A multiple stream of income is not another job where you are selling your time for money. MSIs should be ideas and systems dependant. Once set in motion, MSIs should provide a recurring, passive and residual stream of income.
Scalability is the process of magnifying and multiplying the effect of your value creation.
Magnify: Reach out to many people at one time.
Multiply: You only do something once and your product will be available forever to create value to others.
For any marketplaces, liquidity is a critical element other than your typical supply and demand equation. Liquidity is the reasonable expectation of selling something you list or finding what you’re looking for. I often write about the importance of liquidity in my posts about marketplaces. In Greylock Partners’ Simon Rothman’s words,
Liquidity isn’t the most important thing. It’s the only thing. Until you reach liquidity, you’re vulnerable. After, you have the opportunity for dominance. The first marketplace to reach liquidity wins.
When users from other platforms are shifting to use your service, and when your users are evangelizing for you, you know you are definitely on to something. This echoes something which Joon from Pigeonhole mentioned in a sharing session which I will always remember: “How do you know when you have reached product/market fit? When your users do your pitch for you.”
When Sandia Chang lived in New York a few years ago, she had a favorite way of dining with her friends.
“We used to collect great wines; we were sort of wine geeks. We’d always get together and go somewhere where you could bring your own wine. So we’d always end up at some Chinese food place in Chinatown, a pizzeria in Brooklyn or some brassiere down in the East Village.”
Being a self-proclaimed “wine geek,” Chang’s usual fare of spaghetti bolognese was rarely accompanied with cheap vino. Instead, she would enjoy a bottle of Sassicaia, usually sold for $800 in fine restaurants.
“It was always simple food, but we’d always crack open a great wine with it. That drastic difference in things makes it fun and cool,” Chang says.
It was this chasm between the casual and classy that encouraged Chang to open Bubbledogs in London last year: a 40-seat bar/restaurant that serves gourmet hot dogs with a selection of grower champagnes and sparkling wines.
It is certainly a niche market in London – a city fast-becoming a capital obsessed with high-end fast-food.
U.S. fine burger chains Shake Shack and Five Guys opened their first U.K. stores earlier this month, in the hopes of taking on U.K. restaurants like Meat Liquor, Honest Burger and Byron, which all cater to a growing crowd of Londoners who prefer to fork out a bit more cash for a decent burger and bun.
Chang – whose hot dogs cost between £6 and £7.50 ($9 and $11.25) – said good value is the key. After all, the champagne to wash down that gourmet hot dog starts at £6 ($9) per glass.
“I think people are very conscious of their money. They want something for value,” she told CNBC. “They could pay £3 for a dirty hot dog down the street on a cart, but they know in their head that it’s not great quality. It’s a balance. If you had £7, what would you get? You’d make sure what you got was quality.”
John Eckbert, the director of operations for Five Guys U.K., said it was the selection of their ingredients that set them apart. “What Five Guys wants to say is: if you’re having your mom over for dinner and you were cooking burgers, how would you do it? You’d pick the best meat, the best buns, buy the best tomatoes and lettuce, and carefully prepare them. That’s a really different mindset from McDonald’s.”
Both Bubbledogs and Five Guys spent a long time sourcing their meats and buns from England to ensure they got their specialities just right.
“All these places,especially single-item or single-concept places, you know that if they are only selling one thing, it’s probably the best they do,” Chang says.
But despite a number of similarities, Five Guys and Bubbledogs have markedly different approaches when it comes to the future of the business.
Five Guys currently has 1,200 restaurants in the U.S., with another 200 expected by the end of the year. In the U.K., they plan to open new stores in Angel in North London and Westfield shopping center in West London, as well as one in Reading.
Eckbert says that in its first week, Five Guys’ first U.K. restaurant was churning out about 1,500 burgers a day and that “the store has broken records for first-week sales for a Five Guys by meaningful margins.”
Bubbledogs on the other hand, isn’t going anywhere. It focuses on grower champagnes (champagnes produced by the same estate that owns the vineyard from which the grapes come), so there is a small pool from which Chang chooses the bottles available in the restaurant.
She says that some only produce around 8,000 bottles a year, which means they can run out and she struggles to get any more.
The champagne is key for Chang because that’s where her passion lies.
