we have Julian calling in all right hey
I love this well Julian tell us tell us
what you do and give us your question
absolutely um so what I do i own a dance
studio kind of like evan and we move des
and fitness right that’s kind of a love
that our motto so excited coughing
assume everyone limitations from no one
but recently what I started doing is is
um this blog called sleep sumo calm
right which is pretty much just about
helping entrepreneurs sleep better
because i think you know i want to
business myself you know and i know as
entrepreneurs is extremely hard to
sometimes shut it you know shut it down
right and say the case how it’s time to
go to bed we can we can fight tomorrow
again you know so so anyway that’s the
blog that’s what it’s about but my
question to you is when do you know when
it’s time to kill a product so that you
making money maybe you have two or three
making money when it’s time to you know
to say you know what enough let’s just
focus back on on this versus the two or
three that we have I think it’s a great
question and I think that the reality is
the best sanity check is to sit in the
shoe to the customer and go and you know
you should have pick up the phone social
media share committee customers you know
it comes back to what Evan says what is
the value that they derive it from your
product or service how is it changing
their lives how’s it creating benefits
how’s it save enough time how does it
make them feel better all those sort of
things you’ll know pretty quickly when
you talk to your customers is it a
product failure issue or idea failure or
is it actually if I tweaked it a little
bit I could have the right answer and
and then you know what the great thing
is if you actually said to the customer
how about if I came back to in 30 days
time and I tweaked it to do what you’re
telling me you need would you be
interested and they’re always going to
say yeah they were always going to bank
you cuz also you’ve got a kind of
relationship with them so there’s a
great question what I would advocate
though is you kind of when you do we’ve
all failed let’s be honest we’ve all
felt the entrepreneurs i mentioned i
Richard Branson is coming to save summit
loads of product failures company
failures but you know he is awesome
because he’s done so many projects what
he’s been really smart and he started
initially in music and then he’s got a
massive travel company Virgin Atlantic
he’s got all these other businesses
Virgin Money what he did really well was
test the market go out there kill the
businesses that weren’t going to make it
and scale up the businesses that were in
the price it was and I think you’ve
gotta trust your instincts I think
there’s a thing Evan says about belief
but as entrepreneurs some days are dark
days let’s be honest and you need to
kind of give yourself a bit of spiritual
uplifting and that’s when you go back
and check in with your customers because
you know when you actually talk to your
customers they’re the greatest people on
the planet and they they want you to be
successful they’re really rooting for
you so you’ll find out very quickly from
those customer conversations whether
it’s a kill or it’s an enhance innovate
and adapt Julie Oscar me ah for me would
be when you lose your passion in what
you’re doing because the stevens point
about talking to people and getting
feedback and having to twist your and
tweak your offering when you lose the
passion for that project you’re not
going to be willing to put in the hours
anymore you’re not going to be willing
to modify it and change it and and put
in the work anymore and so if you are
though like if you still love this thing
this is still your baby you’re still
excited about it you know if it’s a good
dance thing or something else you’re
talking about ah then you’ll find a way
to make it work like with more hustle
you know what you have may not work
great yet but with more tweaked and more
hustle be able to make it work but if
you don’t have the passion you’re going
to quit and so that’s when you give it
up the flip side as well as their
entrepreneurs who are making money and
lose the passion in their business and
they get bored and that’s how to the
time to sell your company right it has
value if you’re not passion about
anymore it’s just going to flatline and
then start the decrease and a lot of
people think well that’s passive income
for me so I should keep it but really
the guts of time go sell it move on to
something else that you are excited
about so for me as long as I’m excited
by something as long as I believe in it
then I’m doing it if not
then move on to something else and
everything that you put in has been kind
of sunk costs you’ve grown you’ve
learned you’ve gotten better and now you
know focus on the future awesome so do
you do you actually guys write down like
okay this is some of the stuff that I’ve
learned I’m okay with just deciding that
I’m although I might still be making
money from it right I feel like it’s not
necessarily scaling or growing then I’m
okay I’m just gonna kind of just a
journal this is what I’ve learned from
it and just put it on the shelf perhaps
and just like move on to the next step
yeah I think there’s a couple of things
in terms of what I say which is a bit
harsh actually but it’s true there’s
