In this weekās edition, we discuss
ChatGTPās 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! Weād love to see you support him by giving it an upvote.
ChatGPTās 10-year millionaire formula
āCreate an entrepreneurship plan for a 28-year-old person making $5,000 a month, with the goal of becoming a millionaire in 10 years.ā
Thatās the prompt Joseph Mavericks gave ChatGPT. And while the blueprint it created isnāt revolutionary, itās well-structured and insightful for anyone interested in starting a business:
Identify your strengths and passions ā Start by figuring out what youāre good at and what you enjoy doing. This will identify potential business ideas.Research the market ā Determine if thereās a demand for your product or service. Look at your competitors and see what theyāre doing well and where gaps in the market may be.Start small ā 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 ā Once you have a solid business idea, develop a business plan that outlines your target audience, products or services, and revenue model.Leverage technology ā 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 ā Instead of taking all your profits out of the business, consider reinvesting them into the business to fuel growth.
š Dive deeper: ChatGPTās 10-Year Millionaire Formula ā 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 itās 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 ā In an early-stage startup, itās 3 steps forward and 2.9 steps back. Itās a rollercoaster. The founderās life is for you if you crave adventure and need constant stimulation.You enjoy wearing many hats ā If you like being a specialist and want to be the expert in one thing, donāt become a founder. Youāll hate it. If you like doing something different every hour of every day, youāll love it here.You want to use your time well ā If you want to feel your time is being used productively, even if it means struggling to get paid, youāll enjoy being a founder.You want to control your own destiny ā The greatest thing about starting a business is you get to be the boss. You make the decisions. Youāll make a great founder if you can handle that responsibility.You have a burning need to solve a problem ā If nobody else is going to do it, you feel thereās no choice but to do it yourself. The startup is not an opportunity; itās a mission.
š Go deeper here: The 5 Reasons You Should Become a Startup Founder