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π‘ Entrepreneurial Insight
Most founders believe lower prices attract 'easier' customers. But low-paying clients usually complain the most. Raising your prices often decreases your support workload while increasing your revenue.
Based on the 'Charge More' philosophy of bootstrapped founder and advisor to Stripe, Patrick McKenzie.
βοΈ Balance Hack
Clearly separate 'planning' and 'doing' to gain flow.
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Be the pilot for the first 30 minutes of your day. Set the course (priorities), check the weather (metrics) and lock in the flight plan (schedule).
Then, become the plane. The plane does not argue with the pilot. It just flies (executes).
Why? Separating your decision-making brain from your execution brain will boost your productivity.
Based on a productivity concept by content-creator and 7-figure entrepreneur Ali Abdaal.β
π Challenge
Write a one-page document titled 'How to Work with Reader'.
What to include?
- Your preferred communication channels
- Your peak focus hours (when not to disturb)
- Your blind spots / weaknesses (e.g. I am bad at celebrating wins, because I already focus on the next problem)
- What annoys you (e.g. people being 5 min late)
- How to give you feedback (e.g. direct vs. soft)
Sharing this doc moves your team or collaboration dynamics from guessing to understanding.
Inspired by Claire Hughes Johnson (Former COO of Stripe) on the Tim Ferriss Show.
β¨ Recommendation
A practice we used during my time at Google and that is also highly recommended by bootstrapped SaaS founder Tamara Ilic: Personalize your solution for potential customers.
- Incorporate their corporate design into your demo.
- Use industry-specific keywords in your pitch.
- Show them calculations that exactly match their context.
Why? To visualize your product's impact on their own business (even before they buy it).
Inspired by a conversation I had with Tamara Ilic, co-founder of the bootstrapped startup Solarise that powers 5000+ solar projects.
β Question for you to ask another Entrepreneur
If you were forced to charge 10x your current price, what is the one problem you would solve for your customer to make them happily pay it?