only two types of companies in the world
two types of businesses there’s growing
a successful businesses and there’s
dying businesses the only exception that
is lifestyle businesses and some folks
who might be out there would just say
you know I’m happy I’ve got a great work
life balance I run a lifestyle business
it kind of flat lines on revenues it
gives me a good lifestyle I play goal
for a dance or whatever I want to do
three days a week and that’s okay but I
think there’s sort of people the
entrepreneurs in the world we’ve come
from and the people who have a big idea
and want to change the world were low to
passion typically have exponentially
growing businesses so within that I
think you could look what you know if
you’re down the road of three or four
years you could say actually I’ve got a
good business I’ll used as a funding
vehicle to actually do my big idea and
one of the businesses are actually one
business I’ve invested in a great arm
business called cloud apps they’ve
reinvented themselves three or four
times and they’ve got good customers
they’ve done a good job but they plateau
with one product they use that as a cash
vehicle to fund their next big idea and
they started with sustainability then
they started with really cool stuff
around kind of gaming engagement and
then they started I will all the stuff
around a lot of big companies use these
products called customer relationship
management but it’s really hard to get
people to use those so they provided all
these kind of incentives and gaming and
fun things to actually really make a lot
more fun than them being in the work
so just as an example i think if you’ve
got a great product great customers you
know double down and go for it but that
could also spawn the opportunity to have
other ideas you know like evan said we
probably three of us could come up with
20 different ideas so let’s pick the
best one let’s start that but you want
to build a company that could do three
or four ideas if they’re related ideas
that becomes really powerful in the
venture capital world we would call them
gazelles those are the high-growth you
know lots of opportunity going fast and
then the walking wounded and the walking
wounded you just like hobbling along but
it never actually takes off right and as
long as your focus on that walking
wounded business you can never be a
gazelle and so if you’ve learned what
you need to learn from it then then shut
it down or sell it or give it to
somebody else and focus on the next
thing that you can be a gazelle with
awesome well thank you so much for
having me alright lexical angeline your
lot with move
I love this well Julian tell us tell us
what you do and give us your question
absolutely um so what I do i own a dance
studio kind of like evan and we move des
and fitness right that’s kind of a love
that our motto so excited coughing
assume everyone limitations from no one
but recently what I started doing is is
um this blog called sleep sumo calm
right which is pretty much just about
helping entrepreneurs sleep better
because i think you know i want to
business myself you know and i know as
entrepreneurs is extremely hard to
sometimes shut it you know shut it down
right and say the case how it’s time to
go to bed we can we can fight tomorrow
again you know so so anyway that’s the
blog that’s what it’s about but my
question to you is when do you know when
it’s time to kill a product so that you
making money maybe you have two or three
making money when it’s time to you know
to say you know what enough let’s just
focus back on on this versus the two or
three that we have I think it’s a great
question and I think that the reality is
the best sanity check is to sit in the
shoe to the customer and go and you know
you should have pick up the phone social
media share committee customers you know
it comes back to what Evan says what is
the value that they derive it from your
product or service how is it changing
their lives how’s it creating benefits
how’s it save enough time how does it
make them feel better all those sort of
things you’ll know pretty quickly when
you talk to your customers is it a
product failure issue or idea failure or
is it actually if I tweaked it a little
bit I could have the right answer and
and then you know what the great thing
is if you actually said to the customer
how about if I came back to in 30 days
time and I tweaked it to do what you’re
telling me you need would you be
interested and they’re always going to
say yeah they were always going to bank
you cuz also you’ve got a kind of
relationship with them so there’s a
great question what I would advocate
though is you kind of when you do we’ve
all failed let’s be honest we’ve all
felt the entrepreneurs i mentioned i
Richard Branson is coming to save summit
loads of product failures company
failures but you know he is awesome
because he’s done so many projects what
he’s been really smart and he started
initially in music and then he’s got a
massive travel company Virgin Atlantic
he’s got all these other businesses
Virgin Money what he did really well was
test the market go out there kill the
businesses that weren’t going to make it
and scale up the businesses that were in
the price it was and I think you’ve
gotta trust your instincts I think
