Entrepreneurship: Nature or Nurture?
01/25/23 • 44 min
In this episode, we share our thoughts on whether we think entrepreneurship is a trait that's primarily driven by "Nature" (Ex: inherited through genetics) or "Nurture" (Ex: Self-taught or learned through non-familial environments). We also share business updates that cover a range of topics from conversion rate optimization to testing new ad channels.
If that sounds like something you'd be interested in, you should give it a listen!
Timestamps:
(0:00:05) - Nature vs. Nurture in Entrepreneurship
(0:06:44) - Risk-Averse Entrepreneurship
(0:12:36) - Editor Ninja's Yearly Update
(0:19:32) - Optimizing Conversion Rates
(0:27:47) - Strategies for Growing Businesses
(0:35:08) - Testing Advertising Channels
(0:43:53) - Progress and Catch Up
Key Ideas:
(0:00:05) - Nature vs. Nurture in Entrepreneurship (7 Minutes)
We explore the debate around nature versus nurture when it comes to entrepreneurship. It is suggested that, while there are certain innate tendencies that could lead someone to be an effective entrepreneur, it is the environment and people around them who will ultimately put them on the path towards entrepreneurship. It is proposed that, if someone was born into a household where entrepreneurship is already present, they will have a greater chance of becoming an entrepreneur themselves. The conversation further suggests that, while both nature and nurture have a role to play in entrepreneurship, the research on the impact of having entrepreneurial parents is yet to be seen.
(0:06:44) - Risk-Averse Entrepreneurship (6 Minutes)
'Risk aversion' and 'willingness to take risks' were discussed in the context of entrepreneurship. It was suggested that taking big risks can be dangerous as most of them crash and burn. There was also discussion on the importance of being a 'polymath' or having diverse interests, being able to learn from different areas, being okay with delayed gratification, and finding joy in the process rather than the outcome. Furthermore, the impact of parental entrepreneurship on children's entrepreneurship was discussed, citing a study from University of Chicago that found that parental entrepreneurship increases a child's probability of becoming an entrepreneur by 60%.
(0:12:36) - EditorNinja's Yearly Update (7 Minutes)
Editor Ninja' updates are discussed, with the speaker providing an overview of the business since the beginning of the year. Revenue has exceeded expectations, with three months in a row of around $8,000 in cash collected. The goal of creating a six-figure side hustle has been achieved, with volume increasing three times in the last six weeks. New offerings are being tested, along with a challenge to post content on YouTube shorts. A new conversion path was put live but is not working, prompting the speaker to consider how to rejigger it.
(0:19:32) - Optimizing Conversion Rates (8 Minutes)
This conversation covers a range of topics related to optimizing conversion rates on a website. It is suggested that the call to action should be more descriptive and that the highest burden for conversions would be if customers are asked to pay fifty dollars to start. It is also recommended to streamline the process by having customers sign up for an account, submit a document, and then have the opportunity to upgrade their account or switch to a different service package. To test this, three versions of the homepage with a different call to action should be tested. Lastly, it is suggested to offer a discounted cost or free document to get customers to try the service'
(0:27:47) - Strategies for Growing Businesses (7 Minutes)
This conversation focuses on the processes of conversion and automation, and how best to approach them. It looks at the importance of getting customers to take their first step with a business, and how to nurture them afterwards with automated emails and segmentation. The conversation then moves to the current situation of Castaway and Productize & Scale, and how leads and conversations are increasing, though difficulty arises when it comes to closing the deal. The two discuss the Black Friday promotion of Productize & Scale, which has almost reached the figure of last year, and how the funds could be used to reinvest in ads for Castaway.
(0:35:08) - Testing Advertising Channels (9 Minutes)
The conversation focuses around running ads for businesses and the experience of running ads for Editor Ninja. It is discussed that Google Ads can be a great tool for driving traffic and conversions, but that it is important to be mindful of the budget allocated. It is mentioned that newsletter sponsorships can be effective, but can also be costly. The importance of understanding the market and setting realistic expectations is discussed,...
In this episode, we share our thoughts on whether we think entrepreneurship is a trait that's primarily driven by "Nature" (Ex: inherited through genetics) or "Nurture" (Ex: Self-taught or learned through non-familial environments). We also share business updates that cover a range of topics from conversion rate optimization to testing new ad channels.
If that sounds like something you'd be interested in, you should give it a listen!
