How To Create Your Own Luck – The 3 Steps Entrepreneurs Take (Pivot and Profit Podcast)
You think entrepreneurs are just lucky? Sure, a little luck is always involved in terms of timing and your market acting on the solution you provide to their problem.
Most entrepreneurs create their own luck though, by constantly evolving and developing their plans. How many overnight successes have you seen telling the story of a 2-5 year journey to reach that lucky point?
Entrepreneurs change their luck by taking specific steps, which I’ll share below (including a Social Media Strategy PDF I share with my clients as a model). First take a listen to this video where I outline how to change your luck, by owning your business and the results it generates:
So what does it take to create your own luck? Explore the 3 steps below and take note of which ones you already do, and which need improving. The secret to pivoting is not being dependent on plans, but being aware and reacting to the pivots that will continually come up until you find the right formula, right time, and right solution for your customers.
Be Relevant By Providing The REAL Solution to Their Problem
(In The Audience’s Words, Not Just What You Think)
If you don’t solve a problem, you are not relevant to your target audience. This is the one constant you can rely on, that you are not the most important thing in people’s lives!
- The common mistake is to assume a problem, without going out and researching whether the customer thinks that is a problem.
- For example, in the early days of search engines, online banks would try to gain position around the word “lending”, which is what they do. Meanwhile consumers searched for the word “borrowing money”, which is what they do. You can’t solve a problem until you know the words the customer is using to define that problem.
- Focus on describing how you solve the problem in 30 seconds or less; this is your elevator pitch, and to your audience it will show you know how they think, and how they verbalize (in their minds) what the problem is….
- Many products and services have multiple problems and multiple solutions; look for what connects these problems, separating the details based on season, individual taste, physical location, and interest from the general thread that connects them all.
- Make your solution so easy to understand, a 5 year old could get it; read it out loud to a few friends on the phone, and email it to some people then arrange to talk to them quickly as they read it. You’ll hear where they stumble, and that’s the place your audience is stumbling…bank on it!
Research Social Media to Spot Your Customer’s Triggers
There is so much more to social media than just ads; it is a giant focus group that is already stating what it likes and doesn’t like, sometimes really, really loudly.
- Research your product and service via Twitter searches and tags, and most followed experts; go to Facebook pages related to your product or service, and of course Google it with purpose. Your purpose is to discover the words, the triggers that make them take action.
- Cut and paste statements that either show immense love, or immense hate, to a product. Both sides of the equation yield the core truth in the words of your target customer.
- Integrate the trigger phrases into your Problem/Solution statement, your ad copy, and the way your business talks about your product or service. When I call your business or email them, the message should be consistent and the trigger words (just the few that really come out of your customer’s mouth) are key to engaging interest.
The 90 Day Entrepeneur’s Plan:
Review What You Do Every 3 Months Like a Year Has Passed
- Everyone talks about Internet years being shorter, though in action most jump around and react to immediate problems, and don’t plan out 3 months ahead.
- Others plan out too long and wait for a year to pass; consider 3 months a year on the Internet, and identify the 3 major objectives your business has for those 3 months.
- Review your strategy every 90 days, 4 times a year, so you have a chance to execute and test your plan. By focusing on the 3 major objectives, you give yourself a chance. Most entrepreneurs create undoable laundry lists of objectives, and flail around.
- Be different, focus your goals into a 1-2 page Action plan, like this Social Media Strategy example. You’ll find that this practice alone can improve your revenue and systems, because you are planning to review, not just reacting to problems your business comes across.
- Build your business with these 3 steps and you’ll be surprised how lucky you are, not because some divine force shines its light on you, because you are pivoting and adapting.
What steps do you take as an entrepreneur? Do you put even a few of these into action for yourself? Let me know the questions you have and I’ll be glad to share some insights learned from many years of being an entrepreneur, and many years frankly of not doing what I just outlined.
Trust the process, it works, and if you don’t have a process, create one now. That’s why we’re here, to help you.