there’s a thing Evan says about belief
but as entrepreneurs some days are dark
days let’s be honest and you need to
kind of give yourself a bit of spiritual
uplifting and that’s when you go back
and check in with your customers because
you know when you actually talk to your
customers they’re the greatest people on
the planet and they they want you to be
successful they’re really rooting for
you so you’ll find out very quickly from
those customer conversations whether
it’s a kill or it’s an enhance innovate
and adapt Julie Oscar me ah for me would
be when you lose your passion in what
you’re doing because the stevens point
about talking to people and getting
feedback and having to twist your and
tweak your offering when you lose the
passion for that project you’re not
going to be willing to put in the hours
anymore you’re not going to be willing
to modify it and change it and and put
in the work anymore and so if you are
though like if you still love this thing
this is still your baby you’re still
excited about it you know if it’s a good
dance thing or something else you’re
talking about ah then you’ll find a way
to make it work like with more hustle
you know what you have may not work
great yet but with more tweaked and more
hustle be able to make it work but if
you don’t have the passion you’re going
to quit and so that’s when you give it
up the flip side as well as their
entrepreneurs who are making money and
lose the passion in their business and
they get bored and that’s how to the
time to sell your company right it has
value if you’re not passion about
anymore it’s just going to flatline and
then start the decrease and a lot of
people think well that’s passive income
for me so I should keep it but really
the guts of time go sell it move on to
something else that you are excited
about so for me as long as I’m excited
by something as long as I believe in it
then I’m doing it if not
then move on to something else and
everything that you put in has been kind
of sunk costs you’ve grown you’ve
learned you’ve gotten better and now you
know focus on the future awesome so do
you do you actually guys write down like
okay this is some of the stuff that I’ve
learned I’m okay with just deciding that
I’m although I might still be making
money from it right I feel like it’s not
necessarily scaling or growing then I’m
okay I’m just gonna kind of just a
journal this is what I’ve learned from
it and just put it on the shelf perhaps
and just like move on to the next step
yeah I think there’s a couple of things
in terms of what I say which is a bit
harsh actually but it’s true there’s
only two types of companies in the world
two types of businesses there’s growing
a successful businesses and there’s
dying businesses the only exception that
is lifestyle businesses and some folks
who might be out there would just say
you know I’m happy I’ve got a great work
life balance I run a lifestyle business
it kind of flat lines on revenues it
gives me a good lifestyle I play goal
for a dance or whatever I want to do
three days a week and that’s okay but I
think there’s sort of people the
entrepreneurs in the world we’ve come
from and the people who have a big idea
and want to change the world were low to
passion typically have exponentially
growing businesses so within that I
think you could look what you know if
you’re down the road of three or four
years you could say actually I’ve got a
good business I’ll used as a funding
vehicle to actually do my big idea and
one of the businesses are actually one
business I’ve invested in a great arm
business called cloud apps they’ve
reinvented themselves three or four
times and they’ve got good customers
they’ve done a good job but they plateau
with one product they use that as a cash
vehicle to fund their next big idea and
they started with sustainability then
they started with really cool stuff
around kind of gaming engagement and
then they started I will all the stuff
around a lot of big companies use these
products called customer relationship
management but it’s really hard to get
people to use those so they provided all
these kind of incentives and gaming and
fun things to actually really make a lot
more fun than them being in the work
so just as an example i think if you’ve
got a great product great customers you
know double down and go for it but that
could also spawn the opportunity to have
other ideas you know like evan said we
probably three of us could come up with
20 different ideas so let’s pick the
best one let’s start that but you want
to build a company that could do three
or four ideas if they’re related ideas
that becomes really powerful in the
venture capital world we would call them
gazelles those are the high-growth you
know lots of opportunity going fast and
then the walking wounded and the walking
wounded you just like hobbling along but
it never actually takes off right and as
long as your focus on that walking
wounded business you can never be a
gazelle and so if you’ve learned what
you need to learn from it then then shut
it down or sell it or give it to
somebody else and focus on the next
thing that you can be a gazelle with
awesome well thank you so much for
having me alright lexical angeline your
lot with move
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