That is why the content entrepreneurial risk business also has a high score here .
The risk here, of course, as with any entrepreneurship, is that with one-to-one advice you have a fairly linear profit estimate,
– someone books you, you consult for an hour and earn 200 euros.
With a book, you may spend six months writing and end up earning nothing.
You also have to expect that you will earn very little or no money at all with your first or second book.
That’s part of the business.
That was the entrepreneurial risk fourth commandment
Now we come to the fifth and final commandment of entrepreneurship.
#5 S = Scale
Your business must be scalable.
If you can’t scale your business, you can’t grow.
What does scaling mean?
Scaling means making something bigger.
This is where the strength of the content business comes to the fore again.
There are business models that are difficult to scale.
Imagine you own a car rental company and rent out supercars.
A supercar that you have to buy will cost you 250,000 euros.
If you want to scale, i.e. rent out significantly more cars, you have to buy more cars.
So you have to invest a lot of money to get bigger.
You will also need to hire new employees to manage the entire operation and people to clean the cars and prepare them for the next customer.
Scaling is not that easy.
Scaling is super easy in the content business.
Once you have created a book, you can print it again and again.
Another model where scaling works really well is software.
You program job function email database software once and then it doesn’t matter whether you sell it to 10 people or 1000 people.
That’s why I love the content business because it’s so easy to scale.
Nothing is as easy to scale as media.
It makes no difference to me whether one person or 100,000 people watch my online course.
I don’t need to hire extra people to increase my sales; it makes no difference to me.
Therefore scaling:
100 points for the entrepreneurial risk content business
A very famous example of this is Jack Canfield.
He has sold 100 million copies of his “Chicken Soup for the Soul” series .
These inspiring stories will give you an aha moment and a warm, good feeling, like chicken soup for the soul.
Jack Canfield began collecting and publishing such stories.
Then more betting email list people told their stories, which he then wrote down and published.
So he found a model to how to “unblock” the french when faced with foreign languages scale this storytelling and made different editions for athletes, children and other target groups.
He scaled it extremely and made it very successful.