Whatever kind of entrepreneur you are, Machine That Makes Money is here for you. What you will find here are insightful articles, helpful advice, and answers to your questions about launching and growing your startup/venture/business/enterprise. We will use the IPESSI process and work through the steps so that you can start with nothing and create your own Machine That Makes Money.
Here are the basic steps of IPESSI:
- Step #0 – Get into the Mindset of an entrepreneur. Once you wrap your head around what it means to be an entrepreneur, you can start IPESSI…
- Step #1 – Recognize a pain point or opportunity in a marketplace where value might be created, and imagine a solution. (Ideation)
- Step #2 – Quickly and efficiently create a prototype/MVP that encapsulates your core value proposition and demonstrates it to potential customers. Iterate quickly based on feedback until you have something that people seem to like. (Prototyping)
- Step #3 – Evaluate whether there is sufficient interest/demand for the product, whether you can reach the audience efficiently, and whether the idea can be profitable. Is the idea worthy of further effort? If not, then stop. Re-deploy the resources on a new idea. Otherwise, move ahead. (Evaluation)
- Step #4 – If the idea is worth pursuing, apply more resources, then finalize and launch the v1.0 product. (Scaling)
- Step #5 – Aggressively promote and sell the product to make money. All of the development work is done – now it is time to reap the reward. (Sales)
- Step #6 – Iteratively improve the product to increase market share and growth potential. (Improvement)
Get Going Today!
Here are four good ways to proceed from here:
- If you are brand new to this, and if you aren’t even sure what the word “entrepreneur” means, start with this article: How Entrepreneurship Works
- If you are just starting out and would like to learn how to become an entrepreneur, head to the Table of Contents. You can cherry pick points of interest, or start at the top and work down.
- If you want to understand how entrepreneurs make millions of dollars, and you want to understand the art of thinking big, read: 1) How Startup Stock Creates Transcendental Wealth, 2) Prototyping a $1 billion startup, 3) How to Think Big about Your Startup
- If you have questions, head over to the forum and ask away!