Not all businesses are equal.
Some businesses are easier to succeed than others.
Here are the 7 characteristics of an easy-to-succeed business:
1) It focuses on creativity, not competition.
2) It improves people’s lives, for example,
– make things easier
– make things more convenient
– make things cheaper.
3) It is viral
– Its users are automatically promoting it in the process of using the product (think of social networking and the ‘logo’ on your branded shirt). I call it ‘Promote without promoting’.
4) It focuses on building recurring income, not one-time sales.
5) It focuses on passive income.
– Recurring income and passive income are pretty much the same. The only difference is some recurring income may require continuous effort in order to realize the income, hence they are not passive. An example of recurring but non-passive income is a haircut membership.
6) It has a huge market base
– A good yardstick is 0.001%. If 0.001% of the market base can make you rich, the business is an easy business.
7) Ease of finding customers
– Do your customers always hang out at some places or websites? How easy and cheaply can you reach out to them?
If you can find a business with these 7 characteristics, chances are, you have found a business that is easy to succeed in.
To your success,