May 15

May 15 Choose a Business That Fits Your Personality

Key Takeaways

1. I want to be entrepreneur but how and where to start?

For entrepreneurs, don’t get too much in the weeds about WHAT in the beginning. Focus on WHO you want to serve and what’s your angle of entrepreneurship. The who is the foundation. When you figure that out, the what will follow.

When you are looking for your market. focus on these 5 must-haves:

Evergreen: leverage google trend to see what business/industry is evergreen
Enthusiastic: Solve a problem and stay in the market, you can sell multiple things to the same owner. e.g. dog owners
Urgent: they need to get their problem solved right now. e.g. plumber, baby
Future: by solving the problem now, you are solving a problem in the future.
PWM: deal with PWM (player with money)

2. Understand what type of entrepreneur you are and what your personality is?

4 type of entrepreneurship:

Mission-based: they want to remove something from the world
Passion-based: they want to push the world forward by providing something
Opportunity-based: they want to do something and wondering why there is no people doing that yet.
Undecided: start with practices and learn the steps needed

What kind of personality do you think you are:

Type A Salesman: high energy and enjoy the social aspect of entrepreneur, you want to be ‘famous’ and well-connected in your area or industry
Scientist: you like get deep into your thoughts and engineer your plan A, B, C… You like to dive into product research and deliver the best service you can
Coach: you like leading teams and get things organized and delegated. You like paying the game as a coach instead of a player.
Wanderer: you could be layback and just see things going. You could be super interested in one things and totally lost in another.

Find your entrepreneur style and personality, then look for things that fit those traits and you’ll enjoy it more.

3. Two extra things to look in the market:

Number of keywords bandwidth: For successful business, their keywords # fall into a specific number. Based on that you can identify things you could work on and whether you could acquire enough customer.
Market competition: you want to find a market where a competitor is successful despite of themselves. They are making money not because how good they are. In those market, you can get in, improve something, and quickly grab the market shares.