fbpx

The following video transcript is generated automatically by a computer algorithm that learns and gets better on a daily basis. Please accept our apologies if some content below doesn’t make sense:

Hi, everyone. Welcome to the Daily Dose podcast. This is the podcast where we pick out things from the news and social media that’s interesting to us as entrepreneurs and as businesses. I’m James and I’m joined by my co-host, Marcello. Marcello, can you kick us off the first topic?

Yeah. How are you, mate? Oh, good. Oh, good. Thank you. So this is a tweet from Steve Shopman on Twitter basically saying, I’ve been so our solar panel for nine months. It can be lonely at times, but I’m starting to see an understanding, creative power of collaboration between solar burners. I believe collapse will become more prevalent amongst solar burners as they see power and impact by one plus one equals three. So what do you think about this? I have my my own takes, but. Yeah, yeah.

So I’ve I’ve I’ve been a solar pioneer on multiple occasions for multiple different things that I’ve tried. Some successful, some not. Yeah. I think it very much depends on your personality type. I, I can’t, I have I have definitely struggled with it in the past. The worst part is. When you start a business with someone else, then you some of the pressure is off your shoulders, right? Because the responsibility isn’t purely just on you, your team. And what you can find is if if if you’re having a slightly bad day, then the other guy or girl probably isn’t having as bad as you.

And they can pick up the slack for 24 hours and then vice versa. You know, you can bounce ideas off each other. You can try things out. There’s also obviously, you also have belike arguments and differences of opinion, which he doesn’t have as a side opener.

But, yeah, that it kind of acts as a buffer against your own sort of personal mood in a certain certain sense. I do think that I have found that there. And I think this is what Steve is getting at. As part of this tweet is that even if you are just doing something on your own, there are ways of getting the pros of having business partners without the cons of having business partners.

And that is a case of actually going out and finding other people who are also single founders or celebrant ers who are having exactly same struggles and things like that view and trying to get into sort of mentorship groups with them. And a lot of people will be quite open to this. There are various organisations, clubs, things like that. You can find them on Meetup, particularly during a larger city, which will bring people who are in that same situation together. And it is really helpful just every now and again, say once a week to have like a group phone call or a group like Zoome meeting or even you can do asynchronously. If you if you’re in different time zones, you can do it on SLAPP channels, you can do it on WhatsApp groups, things like that, just somewhere where you can then let off steam, moan a bit about, you know, your life is stuff that’s going on. And oftentimes it’s actually quite good to leave all of your problems to one side with your business and see what other people are struggling with. And just it’s just a way of switching lanes and switching context, which means that, you know, you can be helpful to other people, but you can still forget about your troubles for a while and then you can come back to it your own stuff, and you feel refreshed, if only because you’ve been doing something else just for a period of time. You know, you’ve taken a mental break because you’ve been trying to help someone else with their stuff rather than, you know, constantly grinding and grinding and grinding on your own bits and bobs.

I think what he’s saying here is he’s saying that. Collaboration between solo partners is going to become more and more prevalent. I think this is more true.

This is more true if this sort of business that you’re running is like a service business or something like that. So, for example, you know, in the past I’ve been a contract programmer, so I have my LMC company or I was self-employed and I would go out and get contract work. So technically, I was a stellar partner, but I was working in teams by doing programming and things like that. And that’s becoming more and more the case. Right. You know, that sort of the career path evolved where you started. One company stayed there for 30 years. Then you retired. You went and, you know, went off into the sunset and trimmed your flowers. And your garden is not something that, you know, most people will have these days. So I think it’s gonna become more and more decentralised. It’s going to become more and more like free agency where people are going to specialise and they’re going to be taking those contract work and contract jobs. So if you have a bunch of people who have complementary skill sets. Like so a freelance programmer, freelance designer, freelance marketer, freelance copywriter. If you can get together and collab into some and make something that’s greater than the sum of your parts, which is what you’re saying with the one plus one equals three, then I think that’s definitely a route to increased increased business. But being able to go after increased business, but also increased value because, you know, you can offer clients a greater service by banding together and offering and offering your services as a group covering a wider sort of set of problems than you can just on an individual basis. Have you ever done much on the site? I found a front, yeah.