“Our sales are 50-50: 50 wet and 50 dry,” she says. “And at the moment people do come here because of the hot dogs, which is what I wanted because if it wasn’t for the hot dogs they wouldn’t come in and try the champagnes.
“I’m hoping in the future people will realize our champagne list and will come for the champagne equally as they come for the hot dogs.”
When running a business, it may seem like there are never enough hours in the day. Tapping into the power of mornings, a time of day when there are less demands, might be the key to increasing your productivity.
For 15 years, Starbucks President Michelle Gaas has set her alarm for 4:30 a.m. to go running. Gretchen Ruben, popular author of The Happiness Project (Harper Perennial, 2011) wakes up at 6 a.m. and works for an hour before her family rises. Time-management expert Laura Vanderkam highlights what makes mornings special and how we can use them more efficiently in her book What The Most Successful People Do Before Breakfast (Portfolio Trade, 2013). Here are a few benefits to getting out of bed earlier.
You are less likely to get distracted in the morning. An entrepreneur’s day fills up fast. If you wait until the afternoon or evening to do something meaningful for yourself such as exercising or reading, you’re likely to push it off the to-do list altogether. “There are going to be reasons why you can’t tackle a personal priority at 4 p.m. — things have a lot less likelihood of coming up at 6 a.m.,” says Vanderkam.
You have more willpower early in the day. Even if you aren’t a morning person, you may have more willpower in the early hours than later in the day. “Willpower is like a muscle [that] becomes fatigued with over-use,” says Vanderkam. During the course of the day as you’re dealing with difficult people, making decisions and battling traffic, you use up your willpower, leaving you feeling depleted toward the end of the day.
Mornings give you the opportunity to set a positive tone for the day. If you’ve ever slept in past your alarm clock or forgotten your kids’ lunches on the counter, you know that starting off the day with a failure can bring down your mood and affect your productivity at work. Vanderkam says waking up earlier allows you to start the day with a victory and set the tone for a happier and more productive day.
If the thought of waking up at sunrise makes you cringe, Vanderkam recommends these four steps to transform even a habitual night owl into a morning person.
1. Keep a time journal. Vanderkam says one of the reasons people say they don’t like mornings is that they stay up too late. She recommends keeping a time journal for a week to show where you may be using your time inefficiently. Vanderkam finds when many self-professed night owls look at their time journals, they often find they aren’t spending their evening hours productively or doing anything particularly enjoyable.
2. Imagine your perfect morning. Imagine what you would do if you had an extra hour in the day. Would you exercise? Read the newspaper rather than simply skimming the headlines? “[Getting up earlier] isn’t about punishing yourself. You will not get out of bed if you don’t have a good reason to do it,” says Vanderkam.
3. Plan your morning. Once you have decided what you want to do with your extra time, plan how to execute it, and set as much up as possible the night before. For example, if you want to exercise in the morning, lay out your clothes the night before, or gather the ingredients for your breakfast.
4. Build the habit slowly. Vanderkam says you will likely hit the snooze button and sleep in if you try to switch your habits drastically. So instead of setting your alarm for 5 a.m. when you normally get up at 7: 30 a.m. set the alarm for 10 minutes earlier each day. To make sure you don’t lose sleep, go to bed 10 minutes earlier each night. If you have trouble hitting the sack on time, set a bedtime alarm.
1. Rejection is part of the game
2. Got to learn to sell. Overcome the discomfort by realizing that it’s a product that truly adds value to people’s lives
Opportunities are all around. It involves looking at a problem or an unmet need and finding a way to solve it for people.
When you are committed and resourceful enough, there is always a way.
People are your greatest wealth resources. It’s not what you know, it’s who you know.
The power of leverage. Accelerate your own success by leveraging on the success of others.
A business is a money making machine that works with or without you.
Be a business owner is different from being self employed. Self employed is running a one man show, selling time for money. You are the one constantly making the product or providing the service. Because you are the one doing all the work, there is a limit to how big your company can grow. You cab never retire or take a holiday. The moment you stop working, the company cannot function.
Building a brand. Building a business system that can be replicated into other markets. Building the right team to run the business.
Entrepreneurs who succeed are those with the strongest WHY. Why do this business. What do you want it to do for you. What is your primary motivation. If the why is strong, there will be motivation and determination to find the how.
Capitalist: Use the least amount of money to do as many things as possible
Worker: Do as minimum as possible to earn the maximum amount of money