10 Things We Learned About Business Success By Interviewing Sharon Brown - an Investor, Speaker and Launch Fanatic E10: Watch Here
Here is what my team and I learned from this interview: (These are notes from team members, writers, sometimes AI, and even listeners who submitted what i learned loosely edited and shared here) - If it seems a bit crude, you're reading our notes, so. yeah. -Ron
Concept 1: Know Your Product's Purpose
When it comes to launching a successful product or service, it is essential to have an understanding of its purpose. Knowing the purpose of your product or service will help you to develop a framework that will enable you to scale and exit. Sharon Brown, an investor at Angel Investor Too, is an expert in this field and has identified five different types of products or services that entrepreneurs should be aware of.
The first type of product or service is a widget. This is a product or service that is easily recognizable and can be produced and sold quickly. The second type of product or service is a fix and diagnose. This type of product or service is designed to address a specific problem and provide a solution. The third type of product or service is IT or systems. This type of product or service involves the use of technology to create a system that will provide a service or solution.
The fourth type of product or service is uncharted territory. This type of product or service is something that has never been done before. It may involve a new technology or a new approach to a problem. The last type of product or service is mission-critical. This type of product or service is essential for a business to function properly and, if not implemented correctly, can lead to serious consequences.
Knowing the purpose of your product or service is essential to its success. By understanding the different types of products or services and their purpose, entrepreneurs can develop a framework that will enable them to scale and exit. Sharon Brown's expertise in this area is invaluable and can help entrepreneurs to launch successful products and services.
Concept 2: Unique Selling Proposition is Key
A unique selling proposition (USP) is the key to success for any product or service. It is the distinguishing feature of a product or service that sets it apart from the competition. It is the primary factor that drives customers to purchase a product or service. A good USP should be unique, memorable, and compelling. It should be a statement that clearly and concisely communicates the value of the product or service.
They also talk about the importance of finding a unique twist on a product or service that has been proven successful in another market. They talk about an example of a person who brought a line of dishes from South Korea and made a killing in the US by licensing the product. This is a great example of how a unique twist on an existing product can be successful.
Sharon emphasizes that when someone says something is totally unique and uncharted, it’s important to ask why. She believes that often times there is a reason why it’s uncharted and that it could be because of cognitive bias. It is important to do the research to make sure that the product or service is truly unique and that there is a market for it.
In conclusion, a unique selling proposition is essential for any product or service. It is the distinguishing feature that sets it apart from the competition and drives customers to purchase. It is important to do the research to make sure that the product or service is truly unique and that there is a market for it. Sharon Brown’s expertise in this area is invaluable and can help entrepreneurs to launch successful products and services.
Concept 3: Investing Requires Research and Guidance
Investing requires research and guidance to ensure success. Sharon Brown has a long background in e-learning and has seen the potential in monetizing audio and video searches. She has also seen the common misconceptions that come with investing, such as the belief that it is an easy way to get rich quick. Investing is a business and requires a partnership, an understanding of the company’s value, and caution when investing time and money. Sharon also stresses the importance of finding a guide or mentor to help with the process, as well as finding people with experience who can help to make the venture successful.
In short, investing is not a get-rich-quick scheme and requires research, guidance, and a partnership to succeed. It is important to find a mentor or guide who can help with the process, as well as people with experience to help make the venture successful. With the right research and guidance, investing can be a successful venture.
Concept 4: Social Media Is Key For Success
However, in the modern world, success in business requires more than just financial investments. Social media has become an essential tool for entrepreneurs, and social media is playing a key role in helping entrepreneurs succeed. Sharon Brown, an investor and entrepreneur, discussed the importance of social media. She noted that social media had been a “lightning rod of just awareness”.
Brown also recommended the book “The 80/20 Principle” by Richard Koch, which she said is “phenomenal” and has “clear lessons” that can help entrepreneurs. She offered to give away 40 digital copies of the book to anyone who contacts her.
Overall, it is clear that Instagram is key to success for entrepreneurs. It can help build a brand, attract sponsorships, and gain visibility. It is also important to read and learn from books such as “The 80/20 Principle” to gain insights and knowledge that can help in business. With the right resources and guidance, entrepreneurs can use Instagram to their advantage and achieve success.
Concept 5: Success Leaves Clues
Success does not come easy. It takes hard work, dedication, and the right resources to achieve success. One of the most important resources is the right people. People who have achieved success can provide invaluable guidance and advice to those who are just starting out. They can mentor and provide advice on how to navigate the business world and achieve success.
The phrase “success leaves clues” is often attributed to Tony Robbins, but it is actually a quote from the book “The 80/20 Principle”. This book states that 80% of the results come from 20% of the effort. This means that if entrepreneurs focus their efforts on the right things, they can achieve success much faster than if they spread their efforts too thin.
Sharon Brown is a great example of someone who has achieved success by focusing on the right things. She has been an entrepreneur for a long time and has learned from mentors such as Jean Sullivan and Tom Cuthbert. She has also gained insights from books such as “The 80/20 Principle”. She also believes in the power of networking and connecting with people. She has used Instagram to her advantage, building her brand and gaining visibility.
Success does leave clues. Entrepreneurs should take advantage of the resources available to them, such as mentors, books, and networking. They should also focus their efforts on the right things and use Instagram to their advantage. With the right resources and guidance, entrepreneurs can achieve success and make their mark in the business world.
Concept 6: Grow Through Partnerships And Acquisitions
One of the most effective ways to grow a business is through partnerships and acquisitions. Partnerships and acquisitions can be used to acquire new customers, gain access to new technology, and expand into new markets. Partnerships and acquisitions can also help to build relationships and create opportunities for growth.
