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"The cost of failure is as low as it has ever been in the history of the world" - @harleyf
Time for a thread
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Time for a thread
I want you to guess what this chart represents...
Answer: The number of attempts you need for starting a business given a X% chance of success per attempt to have a 95%+ chance of overall success
In other words, if you have a 10% chance of success per business idea, you need to test 29 businesses to almost guarantee success
In other words, if you have a 10% chance of success per business idea, you need to test 29 businesses to almost guarantee success
WTF??? 29??
Seems high, but see how the number drops dramatically as the chance of success per try improves?
Seems high, but see how the number drops dramatically as the chance of success per try improves?
Question: How do you improve the chance of success for each try?
Answer: Learn to sell (copywriting) and build an audience.
Answer: Learn to sell (copywriting) and build an audience.
By increasing the number of potential early customers and improving the chance of a conversion, you will learn quickly whether you& #39;ve made something that people care about.
Even with a 50% chance of success, you still need to try 5 different ideas to have a 95%+ chance of overall success.
The @copy_ai team builds in public to emphasize these ideas. Every team member has built side projects and have failed multiple times.
What are you waiting for? Start building today!
What are you waiting for? Start building today!
If you want to learn what it& #39;s like to start a business in real time, follow @PaulYacoubian and me and don& #39;t ever hesitate to tweet questions at us!
