How to Make Money
How to Make Money
The First Hurdle to Entrepreneurship
The purpose of this newsletter is to talk about the most common obstacles that entrepreneurs face. And there is no more common an obstacle than how to make money.
Your business needs money to grow and run and to solve world problems.
You need money to follow your entrepreneurial dream.
But here’s the issue.
Even though every single entrepreneur runs into this hurdle—only 1% of entrepreneurs ever jump over it.
And that’s a problem.
So here’s how you can overcome the obstacle of making money.
Step One
Know Your Audience
If you’re struggling to generate revenue, it’s probably because you miscalculated on what you thought your audience needed from you.
In other words, your audience doesn’t understand what you do or what you offer.
And if your audience doesn’t immediately recognize that they “need” you—then you’re not going to make money.
Therefore, the first answer is to figure out what your target audience needs from you.
Step Two
Do You Have What They Need?
Once you know what your target audience needs from you—the second step is answering this question:
“Do you have what they need?”
Because if the answer is “no” then you solved the problem right there.
If you don’t have what your target audience actually needs—then you’re going to have a tough time making money. And it’s really that simple.
For Example
This newsletter has gone through several iterations:
A) Tuesdays with Schwartz
B) Overcoming Obstacles with The School Doc
C) Overcoming Obstacles for Entrepreneurs
Which one of these names makes the most sense to you?
If you chose option C) then you would be correct.
There’s nothing wrong with the other names, except for the fact that it doesn’t speak to any one target audience. Who was the newsletter for?
By changing the name to Overcoming Obstacles for Entrepreneurs—it’s 100% clear who should be reading this newsletter now. It’s also easy to understand the value you will get from the newsletter.
Step Three
Think About Fulfilling the Need
You should not rush the research you do to better understand your target audience. In fact, even when you think you’ve figured them out—keep doing more research because people’s needs change over time.
But once you know what your target audience needs—now it’s time to fill that need.
Yes, you should think about developing products and services that fulfill that need.
And if you want to know more about how to do that—stay tuned to next week’s newsletter edition when we go over how to develop an idea into a product or service.
Thanks for Taking this Journey With Us!
We hope you gained a lot of value from this week’s newsletter, but if we didn’t talk about an obstacle that you face right now, please let us know by using the “comment button” below.
The “comment button” is your way of speaking up and letting the Overcoming Obstacles community know that you’re working hard to fix your entrepreneurial obstacles.
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