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8 Minute Millionaire: Learn the Secrets of Millionaire Entrepreneurs
196: The 7 Phases of Every 7 Figure Business
Mar 13, 2023
Exploring the 7 phases of a business, the hosts emphasize the importance of finding commonalities in skills and interests to develop a unique selling proposition. They discuss the significance of effective marketing, quick decision-making, and adapting promptly in entrepreneurship. Additionally, they cover topics like sales and marketing strategies, fulfilling promises made to customers, and steps for growing, scaling, and automating a business for success.
25:55
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Quick takeaways
- Identify product/service in discovery phase, research competitors in learning phase.
- Create MVP in build phase, focus on sales and marketing for growth.
Deep dives
Discovery Phase: Determine Your Product or Service
In the first phase of building a business, the discovery phase involves identifying what product or service you will be selling. This step is crucial as it sets the foundation for your business. Whether it takes 15 minutes or a couple of days, this phase focuses on understanding your strengths, interests, and looking for commonalities to decide on what to offer.
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