Setting Our Business Goals For 2023

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,...