In Win, Then Play, making money isn’t about taking massive risk or waiting thirty years for a … [+]
Photo by Sharon McCutcheon on Unsplash
Most people in business have a play to win philosophy, which is to hustle, grind and work hard, always thinking about the future, accumulation and amassing more. It’s the entrepreneur’s creed.
Or there are people out there playing not to lose. They’re scrimping and sacrificing. Thankfully, there’s a different way, a better framework, with immediate results called Win, Then Play. In Win, Then Play it begins with a vision that’s so compelling, it is a cause or career worthy of your time and life.
Win, Then Play asks the questions: how do you build a life that you love?
How do you enjoy the in between rather than waiting until someday, if you conquer the next mountain?
Mindset matters most in building a life you love, but money is critical too.
In Win, Then Play, making money isn’t about taking massive risk or waiting thirty years for a retirement plan to workout. It is about making money when you buy, being more efficient with your money, creating cash flow immediately and creating economic independence where you have enough recurring revenue from assets to cover your basic expenses. Efficiency is about keeping more of what you make by not overpaying taxes, on interest, insurance costs, or wasting money on non-performing investment fees.
Profit up front.
Win, Then Play works in the way your business can make money too. It is about profiting from ideas from the beginning and no longer requires borrowing money from investors. We live in a world where now your end users, your clients, can actually fund your projects or products so you don’t owe money in the end and profit instead.
Let’s look at an entrepreneur that dispelled so many myths that hold people back. Gareth Everard was in college when he started, minimal money and hadn’t got a degree yet. Gareth has been able to develop, sell and scale a couple businesses by using momentum and desire versus going to investors.
Gareth started a few companies with products that launched through crowdfunding campaigns. Five years ago as a senior in college, he launched Rockwell Razors. When they launched, people who wanted the product put up $150,000. Then Gareth launched more razors and more products over time, raising over $1.4 million, but didn’t owe a penny, just had to deliver a product.
This requires integrity and Gareth showed time and again he has that. When his first razors weren’t perfect, he slept on the factory floor to supervise the remaking 2,000 new razors to send out and make customers happy.
Here is what Gareth learned:
- Demand: If you have an idea, you can easily find out if there’s a demand by selling it before you manufacture it. By putting it on a platform like Kickstarter, you can presell and have the revenue to create the product.
- Community: Building a community is essential. When you integrate community into your framework, you reduce risk and you create more momentum. Gareth tapped into the community, sending a few prototypes to influencers in the space and relied on the positive response. Additionally, Kickstarter is about building a community of fans that will keep believing in you.
- Build momentum and trust: The momentum of your company and community go hand-in-hand. You build this through interaction, content, and rewarding early adopters by selling to them at a discount. That’s how you gain trust and trust breeds momentum to keep them coming back.
- Survey the tribe: Part of the Win Then Play philosophy is going to existing people and asking them what they want. You can get more revenue from previous customers if you listen and treat them well. With so much demand for the razors, Gareth put out other products the tribe wanted. Since they already had trust, they were able to raise even more money and create more products.
When you can profit in the concept phase, it builds momentum, reduces risk, and allows you to actually build something even better with your community. That is one example of how to win, first, then play.