If you are reading this you might probably travelling the world.
I hope you are one of those who have already gave others so much, that now can do whatever, whenever.
As we all have different paths, but same hours a day, it seems that some people know how to get more out of a lifetime.
Providing you dont rely on wealth transfer from others, but on your own skills and knowledge, ofc
So…are you ready to be an entrepreneur?
Entrepreneurship is a Path
And that’s what I found most interesting about it.
If you would have asked me while I was a university student, I would have said: “I want to have a job, earn money, buy a car and live a comfortable life”
But then…
I could not stand the idea of being a passenger in life.
I wanted to be the driver.
And that’s what entrepreneurship is all about.
Entrepreneuring Concepts
Be ready to wear different hats.
From product, to finance, to marketing…
And execute with proper focus.
Probably the most important skill is to be able to focus on the most important thing.
That’s why I find it so important to have a clear vision of what you want to achieve.
And to be able to distinguish between what’s signal and what’s noise.
In Telecom they have a name for this: SNR or Signal to Noise Ratio!
Financial Leverage
Financials
Pricing Strategy & Key Metrics
Recently, I explored some insights on Pricing strategies and Menger’s economic perspective:
As per Menger’s view: Costs don’t drive final prices
Key Takeaways:
- Your Customer Acquisition Cost (CAC) should be well below your price minus infrastructure costs. For example, with a $75 price and 22% spent on VPS, your CAC should ideally be under ~$60.
- Lifetime Value (LTV) is simplified if you assume customers buy only once. Any virality or repeat purchases are a bonus, but don’t rely on them.
- Define your infrastructure costs clearly (see VPS).
- Track how many people see your product and convert, using your pricing strategy as a guide.
KPIs to Monitor:
- CAC (Customer Acquisition Cost)
- LTV (Lifetime Value)
- EBITDA or other revenue metrics
- Net Profit and Gross Margin
- NRR (Net Revenue Retention) and Churn Rate
A common benchmark: if your LTV/CAC ratio is greater than 3, your business model is promising—potentially even more attractive than stocks or real estate.
Create your funnel and a user journey map to identify friction points and optimize conversions.
The Leads
Or in other words: How to Get Strangers To Want To Buy Your Stuff.
As I learnt from here:
The Lead Magnet
A lead magnet is free value offered to potential customers or qualified prospects. The process is simple:
- Offer something valuable for free.
- Get feedback from those who take it.
- Improve your product based on their input.
- Charge money to people like them.
How do you define a potential client?
Try the BANT framework:
- Budget
- Authority
- Need
- Timing
If these apply, the prospect gets the free offer and you get valuable feedback.
Lead Magnet Strategies
Lead magnets are powerful tools for attracting and converting prospects. Your core strategy—“show a problem and solve it”—is a fantastic foundation that applies to many types of lead magnets. Here’s a comprehensive breakdown, categorized by what they offer or their format:
I. Content-Based Lead Magnets (Information & Education)
These are designed to provide valuable information, insights, or learning.
- Ebooks/Guides/Whitepapers: In-depth resources on a specific topic.
- Example: “The Ultimate Guide to SEO for Small Businesses”
- Checklists/Cheat Sheets: Concise, actionable lists for quick reference.
- Example: “Website Launch Checklist: 50 Things to Do Before You Go Live”
- Templates/Worksheets/Swipe Files: Pre-designed resources to save time.
- Example: “Social Media Content Calendar Template”
- Webinars/Video Training: Live or recorded sessions teaching a skill.
- Example: “Mastering Facebook Ads: A Live Training Session”
- Mini-Courses/Email Courses: Lessons delivered over time, often by email.
- Example: “5-Day Email Marketing Bootcamp”
- Reports/Data Studies: Original research or industry trends.
- Example: “2025 Digital Marketing Trends Report”
- Resource Libraries: Collections of resources behind a single opt-in.
- Example: “The Freelancer’s Toolkit: Access Our Exclusive Resource Library”
- Infographics: Visual summaries of data or complex info.
II. Tool/Utility-Based Lead Magnets (Practical Application)
These provide a tangible tool or utility that helps the user accomplish something.
- Free Trial: Limited-time access to a product or service.
- Example: “Try Our Project Management Software Free for 14 Days”
- Free Tool/Calculator: Downloadable or online tools to solve a problem.
- Example: “SEO Keyword Difficulty Calculator”
- Quizzes/Assessments: Interactive tools for personalized insights.
- Example: “What’s Your Marketing Personality Type? Take the Quiz!”
- Samples/Demos: Product samples or live demos.
- Example: “Get a Free Sample of Our Premium Coffee Beans”
III. Service/Experience-Based Lead Magnets (Direct Interaction)
These involve direct interaction or a personalized experience.
- Free Consultation/Strategy Session: One-on-one expert advice.
- Example: “Book Your Free 30-Minute Marketing Strategy Session”
- Audit/Analysis: Review and feedback on the prospect’s situation.
- Example: “Get a Free Website SEO Audit”
- Webinar/Live Q&A: Interactive sessions for value and engagement.
IV. Incentive-Based Lead Magnets (Direct Benefits)
These offer a direct monetary or preferential benefit.
- Coupons/Discounts: Financial incentives for purchases.
- Example: “Get 15% Off Your First Order When You Sign Up for Our Newsletter”
- Contests/Giveaways: Prize draws for engagement.
- Example: “Enter to Win Our Ultimate Home Office Makeover”
- Free Shipping: A classic e-commerce incentive.