Starting a business is exciting and ambiguous – and that’s the fun. It’s a time of possibility, experimentation, imagination, and showing the world what you can do. But, it can also feel slow, frustrating, and full of traps and distractions, leaving potential entrepreneurs to question their self-worth and to wonder why they started in the first place. As a small business coach, I’ll help you cultivate an entrepreneur’s mindset, so you can start and grow your businesses with confidence and step boldly into the role of business owner. Subscribe to get access to weekly tips, small business interviews, and more.
🚀 Grow Without Losing Focus
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Hi Reader, I remember when Apple launched the iPod back in 2001. To casual observers, myself included at the time, it might have seemed like an odd move – here was a personal computer company suddenly releasing a music player: Why would they do that? In reality, Apple was building on what they already did best: designing user-friendly devices for creative people (their true fans). The iPod wasn’t a departure; it was an extension. That’s the heart of Product Development: staying rooted in your core strengths – and your core brand story – while creating something new for the customers who already love and trust you (your true fans). Nike started with performance shoes before expanding into apparel, gear, and fitness apps; but they've stayed laser-focused on athletes and movement. New flavors from Ben & Jerry’s give fans more reasons to enjoy what they already love. The same goes for LEGO – themed sets and collaborations simply reimagine what those same little bricks can do. Crayola began with crayons, then expanded into markers, colored pencils, and paints – all while staying grounded in creativity tools for kids. There’s a risk in product development: If you stretch too far outside of what you're known for, you could dilute your brand and confuse the story (more on that next week). But done well, product development is about doubling down on your core strengths and story: What else can you create, right here in your lane, that solves another problem for your best customers? Framed this way, your brand story gains continuity – because people can see the through-line from your first product to your latest. Want help brainstorming? Try this AI prompt: Copy and paste the prompt below into ChatGPT – fill in the blanks with your own details, then see what it generates. You can refine it from there. "My business is best at [your core strength/capability]. Our current product/service is __________. Our customers also struggle with __________. Staying true to our strength in __________, what new product/service could we develop that solves that struggle?" Example: "My business is best at making nutritious grab-and-go snacks. Our current product is protein bars. Our customers also struggle with finding quick, healthy breakfast options. Staying true to our strength in convenient nutrition, what new product could we develop?" Use what feels helpful, toss what doesn’t, and remember – clarity comes with action. Until next time, Michael P.S. What did you think of getting AI prompts to try this month? It's an experiment! 🤓 Reply to this email and let me know.
Michael Schefman | 321 Liftoff Copyright © 2024 by 321 Liftoff LLC |
Michel Schefman, 321 Liftoff
Starting a business is exciting and ambiguous – and that’s the fun. It’s a time of possibility, experimentation, imagination, and showing the world what you can do. But, it can also feel slow, frustrating, and full of traps and distractions, leaving potential entrepreneurs to question their self-worth and to wonder why they started in the first place. As a small business coach, I’ll help you cultivate an entrepreneur’s mindset, so you can start and grow your businesses with confidence and step boldly into the role of business owner. Subscribe to get access to weekly tips, small business interviews, and more.
Hi Reader, Kodak once dominated photography. In the 1970s, they even invented the digital camera. But they didn’t pursue it. Why? They were confident film would always be king. That's complacency. They scoffed at new innovations, taking their success for granted. Contrast that with James Dyson. He built over 5,000 prototypes before perfecting the bagless vacuum. That’s persistence. With every failure, he stayed curious. Or Sara Blakely. She hacked a pair of pantyhose into a Spanx prototype...
Hi Reader, Over the past few years, I've been observing patterns. In my 1:1 coaching sessions and interviews with new entrepreneurs, I’ve noticed that new business owners often wrestle with the same types of challenges. On the surface their experiences are quite different – a cider orchard, a toy store, an innovative startup focused on getting communities to work, and many more. But, when you dive in, their stories are remarkably similar. If I were to group them, I’d put them into four...
Hi Reader, Starbucks started as a neighborhood coffee shop. Their story was about the café experience – a place to gather, connect, and enjoy the art of coffee (mmm, coffee ☕). Then, in the late ’90s, seeking additional growth, the brand leapt into the grocery aisle, selling coffee beans, bottled Frappuccinos, and eventually K-Cups. Starbucks wasn’t just serving regular café visitors anymore. They were reaching whole new groups of customers who might never walk into one of their stores –...