Gumroad Patreon CEO Substackkonstantinovic on How to Succeed in Your Own First 10 Years
This article lists 10 tips that Gumroad CEO, Sahil Lavingia used to see the company succeed. In it, he shares insights on how to grow your career and do what you love—namely, staying hungry, defining “hard choices,” and rising to challenges.
Have a sales target
As CEO of Gumroad, Sahil Lavingia knows a thing or two about what it takes to succeed in the early years. In a recent blog post, he shared some of his best advice for those starting out.
One of the most important pieces of advice he had was to make sure you have an income goal. It’s not enough to just have a goal for your business; you need to know how much money you want to bring.
Think about what you need to live on and then set a realistic goal for your first year. This will help you stay focused and motivated as you work towards success.
2. Start growing early
To set yourself up for success in the early years, it’s important to start growing early. This means taking the time to develop a clear and concise business plan, as well as working to build a strong team of individuals who can help you achieve your goals. Additionally, it’s important to focus on creating a positive company culture from the start – this will attract top talent and help retain employees in the long run. Finally, don’t be afraid to invest in marketing and PR – getting your name out there is an essential part of growing a successful business.
3. Get feedback from your users
If you’re running your own business, it’s important to get feedback from users to improve your products or services. Here are some tips from Gumroad’s CEO on how to do it:
Make it easy for users to provide feedback.
Make sure there is an easy way for users to provide feedback, whether through an online form, email or even a phone number. The easier it is for them, the more likely they are to actually make time for it.
Ask specific questions.
Don’t just ask “how was your experience?” but rather dig in and ask specific questions about what they liked and didn’t like. This gives you more useful information that you can use to improve your business.
Follow users who leave feedback.
Whether it’s positive or negative, contact the user who left the feedback, thank them for their time, and let them know what action you’re taking based on their input. This shows that you take their feedback seriously and value their contributions.
Spread your risk across multiple industries
As an entrepreneur, it’s important to remember that you can’t put all your eggs in one basket. Diversifying your portfolio across multiple industries is a smart way to mitigate risk and ensure your business weathers any storm.
Of course, that doesn’t mean you should invest in every industry under the sun. Instead, take the time to research different sectors and look for opportunities where you think you can make a real impact.
Once you’ve identified a few potential industries, it’s time to start spreading the risk. One way to do this is to invest in multiple companies in each sector. This will give you a better chance of success even if it hits one particular industry.
Another approach is to invest in different types of businesses within each industry. For example, if you are interested in the healthcare sector, you can invest in both health technology companies and pharmaceutical companies.
No matter what strategy you choose, remember that diversity is key when it comes to risk mitigation. By spreading your investments across multiple industries, you position yourself for long-term success.
Claiming gaps is important
Sahil Lavingia, CEO of Gumroad, knows a thing or two about building a successful business from the ground up. In a recent interview, he offered some helpful tips for anyone hoping to do the same in their early years. Among them was the importance of staking one’s claim to a niche.
“If you’re starting a business today, it’s more important than ever to have a very clear focus,” Lavingia said. “There are so many options and distractions that it’s easy to get pulled in different directions. But if you can focus on where you are, it’s much easier to find success.”
It can be tempting to try to be everything to everyone, but as Lavingia points out, that’s rarely a recipe for success. It is far better to focus on serving a specific group of people with an offering that uniquely fits their needs. When you can do this, you will not only stand out from the competition, but you will also be much more likely to build a sustainable and successful business.
Create something rare
As CEO of Gumroad, Sahil Lavingia knows a thing or two about building a successful business. In this blog post, he shares his top tips for anyone starting their own business. One of the key pieces of advice is to create something rare.
When you’re starting out, it’s easy to feel like you need to be everywhere and do everything. But the truth is, you can’t be everything to everyone. You need to focus your attention on creating something unique and special that people can’t find anywhere else.
Think about what makes your business different from everyone else’s. What can you offer that no one else can? Once you’ve identified your unique selling point, make sure it’s prominently featured on your website and in all your marketing materials.
If you can create something truly rare, you will have a much better chance of attracting attention and succeeding in the first years of business.
You rarely compete for the same customers
If you’re starting a business, it’s important to remember that you won’t always be competing for the same customers. In fact, it is quite rare for two businesses to directly compete with each other.
There are several reasons for this:
- There are always different niches in every market. Even if two businesses appear to be selling the same thing, there will always be some subtle (or not so subtle) difference that will make each business appeal to different types of customers.
- Customers rarely make purchase decisions based on price alone. Sure, price is always a factor, but it’s rarely the only factor. Customers are more likely to choose a company that offers the best combination of price, quality and service.
- Even if two businesses are in direct competition, they rarely share the same customer base. This is because every customer is unique and has their own individual needs and wants. As a result, even if two businesses sell the exact same product or service, they will still appeal to different types of customers.
So if you’re just starting out, don’t worry too much about the competition. Remember that there is always room for another player in any market – as long as you offer something a little different than what already exists.
Find out who your competition is
Your competition is anyone who offers a product or service similar to yours. This means you need to research your industry and find out who your target market is. Once you know who your target market is, you can begin to identify your competition.
There are several different ways you can research your competition. One way is to search for industry specific forums online and see who is talking about your topic. Another way is to attend industry events and meet people in person. You can also read professional publications to learn more about your field.
Once you’ve identified your competition, you need to spend some time researching their business. Find out what they do well and what they could improve on. This information will help you create a marketing plan that will make your business stand out from the crowd.