Yeah, many years also. Yeah.

So would you say that freelancing you’re basically offering or selling your services? It’s the same. So it’s it’s a sort of entrepreneur. It is pure entrepreneurship as anything else. Or would you differentiate that kind of activity versus creating a company that has employees on maybe investors that maybe operates in different countries or has an office? Now, you need to show up on this and that. So you need to deal with all your father bunch of stuff. So would you differentiate that enterprise, neural activity of building company teams, investors versus freelancing?

I mean, there are some clear differences. Like once you are sole entrepreneur or freelancer, let’s say whatever goes either for good or bad. It has a 100 percent impact on you. Whereas if you make decisions on a company that has employees, it affects them and their families and so on. So, yeah. So do you think. So my perspective is it will still be lonely way. A lonely journey for any entrepreneur for sure. If you have co-founders, it can help. But usually ultimately you will need to make your own decisions, even in some aspects of that of the company. And it will have any impact because you will have even a voting weight within that organisation. So we will still have an impact and you won’t receive much compliment as well. So we need you will be it’s always uphill for in front of us. And so even if you get two milestones, I very rarely you will achieve some stage where you are comfortable because the moment you get comfortable, you are most likely to get out of business and put out the freedom from someone. So, yeah, it’s constant hustle and strain, but it could be lonely as well in the sense that you will you do need to put out the flowers, lots of flowers. So then you want to hang out with friends, the soft end or maybe can impact your family time as well. So when you are suggesting that these sort of poor nerds should hang out with other like minded entrepreneurs, will they have time for that? What will be a balance of how much time they put there vs.. Because if you are the only guy in the company providing services and you need to pay your bills, maybe you need to work really hard. So you need to pull out the followers basically because you kind of delegate. And yes. So also, would you hang out with people that are offering your same service? So to know, you know what? So so you you may share the same challenges from a tax point of view, from my client’s point of view, from something else. Maybe a growth point of view. Whereas if you go talk to other. Does you make complement each other? But maybe there will be less synergies. So, yeah, put like a free for questions. Bodies will differentiate freelancer’s from intrapreneurs or they are truly solid. Here’s a great example of differentiate. We are building companies also that say if they hang out, you should hang out with same like minded MINURSO, same industry or seek complementary. Would you? How do you balance your time as well.

Yeah.

So I think we agree that, you know, even even if you are in business with other people, it can still be lonely at the top. And that starting starting your own business is very different than having a job and the traditional career path. So with that in mind, what do you think? Do you think entrepreneurs are born or are they made? What’s your opinion?

I think it’s not binary. That could be a tendency as on anything. People have more facilities or skills. DOD, for example, on when you are starting a company. I always say that sales is the most important probably unit of the business.

So if you keep selling skills, you are most likely to have like an easier path into entrepreneurship. If you can say this is your feedback session, I’m usually your. You need tough measurements of growth, success or feasibility. So that’s. So if you can’t save skills, that could be very interesting. But also you can have other skill sets and complement with other sales guys and drive that company very efficient.

That’s well, the example of technology guys. I’ve made a lot of money without sales skills because they just other types of great brother I’ve done. It just was mass adopted. So I think you can always learn your way in. So I need says anything. It’s a self binary. Some people may be better fit. So let’s a form for the purpose of starting companies. They can tolerate risk better. That’s very important. They will see you. That upsets you, you know, and endurance or great CEOs just keep going.

The termination and hunger. Yeah.

You need to be to go through the personal development process as well. On changing your views. Be tolerant. Nation discipline. We talked about in previous videos about that. So. But you can learn all this stuff. I mean, personally, I learnt a lot along the way mode not so I shaped myself like. Yeah. Hundred and eighty degrees I would say. So I cannot say I was born. I can say I love it since very young age and how Brexit practises from a young age. But the practise actually got me better into developing the skills. So definitely you are not born with skills. It’s like humans in general. You know, living beings. You have your DNA that. So you are born with some. Yeah. Predefine that say characteristics but they enviromental shape you as well. So you can maybe make that analogy into intrapreneurship or.

