- There is a seven-step formula to make $10,000 a month.
- Following these steps removes guesswork and prevents common mistakes.
- 95% of people fail when trying to start an online business because they choose the wrong business model.
- Trying to replicate the success of Jeff Bezos or Elon Musk is a mistake because they have access to more resources and talent.
- Choosing a business model that highlights your strengths is essential.
- Building rockets, creating apps, starting e-commerce brands, and developing software are complex and require a lot of investment.
- Three parameters to consider when choosing a business model are initial investment, time commitment, and skills needed.
- Avoid taking big risks and choose a business model where you can start with a calculated risk.
The article discusses the importance of choosing the right business model when starting a side hustle or an online business. It emphasizes the need to avoid complex business models that require a lot of investment and access to top talent, which is not feasible for beginners. The author presents a chart that helps in picking the perfect business model based on three parameters: initial investment, time commitment, and skill level. The article also introduces a seven-step formula that can help one earn $10,000 a month by removing guesswork and preventing mistakes that lead to failure. The formula is designed to provide a fast way to go from zero to a full-time income. The article highlights that 95% of people who try to start a side hustle or online business fail before they even get going. This is because they assume that the most profitable businesses are the ones that guys like Jeff Bezos and Elon Musk are doing. However, these businesses are profitable at a global scale and fail to consider the fundamental difference between beginners and established entrepreneurs. The article concludes by emphasizing the importance of picking a business model that plays to one’s strengths rather than one that highlights weaknesses.
Bullet Points:
- Choosing the right business model is crucial for beginners in side hustles or online businesses.
- Avoid complex business models that require a lot of investment and access to top talent.
- A chart can help in picking the perfect business model based on initial investment, time commitment, and skill level.
- A seven-step formula can help earn $10,000 a month by removing guesswork and preventing mistakes that lead to failure.
- 95% of people who try to start a side hustle or online business fail because they assume the most profitable businesses are the ones that established entrepreneurs are doing.
- It is crucial to pick a business model that plays to one’s strengths rather than one that highlights weaknesses.
