If you want to create a successful project being Employee, you must face a series of constraints and one of the most important is Time (as I explained in “I don’t have time“), even, for me, before than Money.
As you know, in this blog I explain you how to make the transition from Employee to Entrepreneur, based on my experience in past and current projects. And what I’m going to talk about here is what kind of projects I consider excellent for you to get that goal.
Explaining the project
If Time is the most important limiting factor, later or earlier, if you’re really serious in becoming an Entrepreneur, people around you will realize that you are less available. It is then time to leave the darkness of gestation (better if you have a Minimum Viable Product or MVP) and share your project with the closest people, like family and friends.
I did that this summer and I realized how difficult is for many people understand how it works an Internet-based business. When you has been an Employee for many years, your idea of what a business is, is based on a number of assumptions:
- Need of site or office for its development
- Great investment of money which is a big risk of losing savings or become in debt to banks
- Need of people working for you
- etc, etc.
This is the vision of the past century business, business of the Industrial Age, businesses of the companies where a lot of us work. And this vision make difficult to understand that in a digital or information age business, generating money is decoupled from the time devoted to the business and the place where you are.
Usually, as Employee, you sell your time at a price and you must be working in a particular place. The limit on your income is the maximum number of hours you can work each day. Instead, in an Internet business the limit can be much larger and you only need an Internet connection and a mobile phone to work.
This binomial as limiting as space-time, so used to it as Employees, is the reason that difficult the vision of Internet-based businesses, especially if you do not work on issues related to the Information Technology and Communication.
During this summer I have experienced the breakdown of the limitation of space. I have taken much of the holiday to work from different locations and countries, with only a laptop connected to the Internet and a mobile phone. And as to the Time, as I am under construction and automation of the processes of my project, I used the availability of more hours to advance.
Just when you are in holiday, when you have more available hours, is when you can see if you’re really serious in the transition from Employee to Entrepreneur.
Yet this does not mean that you can not succeed in other projects such as creating a restaurant chain or a company that manufactures motion sensors for mobile devices. But on the basis of the constraints in Time and Money of us who work as employees, we need to create successful projects with a small investment and that we can develop with the little time we have available.
How to create a successful project
When I talk about my project with other people, and now share with you, I explain they it is based on the following ways:
- The DeMarco way
- The Intercom Group way
The DeMarco way
MJ DeMarco, author of “The Millionaire Fastlane” already I told you about in “The Millionaire Fastlane or how to get rich and enjoy the money before getting old“, and I highly recommend you read, establishes the Five Fastlane Commandments (NECST, pronounced “next “):
- The commandment of Need: Your business should solve a problem, provide value and / or satisfy a need. Here is not worth simply “do what you love”. Selfish motives, narcissists are not good models of long-term business. Never start a business just to make money. Stop chasing money and start chasing needs. Stop thinking about business in terms of your selfish desires, whether it’s money, dreams or “do what you love.” Instead, chase needs, problems, pain points, service deficiencies, and emotions.
- The commandment of Entry: As entry barriers to any business road fall, or lessen, the effectiveness of that road declines while competition in that field subsequently strengthens. In other words, if “getting into business” is as simple as paying $200 for a distributor kit, there are no entry barriers, and the opportunity should be passed.
- The commandment of Control: You’re either driving the Fastlane or you aren’t. You’re either in control over your financial plan or you aren’t. There is no in between. And if you’re not driving, you’re sitting in the passenger seat and someone else is in control. When you control your business, you control EVERYTHING in your business – your organization, your products, your pricing, your revenue model, and your operational choices. If you can’t control every aspect of your company, you’re not driving! And if you can’t drive, you set yourself up for sudden, unexpected crashes.
- The commandment of Scale: Scale is difficult to find locally or in a pool that fits only a small number of people. Sure, it can be done, but it requires magnitude, and magnitude doesn’t come cheap. If you own a tanning salon, your habitat is local. If you own an upscale restaurant, your habitat is county/city. If you own an Internet company, your habitat is worldwide. The larger the habitat, the greater the potential speed, or leverage, of your Fastlane.
- The commandment of Time: Owning a business doesn’t guarantee wealth or detachment from time. Some business owners are married to their businesses because their businesses violate the Commandment of Time. The business ostensibly becomes a job and a lifelong prison sentence. While giving up your heart and soul for a business is perfectly normal in startup, growth, and maturation stage, it isn’t a prescription I’d want to endure for 40 years.
The Intercom Group way
Another guide I find very interesting is that developed the Intercom Group, based on 18 years experience of successfully developing Internet projects, of which I am satisfied customer in some of them.
These are the 9 success factors for Internet companies that, in his opinion, make an idea, a concept or a service to be ideal, a priori, to succeed online.
- Self-feeding: Content provided by users is valuable and should be encouraged. Not only does this make users feel more engaged, but it’s something free from which a profit can be obtained.
- Motivation: The content must be of interest to the target audience. If it’s not, they are unlikely to return or respond to a call to action, such as providing their email address.
- Viral Marketing: Recommendation, especially by ‘word of mouth’, is fundamental. Try to make people talk about you.
- Sustainability: The more active users your website has around the world, the higher its value will be.
- Disruptive Application: It’s important that your website is better than similar sites on the internet and that it attracts a high percentage of customers from the traditional economy.
- Innovation: Give users something they never dreamed of having. If you contribute something that doesn’t already exist, you can be very successful.
- Save costs: The virtual world is cheaper than the real one. Take advantage of this benefit.
- Generate ‘know how’: All knowledge gained is useful: as your business grows, keep track of the things leant – you might need them again in the future. Also, your expertise is something that can be shared.
- Personalize: The internet allows you to customize and specialize. Take advantage of this opportunity to target a lot of people.