🚀 Hey there, fabulous people! I’m so grateful that the universe has brought you to my little corner of the world 🌎. I sold my startup It Really Works Vitamins in 2022, and now I just love 💖 sharing daily blog posts on the lessons I’ve learned along the way, and all the new things I’m still picking up. I’m excited to share with you today a summary of the book 📖 “The Innovation Stack” by Jim McKelvey, which is full of inspiring insights on how to turn your side hustle into a profitable business, even if you’re starting with no money 💰. Trust me, once you’ve built an online business, scaled, and sold it, you can achieve financial independence or at least save many years of working a 9-5 job 🏢.
In this summary of The Innovation Stack, we’ll explore 🔍:
- Perfect problems and how they drive entrepreneurs
- Innovating the pitch process to land investments
- The evolving innovation stack that helps businesses survive
- Why ignoring competitors can be a winning strategy
🌟 Perfect problems are the fuel for entrepreneurs, driving them to solve issues that no one else has addressed. Jim McKelvey, cofounder of the $100 billion company Square, started by tackling the problem of small businesses not being able to accept credit cards. The key is to find a problem that you’re passionate about solving, even if it’s just a trivial annoyance. Remember, the magic ingredient that makes a problem “perfect” is you ✨.
💡 In order to land investments 💸, McKelvey and Jack Dorsey innovated the pitch process. They showcased a working prototype of their card reader, swiping the investors’ credit cards during the pitch. They even had a slide called “140 Reasons Square Will Fail,” openly showing their company’s vulnerabilities. By avoiding the conventional “attack and defend” undercurrent, they made a lasting impression on investors 🎯.
🏗️ Innovation stacks are not planned out but evolve over time as a business tries to survive. Square’s innovation stack was made up of 14 blocks, including its simple design, low pricing model, contract-free commitment, and cheap but beautiful hardware. The entire stack would fail if just one block was missing. This process of continuous adaptation is essential to financial independence and building a profitable business 🌱.
🏆 Ignoring competitors can actually be a winning strategy. When Amazon copied Square’s card reader, McKelvey chose to focus on improving their own product instead of reacting to the competition. By concentrating on your own side hustle, you can set up a business with no money and achieve financial independence 💪.
I hope you find these insights from “The Innovation Stack” as inspiring as I do! Remember, it’s all about solving that perfect problem, innovating, and evolving to stay afloat in the world of entrepreneurship. Keep hustling, and you’ll find yourself on the path to financial independence, sooner rather than later 🎉.
I look forward to catching up with you again tomorrow xx
P.S. Don’t forget to share this post with your fellow go-getters and leave a comment below about your own journey to turning your side hustle into a profitable business!
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