Page 49 - The 7 Day Startup: You Don’t Learn Until You Launch - PDFDrive.com

built over time by ignoring short-term
distractions in favor of a bigger, long-

term vision.

A list of customers that pay you every month is an asset. If you focus on short-
term projects you’ll make more money initially. But if you turn down projects
and focus on providing recurring value, you build a valuable asset.

Your product design and intellectual property are assets. If you resell or copy
someone else’s product, you might have better margins in the short term; but
creating your own gives you a long-term asset.

Your team is an asset. If you hire mediocre people to save money, you get more
money in the short term. If you hire great people, you are building a valuable
asset that grows your business.

Your website is an asset. If you pay cheap SEO teams to spam your site with
crap, you might rank in Google for one day. But if you deliver outstanding
content for years, you’ll end up with an unbeatable competitive advantage.

Traffic to your website is great, but a large list of people on your email list is an
asset.

At the idea stage you have to think about what assets your idea will result in.
Some ideas—when worked on—will naturally result in the development of
assets over time, and some won’t.

If you work on this idea for five years, what will you have in the end?

6. Large market potential

The long-term goal of a startup is to become a legitimate player in the industry