Yeah, I. I feel that I can.

I can only speak for myself and those people that I know. And then I have to guess what their motivations are. But I feel like I feel like it’s a mix of both. I think that you have to know that it’s possible in the first place. A lot of people grow up, you know, with family situations or with people around them where they just they don’t have access to anything entrepreneurial. Everyone’s doing a very standard thing, living a very standard life. They got a job, you know, a car, home, insurance, cetera. So if you don’t know it’s possible, then, you know, it’s it’s hard to then fall into it. You know, some people fall into jobs. Some people fall into relationships. Some people fall in to entrepreneurship. But I think once you know that it’s possible. I think that certain people are definitely wired to be more entrepreneurial than others, both in their sort of both in their abilities. As you said, about sales and things like that, you know, their sales skills and their natural kind of abilities. But I also think it comes down to I think most. Entrepreneurs that I’ve met who are a long term entrepreneur, as all successful entrepreneurs are people who actively enjoy doing business. I is not just a job for them. It’s it’s a hobby as well. Even if they weren’t going to be successful at it, they would still be doing something like that because it interests them. It catches their interest. They enjoy doing it. They find enjoyment in taking on the risks, you know, doing the work, forging new piles, creating new things in the same way, you know, do you know carpenters enjoy making furniture. Entrepreneurs enjoy making businesses the art and the craft of making businesses right. And for me, definitely, it’s kind of like I don’t enjoy jobs. I’ve had jobs in the past. You know, this there’s plenty of things about a specific job which might be enjoyable in and of itself, but the structure of like don’t get on with it all. And I do actively enjoy, you know, talking about business, creating new things, coming up with new stuff, solving problems, all of those kind of things which will fit into that bucket. And I come from a very SUB-STANDARD. You know, my dad was a bank manager. My mother was a housewife. So very standard kind of, you know, upbringing from a perspective of, you know, jobs and things that people did. You know, I’ve got people in my family I’d sort of nurses and, you know, very standard, typical job and career paths. So. So I definitely stumbled across it. I can I I can’t quite remember that day when I discovered entrepreneurship, but I have a recollection of around the time when I did it. And you slept like mindblower. You know, you could just do all of this other stuff. You didn’t have to do, you know, the standard nine to five, which I really wasn’t looking forward to coming out of school or or anything like that. I think one of the one of the things that can be a bit of a stumbling block to entrepreneurship is you might want desperately to be in an entrepreneurial stop business, but you don’t have. An idea of what it is that you want to do or what business that you can stop. And there’s lots of lots of different ways of coming up with business ideas and things like that. I spotted quite a good tweet from Greg Eisenberg, who we talked about before and here. And it was just his quick take on how he thinks about coming up with Start-Up Ideas. And he offers three kind of things that he he suggested you do. First one is to write Keep a Problem and Key Insights journal. So this is as you come across stuff like write it down. So you have like a master list of things that you can look back on and think about and coach day about. Another one, he says, is create a.. Roadmaps.

So this is look at stuff that’s successful. And think about it. Sort of a yin and yang thing, like what’s the opposite of that? Things that he says create a product roadmap for the anti Instagram, the anti Facebook, the anti Amazon was the opposite. Is there a business or an idea? That’s the exact opposite of something that already exists. And the other thing he says is virtual travel, which is go to online communities. So Facebook groups, subeditors. And just trying to understand what it is that people are talking about, what it is they want, why they’re engaging with those communities. And oftentimes ideas can pop up to service those communities and those ideas. And finally, he ends up with now. Right. One idea every morning, and I think that is the practise of just doing the work. Same as any other sort of work. Writing, programming, anything like that is just you got to you got to practise doing the work. And so coming up, when I did do the work, be disciplined about it. Have you got any thoughts on this tweet?

