you solve/how you help people.

For example someone might say: “I solve the problem of a lack of yellow plastic ducks for plastic toy lovers. My business is creating interesting yellow ducks.”

Fantastic.

But, what is the business model? How do they make money? They don’t give away the ducks for free, do they?

The business model might be: “I sell the yellow ducks online in my duck shop. Also, I have a duck affiliate program which allows me to be in many places at once.”

Excellent.

Which moves to question three: Who are you looking to attract and how to do you market the business?

Let’s pretend there are a large contingency of plastic animal lovers (there might be…). “The market are folks who are passionate plastic animal collectors looking to solidify their collections and trade with one another. They spend a lot of time online learning about plastic toys and chatting with one another.”

Great.

Onto marketing: And of course there are many approaches to this. The smarter, faster, cheaper approach might involve a combo of online and offline activities. They might be to create a Plastic Cast where plastic toy experts are interviewed. Then, the toy experts tell people they are on the Plastic Cast (interview marketing). And perhaps creating The Plastic Toy Lovers Blog with tips, tricks, article and findings which is promoted via social networks (content marketing). Maybe they do a monthly plastic toy lover meet up and event to bring people together (event marketing). And finally, maybe they form relationships with every plastic toy blogger out there and contribute as a guest blogger/writers (expert marketing) and perhaps sponsor a few blogs and new media sources in their plastic toy niche in creative ways including a sponsored series of posts and plugs from bloggers and show hosts (creative sponsorships). And perhaps that expertise leads to more offline opportunities as a speaker at Plastic Toy Conferences (speaking as marketing).

Or they could buy a butt load of traditional ads…but that might be expensive and terrible.

Superb.

Final question (like Jeopardy): How are you unique and what is your unfair advantage?

I had lunch with my good friend The Nametag Guy Scott Ginsberg yesterday and we talked about this key point. What is something that sticks out that you are the ONLY one doing OR you are uniquely wired to do it best (In Scott’s case, he has worn a name tag for over 3,000 days straight and has leveraged it into an amazing business). This advantage doesn’t have to be something drastic however, but it has to be SOMETHING (nobody tries to create a mediocre business, right?)

In this lovely duck example, what makes their company and product stick out?

Perhaps, the ducks look like famous people and crazy people like Lindsay Lohan?
Or the founder has a personal collection of 4835847743776768 plastic toys and has a funny photo and caption of each of them.

….or…..(insert an advantage here).

Amazing.

The key with these four questions is without just one of them, trouble ensues like an iceberg.

Good marketing doesn’t fix a bad business model.
A great business model doesn’t work without great marketing.
A great business model that isn’t unique won’t stick out.
A business with no business model makes no money.

…and it goes on like a merry-go-round.

What about you? Can you answer all four? Leave it below and I’ll include in an upcoming post where I’ll answer them as well for my business.

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GET MY FREE CHEAT SHEET

These are the EXACT same steps I used to go from $0 to over $1,000,000 in online course sales in less than 24 months (and used by over 2,500+ of my students)

it's free!
100% privacy guaranteed, no messin' around!