In this week’s edition, we discuss
- ChatGTP’s 10-year millionaire formula (an entrepreneurship blueprint)
- Worthy reasons to become a founder
Also, our founder, Dave Schools, released his super cool side-project called Party Qs on Product Hunt today! We’d love to see you support him by giving it an upvote.
ChatGPT’s 10-year millionaire formula
“Create an entrepreneurship plan for a 28-year-old person making $5,000 a month, with the goal of becoming a millionaire in 10 years.”
That’s the prompt Joseph Mavericks gave ChatGPT. And while the blueprint it created isn’t revolutionary, it’s well-structured and insightful for anyone interested in starting a business:
- Identify your strengths and passions — Start by figuring out what you’re good at and what you enjoy doing. This will identify potential business ideas.
- Research the market — Determine if there’s a demand for your product or service. Look at your competitors and see what they’re doing well and where gaps in the market may be.
- Start small — Start your business as a side hustle while working full-time. This will allow you to test the market and refine your business model without taking on too much risk.
- Develop a business plan — Once you have a solid business idea, develop a business plan that outlines your target audience, products or services, and revenue model.
- Leverage technology — Use online platforms to market your business and engage with potential customers. Set up social media accounts, create a website, and consider investing in SEO.
- Reinvest profits — Instead of taking all your profits out of the business, consider reinvesting them into the business to fuel growth.
👉 Dive deeper: ChatGPT’s 10-Year Millionaire Formula — An Entrepreneurship Blueprint
Should you become a founder? (Yes, for these 5 reasons)
As a startup mentor and investor, DC Palter spends much of his day speaking with early-stage startup founders. And it’s easy to tell which ones will become successful founders. It all comes down to their why. Any of the following are great examples of a strong why:
- You love adventure — In an early-stage startup, it’s 3 steps forward and 2.9 steps back. It’s a rollercoaster. The founder’s life is for you if you crave adventure and need constant stimulation.
- You enjoy wearing many hats — If you like being a specialist and want to be the expert in one thing, don’t become a founder. You’ll hate it. If you like doing something different every hour of every day, you’ll love it here.
- You want to use your time well — If you want to feel your time is being used productively, even if it means struggling to get paid, you’ll enjoy being a founder.
- You want to control your own destiny — The greatest thing about starting a business is you get to be the boss. You make the decisions. You’ll make a great founder if you can handle that responsibility.
- You have a burning need to solve a problem — If nobody else is going to do it, you feel there’s no choice but to do it yourself. The startup is not an opportunity; it’s a mission.
👉 Go deeper here: The 5 Reasons You Should Become a Startup Founder