I started my first business when I was 8 years old. My first investor was my grand uncle who gave me capital to buy inventory. It was around $5-$10 which I used to buy erasable pens and some pencils to sell (with a markup) to my grade school classmates.
Since then I have been trying to figure out how businesses operate. I tried to sell my dad’s flans and then went onto starting a Pet Grooming business called R.J. Pet Service which I started when I was 14 years old.
Decades of Business Research
I can say that at 35 years old it’s been decades since I started attempting to understand what it is to become an entrepreneur.
I usually make the mistake of assuming that most people understand the basics of business. When most people call me for help on projects or to build them a website, they lack the basics of business and this hurts their business.
Quality of a Cool Product
Most of the times, those who I get to be around, are working on something super cool. They have been able to make a business because their product is awesome.
The level of expertise or the talent to create something has allowed them to begin a business with some or lots of success. When I get called in, its because they need a bit more of business structure. They have identified that they need someone else to help them build the business.
Back to the Basics
I start by taking them back to the basics. We run them through a client’s on-boarding interview. That gives me an idea of what it is they are looking for.
Once I have those ideas, I start asking more technical questions.
Some of these questions are tied to basic business metrics that will help them understand what is next in the process.
For that reason I am going to start creating a set of business calculators and questionnaires. I will also complement them with a deep explanation on how to use each one.
Calculate Your Customer Acquisition Value
The first one will help people understand their Customer Acquisition Value.
With that said, I want you to test it out and let me know if it helps.
In the next few weeks, I will be creating more business metric calculators so you can easily enter your data and get the metric. I want to make business metrics easy enough and remove complex business formulas for my clients.
What metrics in your business are important?
How do you measure and keep track of them?
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