“I'm Broke, What Should I Sell?” | Spotify Video Exclusive
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What can I sell as an aspiring entrepreneur?
I just gave a guest lecture last week at University of Texas for a class on entrepreneurship. There are some people here who don't try for shit. One of the key questions that many of the aspiring entrepreneurs in the classroom asked is what should I sell? First off we have to define what are the actual things that can be sold and this may sound crazy but there's actually fewer of them than you think and there's digital and physical formats of each of these things which actually actually give you 14 different things you can possibly sell. Once I define those, I'll talk about how we can increase the scale of the deliverable that we have using something that I call the delivery cube. Number one is you can sell products.
You could sell a physical product, which would be like I sell water bottles. A digital product would be something like a PDF. The second category is services. So this is stuff you do for other people. In the physical realm, a service would be a massage, mowing someone's lawn, fixing someone's car. On the digital side, oftentimes that service is something that happens in the digital space. So if you are an ad agency and you make ads, the ad itself that you're making is a service, also buying media is a service, all of those things would be digital services. Category three, you have access. Fizzle access is like you lease a building. You gain access to the building. Digital access is you gain access to a library of digital content like Netflix.
Category four is attention. You can sell or buy physical attention. That could be like a billboard. Cars physically drive past it and see it to the same degree. Facebook and Google have digital attention and they sell the eyeballs and the attention of that audience. Category five, like the hurricane, is risk. selling insurance but you can insure a building but you can also insure against in the digital format a cyber threat if you're an established business owner and you sell physical products or even services you can sell the risk associated with it which is like insuring the product so some people give guarantees but you can actually get people to pay for a guarantee which is insurance just like apple care is just paid for insurance the next thing you can buy or sell is money itself
The entire banking industry is predicated on buying and selling money, and the rate they charge is the interest itself. And so you can have physical money, right? Like the actual US dollars. You also have digital money, which I'm not going to get into crypto, but that is a form of digital money.
What is the delivery cube and how does it work?
Category seven is an endorsement or brand. In the physical world, I say, hey, you can use my logo on your shirt and you give me a percentage of all your sales. In the digital world, when they sell a check mark on Instagram, That is selling an endorsement, it's selling a brand, it's selling some sort of status that gets transferred and a fee is paid as a result of that. One of the key points here is that it can be a combination of those categories. So if someone sells a rock concert, for example, you're selling access to an experience, but you might also sell drinks and t-shirts while you're there. Now you might record it and then also sell the digital versions of that. See what I'm going with here?
In terms of picking which one to sell, it's mostly gonna come down to two things. One is the resources you have and your skills value experience. If you're a first time entrepreneur, then you're like, well, I don't have any other experience, but you actually do. And let me hear me out. Your parents did something. And if you don't have parents, the people who raised you did something. And if no one raised you, people you knew did something and you were around them. So like, for example, my mom is a doctor. She's an eye surgeon. So I know a lot of stuff about eyes. That would be a category of stuff that I actually know a lot more about than you might expect. If your dad was a mechanic, you probably know what a carburetor is.
I have no idea what it is. I've heard the word before.
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