The first thing that is involved is planning, there are many different parts to planing, like the business model, profit models and revenue streams and customer and market. In order for a business to be successful you'll need to offer products/services that solve a problem. So part of your business plan should talk about the product/service that you will provide to the consumer and how it will benefit them. It is usually better to work in something you are interested or passionate about. If you desire something that is not available you can make that product or service. But make sure that if you do that there is consumers out there willing to buy what you are offering. Once you know what your business model is, you should talk with experts in that field to see if you business has potential. Also talk to the people to see if what you have can benefit them. Another thing to keep in mind is that your business can fail and you have expect your business to fail in the beginning and it can fail quickly. It better for your business to fail quickly than for it to fail after a couple of years because you can't get that time back. So if you see your business starting to fail you should end it and start a new one before you waste your time trying to keep it alive.
Another thing that is involved in a new startup business is profit models and revenue streams. One of the most important factors of a business is monetization. So it is important to plan out how you will earn money with your business. You should also recognize the risks that would stop you from gaining profit. It is recommended that a business should have several revenue models as back up, this should also diversify your efforts. In some cases focusing on one source of income can be more appropriate and profitable. A profit model that has recurring-income like subscriptions that someone has to pay every month is one of the most predictable revenue sources. There are more profit models such as long-tail profit and others.
The third thing to do when starting a business is identifying your customer and market. The costumer is the person that will be paying you. The market is the demographic of people that will want the product or service that you are offering. Your value proposition is why they want what you are offering enough to pay you the prices you are charging. Your competition is other business that are offering similar products. Competition will be a part of doing business, and a strong value proposition can help you obtain a market share from your competition. Defensibility is the degree of difficulty it will take to replicate your business.
I learned that one of the things that improve your quality of life is health and productivity. There are many ways to improve your health. Some of which are sleep, exercise, meditate, hydrate, Intermittent fasting, eat whole foods, and live your purpose. If you do these things or improve on these things it will help your mental and physical health. Also scientist have estimated it takes an average of 21 days to build a habit and 90 days to make it a permanent lifestyle change. So if you try to get in working out and you think you don't have time. Try to make time and exercise for 21 days and build that habit. After that you will start making more time for exercise because that is now your new habit. Exercise can help you be happier, more motivated, and less depressed. Exercise ha been recommended as a treatment for depression, insomnia, memory loss, Alzheimer's, and Parkinson's disease.
Another thing that improves quality of life is stress management. It is normal for people to feel stressed out or depressed, but it's not good for your wellbeing. Some people don't understand that nobody can control your emotions only you can. So when some every does anything you don't like you might get mad, but if you control your emotions you can stay calm and happy, even when in a frustrating situation. There are people that are smarter, wealthier, more talented, etc. You should not focus on what you don't have. It is important to dreams and goals, but it is also important to expect things what go your way. You will constantly have challenges that you'll face. Everyone has something good to offer and things to be grateful for. Even if you have disadvantages you can still achieve great things.
Lastly, identifying positive role models and mentors that can help you improve wellbeing. It is important to have someone to look up to. so you can motivate and push yourself to try to achieve their level. Having a mentor can be beneficial because they are like role models that help and support you to achieve your goal. When you do have a mentor you shouldn't be afraid yo ask questions, you should also be expected to work individually and follow your mentor's advice.
Number one is to schedule everything in your day. That means putting everything in your calendar. Everything from waking up to sleeping. Think about every time block as an important deadline that has to be met. Number two, cut out every distraction. So turn off your notifications on your phone and computer. Number three, you should always try to do that one thing that will help you progress. You should prioritize that one thing that you don't want to do the most because you are most likely to procrastinate on it. Then you can go on with checking other things and completing other tasks. Number four, try to set up a reward for doing a task or a series of tasks. So you have something to look forward to and help you focus on your task. Number five, make a plan for what you are going to do in your day. So you are forced to stay focused. Number six, make sure you take breaks and schedule those breaks on your calendar. When you take a break it clears your mind and makes you more focused when you are back to work. The top 10% of performers take 15-minute breaks every hour. Number seven, so something unrelated to what you are working on or what's not on your to-do list. This helps you refresh your mind when you get back to work. Number eight, don't edit if you are writing your first draft. If you are designing don't try to get it perfect on your first design. Number nine, don't try to multi-task, it's been proven that we aren't made for that mentally. Try to make you focus on one thing that's going to make you much more productive. Number ten, you want to document every step it takes to complete every major thing you do. This makes you more efficient with your time. So make sure you write down every step for everything you are going to do, it will make you more efficient.
Today I learned about how you can save 100% of your income. To achieve this you should first leave below your own means, save more, and invest your savings. If you were to do this consistently long term it would lead to building financial independence. The Jay Leno method of saving is to have two sources of income. Save one source and spend the other, usually spending the lower income. Jay Leno was making around 30 million