"I'm Broke, What Should I Sell?"

TL;DR

Understand the various categories of products and services you can sell as an entrepreneur, such as physical products, digital products, services, access, attention, insurance, money, endorsements/branding, and combinations of these categories.

Transcript

I just gave a guest lecture last week at University of Texas for a class on entrepreneurship there are some people here who don't try for one of the key questions that many of the aspiring entrepreneurs in the classroom asked is what should I sell first off we have to Define what are the actual things that can be sold and this may sound crazy but t... Read More

Key Insights

• 🈂️ There are 14 different products and services that entrepreneurs can sell, including physical products, digital products, services, access, attention, risk (insurance), money, and endorsements/branding.
• ▶️ Experience and resources play a significant role in deciding what to sell as a first-time entrepreneur.
• 🚚 The "Delivery Cube" offers six key aspects to consider when delivering a product or service, such as the delivery method, level of support, medium of support, consumption method, speed and convenience, and pricing strategy.
• ⚖️ The 10x to 1/10th test helps entrepreneurs think about scaling their offerings and providing more value to customers.
• 💼 Combining different categories of products and services can lead to unique and profitable business opportunities.
• 🎨 Balancing scalability, value, and profitability is crucial when designing your delivery model.
• ◾ The choice of support medium and consumption method can impact the perceived value of your product or service.

Questions & Answers

Q: What are the main categories of products and services that entrepreneurs can sell?

Entrepreneurs can sell physical products, digital products, services, access, attention, risk (insurance), money, and endorsements/branding. These categories offer a wide range of opportunities for entrepreneurs to explore.

Q: How should I decide what to sell as a first-time entrepreneur?

Consider your skills, experience, available resources, and the problem you can solve. Identify the category in which you have more experience or knowledge, and then assess which problem you can solve effectively, given your resources.

Q: What are the different aspects to consider when delivering a product or service?

The "Delivery Cube" provides a framework to consider when delivering your product or service. It includes the delivery method (one-to-one or one-to-many), the level of support (do-it-yourself, done with you, or done for you), the medium of support (chat, email, phone call, or Zoom), the consumption method (visual, audio, live, or recorded), the speed and convenience of delivery, and the pricing strategy.

Q: What is the 10x to 1/10th test mentioned in the content?

The 10x to 1/10th test encourages you to think about how you can provide 10 times more value if you were to charge 10 times more for your current product or service. Similarly, it challenges you to think about delivering the same or more value at one-tenth of the price, without compromising its perceived worth.

Key Insights:

• There are 14 different products and services that entrepreneurs can sell, including physical products, digital products, services, access, attention, risk (insurance), money, and endorsements/branding.
• Experience and resources play a significant role in deciding what to sell as a first-time entrepreneur.
• The "Delivery Cube" offers six key aspects to consider when delivering a product or service, such as the delivery method, level of support, medium of support, consumption method, speed and convenience, and pricing strategy.
• The 10x to 1/10th test helps entrepreneurs think about scaling their offerings and providing more value to customers.
• Combining different categories of products and services can lead to unique and profitable business opportunities.
• Balancing scalability, value, and profitability is crucial when designing your delivery model.
• The choice of support medium and consumption method can impact the perceived value of your product or service.
• Speed and convenience of delivery are important factors to consider in satisfying customer expectations.

Summary & Key Takeaways

• There are 14 types of products and services that entrepreneurs can sell, which can be classified into four categories: physical products, digital products, services, and access/attention/risk/money/endorsements.

• When deciding what to sell, consider your skills, experience, available resources, and the problem you can solve.

• The "Delivery Cube" provides six aspects to consider when delivering your product or service, including delivery method, level of support, medium of support, consumption method, speed and convenience, and pricing strategy.