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Published Aug 17, 2018

83: Why Different Is Superior to Better | Feedback Friday

Jordan Harbinger and Chris Lochhead delve into entrepreneurship by discussing the superiority of being different over better, share insights on self-publishing versus traditional publishing, and offer practical advice for navigating toxic work environments and career transitions, helping listeners make informed decisions in their personal and professional lives.
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  • Starting Out

    and dive into the essentials of entrepreneurship, emphasizing the importance of starting with a unique idea. Chris shares his thoughts on launching a new business, suggesting that even a simple, unpolished start can be beneficial for testing market response. Jordan echoes this sentiment, highlighting the value of early feedback and iteration.

    If you're proud of your project when you first launch it, it's too late.

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    They also discuss the challenges of working within a family business and the importance of finding one's own path and niche 1 2.

       

    Nailing Your Niche

    Finding and nailing your niche is crucial for standing out in a crowded market. Chris advises focusing on what makes you different rather than just better, using examples like specialized tattoo artists to illustrate the power of niche differentiation. Jordan and Chris agree that identifying and solving a specific problem can set you apart from competitors.

    Focus on what makes you different, not what makes you better.

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    They emphasize that becoming a specialist in a particular area can lead to greater recognition and success 3 4.

       

    Partnerships

    Partnerships can be a double-edged sword in business. Chris and Jordan discuss the importance of choosing partners wisely, stressing that partnerships should be based on mutual passion and complementary skills rather than necessity. They caution against giving away equity due to imposter syndrome or a lack of confidence.

    The wrong reason to have partners is because they round out skill sets that you don't have.

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    They also highlight the value of collaboration and the potential pitfalls of forced partnerships 5 6.

       

    Pricing

    Setting the right price for a new product or service is a complex but crucial task. Chris and Jordan discuss various pricing strategies, emphasizing the need to understand the problem your product solves and how it compares to existing alternatives. They suggest that a premium price can be justified if the product offers unique value.

    Make it meaningfully different.

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    They also touch on the importance of being proud of your initial product launch, regardless of its polish 6 7.

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