Timestamps:
(0:00:05) - Nature vs. Nurture in Entrepreneurship
(0:06:44) - Risk-Averse Entrepreneurship
(0:12:36) - Editor Ninja's Yearly Update
(0:19:32) - Optimizing Conversion Rates
(0:27:47) - Strategies for Growing Businesses
(0:35:08) - Testing Advertising Channels
(0:43:53) - Progress and Catch Up
Key Ideas:
(0:00:05) - Nature vs. Nurture in Entrepreneurship (7 Minutes)
We explore the debate around nature versus nurture when it comes to entrepreneurship. It is suggested that, while there are certain innate tendencies that could lead someone to be an effective entrepreneur, it is the environment and people around them who will ultimately put them on the path towards entrepreneurship. It is proposed that, if someone was born into a household where entrepreneurship is already present, they will have a greater chance of becoming an entrepreneur themselves. The conversation further suggests that, while both nature and nurture have a role to play in entrepreneurship, the research on the impact of having entrepreneurial parents is yet to be seen.
(0:06:44) - Risk-Averse Entrepreneurship (6 Minutes)
'Risk aversion' and 'willingness to take risks' were discussed in the context of entrepreneurship. It was suggested that taking big risks can be dangerous as most of them crash and burn. There was also discussion on the importance of being a 'polymath' or having diverse interests, being able to learn from different areas, being okay with delayed gratification, and finding joy in the process rather than the outcome. Furthermore, the impact of parental entrepreneurship on children's entrepreneurship was discussed, citing a study from University of Chicago that found that parental entrepreneurship increases a child's probability of becoming an entrepreneur by 60%.
(0:12:36) - EditorNinja's Yearly Update (7 Minutes)
Editor Ninja' updates are discussed, with the speaker providing an overview of the business since the beginning of the year. Revenue has exceeded expectations, with three months in a row of around $8,000 in cash collected. The goal of creating a six-figure side hustle has been achieved, with volume increasing three times in the last six weeks. New offerings are being tested, along with a challenge to post content on YouTube shorts. A new conversion path was put live but is not working, prompting the speaker to consider how to rejigger it.
(0:19:32) - Optimizing Conversion Rates (8 Minutes)
This conversation covers a range of topics related to optimizing conversion rates on a website. It is suggested that the call to action should be more descriptive and that the highest burden for conversions would be if customers are asked to pay fifty dollars to start. It is also recommended to streamline the process by having customers sign up for an account, submit a document, and then have the opportunity to upgrade their account or switch to a different service package. To test this, three versions of the homepage with a different call to action should be tested. Lastly, it is suggested to offer a discounted cost or free document to get customers to try the service'
(0:27:47) - Strategies for Growing Businesses (7 Minutes)
This conversation focuses on the processes of conversion and automation, and how best to approach them. It looks at the importance of getting customers to take their first step with a business, and how to nurture them afterwards with automated emails and segmentation. The conversation then moves to the current situation of Castaway and Productize & Scale, and how leads and conversations are increasing, though difficulty arises when it comes to closing the deal. The two discuss the Black Friday promotion of Productize & Scale, which has almost reached the figure of last year, and how the funds could be used to reinvest in ads for Castaway.
(0:35:08) - Testing Advertising Channels (9 Minutes)
The conversation focuses around running ads for businesses and the experience of running ads for Editor Ninja. It is discussed that Google Ads can be a great tool for driving traffic and conversions, but that it is important to be mindful of the budget allocated. It is mentioned that newsletter sponsorships can be effective, but can also be costly. The importance of understanding the market and setting realistic expectations is discussed,...
Previous Episode
Protecting Your Business from Platform Risk
In this episode, we discuss platform risk and how to protect and hedge against it when building a business. We also chat about the importance of diversifying lead sources, experimenting with different channels, and building an "owned audience." Finally, we share updates on our respective businesses, including the importance of delegation, the current trend of vertical video content, and increasing revenue by offering on-demand services instead of just subscriptions.
If that sounds like something you'd be interested in, you should give it a listen.
