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
|
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, Running a business means facing daily frustrations: plans fall through, projects drag on, results don’t come fast enough. It’s easy to focus only on what’s missing or not working. I’ve been there plenty of times. I know it sounds cliché, but gratitude offers a different lens on things. It doesn’t erase the challenges, but it helps me reframe them. Gratitude allows me to pause and notice what's working, helping me remember the foundation I'm already standing on. That shift can turn...
Hi Reader, Over the last few years, I’ve experienced periods of extreme productivity as well as my share of creative slumps. Looking back, I’ve noticed clear patterns for when I’m at my best – my most innovative, which is leading me to structure my routines and habits differently. When I read (a lot), I get more ideas and I ask better questions. My brain sparks with wonder and imagination, fueling new insights and experiments. When I focus on what’s within my control – including my response...
Hi Reader, There’s always a gap between where you are and where you want to be. Sometimes it feels like a chasm: How could I possibly get there?! I feel this all the time. I’ve got a long-term vision for where I want my business and career to go. And even on a smaller scale, I have a vision for how I want to show up in the next coaching session or meeting. But when I spend too much energy thinking about the end goal, I get stuck. The distance feels overwhelming and I tend to be overly...