Yes. So interestingly, there is these that dog can remember who is the guy bought. It was a guy who I’ll be the link below in the comments, but it’s that they were investing in companies that let’s say they invested on one hundred companies when someone well, some didn’t. So they wanted to find a pattern on why the ones who did well did succeed on down on why the others didn’t. They usually there is this misconception that the idea is the most important thing. So I would like us entrepreneurs. You you put so much time on polishing your idea, like for product or service. And so they ranked there is also this misconception that money as well. So investment is is correlated to success. So then they ranked idea investments, that team timing and something else. Remember? So it turns out I fastforward that the most important determinant factor for succeed was timing. So that’s maybe a take away that I can say it’s useful for entrepreneurs to know that your ideas ideas are important, but don’t get too hooked into it. Also, I would say that entrepreneurs tend to think about which problems they personally have and then build a solution for that and try to then sell it to a wider audience. And that can work. I mean, it’s fun because he’s solving your your problem first. And then if you can make a business out of that, that’s important. But you can get trapped into or misled into thinking that what’s important for you is important for someone else or for a wider audience. So doing your research as you suggested or the tweets suggested as well. I think it’s important. And maybe a rule that we talked about in previous episodes was that if you want to launch a product or service, you have two ways of approaching it.

Either you make on marginal increment on the quality of that. But to an extent that it does on a product or service that affects a lot of people. It’s more like an utilitarian approach. I put that sample of five G, for example, from 4G to 5G, but it affects like the whole population, basically. So, yeah, it’s important so that you can make a lot of visits out of there. Or the other option is to improve something else, like by an order of magnitude of 10, 10 times better. So then you are radically better.

And you can be successful on that sense. So that can go also along maybe on day contri an approach of, let’s say, a.. Face, who comes on Instagram and so on. So if it’s radically different on some.

So Snapchat actually was born from the drawbacks of Facebook with privacy issues. They start also deleting messages. And that was enough to capture the audience. Basically, they they had other features, but nothing to be noticed. I would say not lost them at the core, you know, USP. So, yeah, it’s good to get into the habit of finding ideas. So you should be usually opportunities will be all of you. You shouldn’t be over one and looking too much. You shouldn’t be distracted from what you’re doing as well. That’s very important. I could be a swell ideas within your business or within your industry.

So it doesn’t need to be this this habit of generating ideas and then implementing those ideas can be he doesn’t need to be a new business all the time. It can be because VCT needs businesses all the time. But entrepreneurs don’t need to launch businesses all the time. Actually, that’s a big mistake.

But winning what you are doing, you can find better ways of doing it or improve your product, your business itself on re re transform. So you should be thinking within those lines. Yeah, I think it’s a very useful levit lation get caught because it’s probably sometimes he up a fun process or the most enjoyable process. Often parent shapes are that early stage when you are discussing the idea, arguing with your co-founder. So whereas why or why not come work on it. You do that create. CVT exercise, it’s more enjoyable, is inspiring. But then just yet, I want to spend too much time on that. Also, I will also always say on the logo of your company, I met sometimes your name. Yeah, it matters, of course. Just on to some very shipping. There are actually some shitty names are very well differentiated, so you can go a long way.

So I won’t bother much. Although yet if you start growing you should pay more attention. But ideas, logos initially are less important.

It’s more about pro market fit. Get feedback, get it going. But yeah. Enjoy. Enjoy that moment for sure. Kebap just getting better at it.

Agree 100 percent. Right. Thanks very much for listening, guys. We’ll be back next time with some more nuggets of knowledge. In the meantime, please do cheque out our YouTube channel, which is where we post this and our other podcasts. If you search for net workers, two words or you can find the link to that on our show notes. As part this podcast, if you’re interested in a deeper dive into all things entrepreneurial, including more detailed information, help mentorship and courses, please cheque out our Web site. And that is that network, of course, dot co. If you’ve got ideas for topics that you want us to cover on this podcast. Leave a comment under our YouTube videos and we’ll be sure to work that into the next one. So you’re next on.

Share This