In order to make the most of partnerships and acquisitions, entrepreneurs must first identify the right partners. The partners should have the same vision and goals as the entrepreneur. They should also have the same level of commitment and resources available. It is also important to make sure that the partners have the same level of expertise in the industry and the same level of experience in the industry.
Once the right partners are identified, entrepreneurs should develop a plan for the partnership and acquisition. This plan should include the goals and objectives of the partnership and acquisition, the timeline, the budget, and the resources needed to make the partnership and acquisition successful. It is also important to create a timeline for the partnership and acquisition, as well as a timeline for the exit strategy.
The next step is to identify the right resources and advisors. This includes mentors, advisors, investors, and other experts in the industry. It is important to research and interview these resources and advisors to ensure that they have the same vision and goals as the entrepreneur.
Finally, entrepreneurs should take the time to develop relationships with their partners and advisors. This includes regular meetings and communication to discuss the progress of the partnership and acquisition. It is also important to keep the partners and advisors informed about the progress of the partnership and acquisition.
Growth through partnerships and acquisitions can be a great way to take a business to the next level. With the right resources, guidance, and relationships, entrepreneurs can achieve success and make their mark in the business world.
Concept 7: Organize Finances Before Selling.
However, before selling a business, it is important to make sure that the financials are in order. Without a proper financial structure, it can be difficult to find a buyer, and the process can be delayed significantly. It is important to have a clear understanding of the finances, including the income and expenses, as well as the assets and liabilities. Having a professional accountant to review the financials can be beneficial, as they can provide helpful advice and guidance.
Organizing the financials is also important for potential buyers. Buyers will want to understand the financials of the business before making an offer, so it is important to have accurate and up-to-date financials. This can include income statements, balance sheets, and other financial documents. It is also important to have a clear understanding of the tax implications, as this can affect the sale price and the terms of the deal.
Finally, it is important to have a plan for the future. Buyers will want to know what the future of the business looks like, and will want to understand the goals and objectives of the seller. Having a clear plan for the future of the business can help to ensure that the sale is successful and that the buyer is satisfied with the transaction.
In conclusion, organizing the finances before selling a business is essential for a successful sale. Having accurate and up-to-date financials, as well as a clear plan for the future, can help to ensure that the sale is successful and that the buyer is satisfied with the transaction. With the right resources, guidance, and relationships, entrepreneurs can achieve success and make their mark in the business world.
Concept 8: Build a Management Team
Building a management team is an important step when preparing to sell a business. It is important to have a team of competent and reliable individuals who can take over the business in the event of the owner’s departure. A strong management team should be able to manage the day-to-day operations of the business, as well as handle any unexpected issues that may arise.
One way to build a management team is to take time off from the business and allow others to take over. This will help to show potential buyers that the business can run without the owner’s involvement. It is also important to ensure that the team is well-trained and knowledgeable about the business. Training and mentoring should be provided to ensure that the team is prepared to handle any issues that may arise.
Finally, it is important to ensure that the team is well-connected with the business’s customers and vendors. Having established relationships with these individuals can help to ensure that the business continues to run smoothly even after the sale has been completed.
Overall, building a management team is an important step when preparing to sell a business. It is important to ensure that the team is well-trained, knowledgeable, and connected with the business’s customers and vendors. With the right resources, guidance, and relationships, entrepreneurs can achieve success and make their mark in the business world.
Concept 9: Recurring Revenue is Key
However, one of the most important factors to consider when selling a business is the concept of recurring revenue. Recurring revenue is an ongoing stream of income that businesses can rely on from month to month. This type of income is attractive to potential buyers as it is a sign of stability and a reliable source of income. Additionally, businesses with recurring revenue have a higher multiple than businesses with standard revenue.
When looking to optimize a business for sale, entrepreneurs should focus on creating a reliable source of recurring revenue. This can be done by transitioning from one-time fees to a monthly retainer. By doing this, businesses can ensure that their biggest clients are more likely to renew their contracts and the business will be able to count on a steady stream of income. Additionally, by creating a subscription-based model, businesses can increase the value of their business.
In conclusion, when preparing to sell a business, it is important to create a management team and to focus on creating a reliable source of recurring revenue. By transitioning to a subscription-based model, businesses can increase their value and ensure that they have a steady stream of income. This is an important factor to consider when selling a business and can help entrepreneurs achieve success in the business world.
Concept 10: Outsource To Free Up Time
One way to free up time and energy while running a business is to outsource tasks that can be done by someone else. Outsourcing can help entrepreneurs focus on the core aspects of their business and leave the rest to experts. By delegating tasks to a reliable and experienced team, entrepreneurs can save time and energy and focus on the most important aspects of their business.
Outsourcing can also be a great way to scale a business. By delegating tasks to a team of experts, entrepreneurs can quickly and easily expand their business without having to hire a full-time employee. This can help entrepreneurs save money and time while still having the resources they need to grow their business.
Having a performance coach can also be beneficial when it comes to outsourcing. A performance coach can help entrepreneurs stay focused and motivated while also helping them develop the skills they need to succeed. By having a performance coach, entrepreneurs can stay on track and make sure they are making the right decisions for their business.
Finally, entrepreneurs should consider implementing the 80-20 rule with Perry Marshall and the Who Not How book. The 80-20 rule states that entrepreneurs should focus on the 20 percent of activities that generate 80 percent of the results. By focusing on the most important activities, entrepreneurs can free up time and energy and focus on what really matters.
Overall, outsourcing is a great way to free up time and energy while running a business. By delegating tasks to a team of experts, entrepreneurs can save time and money while still having the resources they need to grow their business. Additionally, having a performance coach and implementing the 80-20 rule can help entrepreneurs stay focused and motivated. By taking these steps, entrepreneurs can free up time and energy and focus on the most important aspects of their business.
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