Timestamps:
(0:00:05) - Risks of Relying on One Platform
(0:10:50) - Business Owners Balance
(0:17:00) - Exploring YouTube Shorts for Content Creation
(0:21:58) - Video Content Marketing
(0:30:35) - Increasing Revenue With on Demand Services
(0:35:11) - Building Out Offer Ladder for Customers
Key Ideas:
(0:00:05) - Risks of Relying on One Platform (11 Minutes)
This conversation is about platform risk and how to protect and hedge against it when building a business. It is important to diversify one's efforts and move from rented platforms to owned platforms to reduce the impact of unexpected changes. The example of Twitter's recent changes and the impact that it has had on businesses is discussed. Additionally, the importance of diversifying and hedging against risk is emphasized, alongside the idea of experimenting with different channels and building one's own platform. The example of Slack communities and how they can be used to acquire leads, build relationships, and land jobs and clients is also discussed'
(0:10:50) - Business Owners Balance (6 Minutes)
This conversation discusses the varying opinions on utilizing one versus multiple channels for marketing and reaching a milestone of one million dollars. The speaker suggests a balanced approach in which one channel is firmly in the wheelhouse and two others are more experimental. The speaker also advises listeners to take into account the risk profile, the length of time available, and the perspective of the person giving the advice. Finally, the speaker mentions the milestone of one million words edited and sets a goal of four to five million words edited for the upcoming year'
(0:17:00) - Exploring YouTube Shorts for Content Creation (5 Minutes)
This episode focuses on the importance of planning and delegation. The speaker has recently rolled out a new homepage and has noticed that having customers in their Slack channel keeps them engaged and increases their lifetime value. They have also been using Codeable to hire WordPress developers for focus tasks and projects. The speaker also discusses YouTube Shorts, a new feature on YouTube that allows people to post stories and get hundreds of thousands of views. The speaker is considering playing around with it, but is curious to hear what the participant thinks of it'
(0:21:58) - Video Content Marketing (9 Minutes)
This conversation covers topics related to the current trend of short and vertical video content. It is discussed how short form video can be used as top-of-funnel content for service businesses, and how storytelling techniques can be used to create engaging videos. It is also noted that some videos with looping content may not be as successful, and that repurposed content may not perform as well as natively created videos. Additionally, the participants discuss the upcoming December for Castway, and how MRR is expected to reach $4,000.
(0:30:35) - Increasing Revenue With on Demand Services (5 Minutes)
This conversation focuses on the progress made towards reaching a one year revenue target of one hundred thousand dollars when taking the podcast seriously. The nine months of progress have seen fifty to fifty-five thousand dollars in revenue, and there are three months left to get back on track. Additionally, the conversation discusses the upcoming launch of on-demand services, which will offer one-off services at a three-figure price point and a service catalog for recurring revenue. Lastly, a Black Friday offer is being prepared and a sponsor is lined up for a twelve-episode podcast'
(0:35:11) - Building Out Offer Ladder for Customers (5 Minutes)
This conversation centers around building an offer ladder, selling single documents and subscriptions, and introducing a free tier with a login feature. The speaker proposes using a credit card authorization system to make it easier for people to submit one-off documents, as well as upsells and menu options. In order to maximize customer lifetime value and dynamic segmenting, the speaker suggests pairing an onboarding survey with an affiliate program and marketing automation. The speaker also notes that it will take several weeks to a couple of months to launch the catalog and start messaging it'
Next Episode
Setting Our Business Goals For 2023
In this episode, we discuss our respective business goals for the new year, which include plans to attend conferences and launch marketing initiatives. We also touch on current and emerging trends, like AI tools, and explore the potential impact it might have on our work. Finally, we reflect on the lessons we learned over the past year and which ones we'll be carrying forward with us in 2023.
If that sounds interesting to you, you should give it a listen.
Timestamps:
[00:02:26] Discussing the concept of "Memento Mori"
[00:07:04] Chatting about Generative AI as a technological step-change
[00:11:50] Weighing the pros and cons of the "gold rush" around AI content
[00:14:04] Predicting increased important for human-generate content in the future
[00:20:55] Talking about outsourcing and the time cost of onboarding versus the time saved later.
[00:26:58] Balancing freelance and full-time workers to meet demand.
Key Ideas:
1. AI and its Current Status in the Industry
- AI is a step change technology but won't replace jobs yet
- AI Wrangler is a new role
- AI output is dependent on the quality of input and is still bland and lacks personality, opinion, and point of view.
2. Making the Most of Life and the Hype on Chat GPT
- Remind yourself to make the most of life
- Discussing the hype on Chat GPT.
3. Outsourcing and its Time Cost
- Consider the time cost of onboarding when outsourcing
- Outsourcing can save time later.
4. Human-Made Content will be Valued More
- AI tools will be valued less than human-made content in the future.
5. Balancing Freelance and Full-Time Workers and Hiring Writers
- Balancing freelance and full-time workers to meet demand
- Hiring writers with a bigger budget
- Subcontracting work.
6. Effective Strategies for Selling and Generating Revenue
- Successfully offering and selling a course, coaching, website audit, and lifetime membership.
- Generating almost $11,000 in revenue.
7. Unplugging and Recharging in January
- Unplug, enjoy, and recharge for January.
8. Time Flies When Raising Children
- Time passes quickly when raising children.
9. Forecasting Future Business Revenue and Growth
- Forecasting $150K revenue, 30% margin, launching a new product/service line, updating flagship course, 25K revenue from product ties.
- Consistent publishing cadence and repurposing productized podcast episodes to create a physical book.
10. AI Generated Content: The Potential "Gold Rush"
- AI generated content is a potential "gold rush" with short term gains but possible long term risks.
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