Here is your weekly dose of WYODC Times, a list of what I’m pondering and exploring. Please feel free to forward this along to friends.
Catch Kenneth in:
- My podcast with Chris Haddad: “The Hallmark Of An Amateur Is Thinking The Beginning Is The End.”
- 2023 Rules of Business 5-Part Series
What I’m Watching:
I’m currently watching a movie called Poker Face.
This movie is about a detective with the superpower of lie detection — she knows when people are lying.
What do you think about this trait?
Would you like to have it?
Personally, I’d prefer having the trait of a Mind-Reader like The Mentalist.
What I’m Reading:
Apart from learning from some of the top internet marketers in the world, I’ve also been actively reading Farnam Street.
One of the biggest goals I have this year is to build a Membership Site.
If you’re in my inner circle tribe, I’ve been sharing about the potential of online newsletter business – Such as The Hustle or Morning Brew.
I have been actively pondering to take it up a notch where I create a premium hybrid newsletter cum training membership where I share some of the best mental models for online entrepreneurs.
This way, I can get a scrumptious source of monthly cash flow income along with the prospect of an exponential windfall (If I decide to exit this business).
This is also one of the biggest moves I’m doing to De-Risk in my business.
In my last newsletter where I talked about Mega-Trends, I predicted that if a recession hits, this will inevitably affect your high ticket sales.
Hence, the biggest determinant of online companies that can thrive in this economic crisis would be those which are great at Low and Mid Ticket Offers.
This is because you need product volume to compensate for product price.
So if you’re doing high-ticket products, one of the biggest things to think about is this:
“How can I strengthen my Low-Ticket and Mid-Ticket Offers to draw more Buyers?”
What I’m Thinking:
Lately, I’ve been pondering about how to help my Inner Sanctum Members De-Risk.
And one of the biggest things I’ve been thinking about is the difference between:
Opportunistic Thinking vs Strategic Thinking
After spending over 2 decades in the trenches as an entrepreneur, I realized that more often than not, most people fail due to Shiny Object Syndrome. (S.O.S)
And the biggest catalyst of S.O.S is none other than new opportunities…
Don’t get me wrong… I don’t mean new opportunities are bad.
I think that new opportunities are great – especially when entrepreneurs pounce on them with their unique competitive advantages.
However, if you’re just jumping on the next new thing without any consideration of the bigger picture then you might just be chasing a rabbit trail…
For example, with the advent of AI and ChatGPT… I’ve seen so many fellow copywriters who are launching their AI-enabled copywriting courses.
Yes… I’d admit – AI is a great opportunity.
But are they doing it strategically – I’m not too sure about that…
Here’s the thing:
While it’s important to leverage on what is hot and trendy as a marketer, the same habit can get you into trouble as an entrepreneur.
After all, there is a hidden layer of risk involved when chasing new opportunities – you might waste a lot of time and money if you make the wrong decisions.
That’s something most business owners overlook unfortunately.
As an entrepreneur, you need to be updated about trends… and at the same time, be conscious about your unique competitive moat.
And then use your natural strengths strategically to seize these new opportunities.
If not, you might risk running from one opportunity to another… which is something that you’d want to avoid.
Well, that’s in a nutshell how you De-Risk when taking on new opportunities.
If you like the teachings in this email, I want to share some of the biggest changes to the Copywriting Space in 2023 in my upcoming Knights of the Holy Grail Keynote on the 14th February 2023.
See you there.