Hello fastlaners, today I would like to discuss something important related to the book that I was thinking about, tell me what you think. This might not be the right section for the topic but I figured it was the best.
My theory: the commandment of entry is superfluous and can just be included in the commandment of need.
My thesis:
The commandment of entry can be referred to as "when there are low entry barriers, it's hard to be successful because everyone can do it".
Some examples of this are becoming a gaming youtuber, becoming a twitch streamer, becoming a singer or rockstar. All of these things anyone can do and thus the marketplace is crowded and it's very hard to stand out.
An example of the commandment of entry that we find in unscripted is opening a restaurant in an imaginary city where it's incredibly easy to do so, and so everyone else has already done it and there's one at every corner.
But let's think about all of these examples and ask ourselves: what do entry barriers have to do with all of this?
I think they have nothing to do with it. The only thing that has to do with why such business ventures are unlikely to be successful is because the market is crowded, supply is abundant and demand is low, so it's not a problem of entry barriers but a problem of need.
Do people need another gaming youtuber or twitch streamer? Do they need new singers or rockstars? Do they need a new restaurant?
The answer is probably not, and it's why only a very small percentage of people who try anyway succeed.
What is easy anyway? If I don't know how to code, is making an app hard and therefore worthwhile? Even if there are millions out there? What if I were a programmer? Would that change things? Would it be a terrible idea just because it's easy? What if you could program apps just as easily as you make wordpress websites, would that change things?
To me, the only metric is the need of the market, no matter how hard or easy something is.
Most hardships come from a lack of money anyway. For a millionaire, opening a restaurant is easy because he has money to spend and can afford to fail a lot of times before they go out of business. Does that make it not worth it to open a restaurant just because it's easy? Again, the two metrics are not related.
No matter how easy or hard something is, if you solve a problem you will be successful.
Starting a hot dog stand is easy, but try and do it where everyone is hungry and you'll sell like a mad man.
It's not even that easy to start one anyway, you'll have to get a license to operate one, get the right suppliers for bread, hot dogs and sauces, handle orders and your stocks of raw materials every day, pay your taxes etc.
What is easy exactly?
Starting a wordpress blog? I suppose so, but what if I knew how to cure cancer? Would that make my blog successful? I'm sure it would even though starting it was easy, because I'm solving a problem in the market, no matter how hard or easy it was for me.
So to wrap things up, the commandment of entry is superfluous and it's not related in any way to the success of a business. The only thing that's related to it is market demand and how many problems you are solving (the commandment of need).
So this concludes my thesis, I'd like to hear your thoughts on it, maybe you have some examples to prove me wrong.
Have a great day my friends!
My theory: the commandment of entry is superfluous and can just be included in the commandment of need.
My thesis:
The commandment of entry can be referred to as "when there are low entry barriers, it's hard to be successful because everyone can do it".
Some examples of this are becoming a gaming youtuber, becoming a twitch streamer, becoming a singer or rockstar. All of these things anyone can do and thus the marketplace is crowded and it's very hard to stand out.
An example of the commandment of entry that we find in unscripted is opening a restaurant in an imaginary city where it's incredibly easy to do so, and so everyone else has already done it and there's one at every corner.
But let's think about all of these examples and ask ourselves: what do entry barriers have to do with all of this?
I think they have nothing to do with it. The only thing that has to do with why such business ventures are unlikely to be successful is because the market is crowded, supply is abundant and demand is low, so it's not a problem of entry barriers but a problem of need.
Do people need another gaming youtuber or twitch streamer? Do they need new singers or rockstars? Do they need a new restaurant?
The answer is probably not, and it's why only a very small percentage of people who try anyway succeed.
What is easy anyway? If I don't know how to code, is making an app hard and therefore worthwhile? Even if there are millions out there? What if I were a programmer? Would that change things? Would it be a terrible idea just because it's easy? What if you could program apps just as easily as you make wordpress websites, would that change things?
To me, the only metric is the need of the market, no matter how hard or easy something is.
Most hardships come from a lack of money anyway. For a millionaire, opening a restaurant is easy because he has money to spend and can afford to fail a lot of times before they go out of business. Does that make it not worth it to open a restaurant just because it's easy? Again, the two metrics are not related.
No matter how easy or hard something is, if you solve a problem you will be successful.
Starting a hot dog stand is easy, but try and do it where everyone is hungry and you'll sell like a mad man.
It's not even that easy to start one anyway, you'll have to get a license to operate one, get the right suppliers for bread, hot dogs and sauces, handle orders and your stocks of raw materials every day, pay your taxes etc.
What is easy exactly?
Starting a wordpress blog? I suppose so, but what if I knew how to cure cancer? Would that make my blog successful? I'm sure it would even though starting it was easy, because I'm solving a problem in the market, no matter how hard or easy it was for me.
So to wrap things up, the commandment of entry is superfluous and it's not related in any way to the success of a business. The only thing that's related to it is market demand and how many problems you are solving (the commandment of need).
So this concludes my thesis, I'd like to hear your thoughts on it, maybe you have some examples to prove me wrong.
Have a great day my friends!
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