The 10 Checkpoints Of Profitability
When an entrepreneur pitches a project they’ve envisioned, it can seem like great results are just around the corner. But often, there are elements the entrepreneur hasn’t predicted, and these elements can delay, or even permanently sink, a project. Dan Sullivan has created a list of checkpoints you can use on any project to determine just how profitable it’s going to be, and when. In this episode, he explains the dangers of not using the checklist and walks you through each of its points.
Here's some of what you'll learn in this episode:
- The sign that an entrepreneur doesn’t already have the capabilities needed to reach a goal.
- What you need to do before you can get people to engage with your project.
- Why you need to legally protect your idea.
- How to figure out the best price for what you’re creating.
- Why many entrepreneurs undervalue what they’re selling.
Engage and talk: If a goal is plausible, it means that you can both engage with it in your mind and talk about it.
Invest courage: Whenever you don’t yet have the capability and the confidence, you need to invest courage.
Show proof: You can’t expect anyone to commit until you can show proof that what you’ve envisioned can work.
Who would pay: The most important person for you to test a new idea on is someone who would pay for it—a check writer.
As an investment: Some clients look at what you’re charging as an investment, not a cost.
Influenced by packaging: People are very influenced by the way products are packaged.