The CENTS Business Commandments

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1 year ago

Creating a good Business

Have you ever wondered what are the metrics that define a succesful business? Well, many people might tell you that there's not an exact formula that translates into instant reward in the world of entrepeneurship, including myself. Though one thing I truly believe in is in the use of defined methods that let us create a sustainable enterprise and reduce the risks that It might bring. That's why in this article I will present you a procedure called the CENTS method, from the book Unscripted, from MJ deMarco, a book which talks about creating a business that can grow rapidly while not following the old conventional norms of this field, all while living an unscripted life, and that's precisely what this technique will cause in your next ventures, making you more aware of particular areas that are essential for Its correct development. Let's begin by talking about what's the CENTS method.

What's the CENTS Method?

C.E.N.T.S or Control,Entry,Need,Time and Scale are particular questions used to define the viability of a particular idea of business and in this way reduce the risk of taking a wrong decision, letting you discard what doesn't follow these particular measures. Let's list each one by one:

CONTROL:

Do you have control over the existence of your business. What I'm telling you is that you should always question If you're the only responsible for It being eliminated, because If not, you should always try to mitigate the risk. For example, a Youtube Channel or any influencer that's dedicated to a single platform doesn't have too much of a degree of control, as his/her main channel can be deleted by the particular platform and make all that effort go to the trash bin. One way to mitigate the risk that this ensues is to focus more on your public and distribute your service across multiple platforms so It doesn't affect you directly.

ENTRY:

How hard It is to enter in that particular field, and If you do so, How much competition there will be once you enter? It might be an area where the entry cost is too low, meaning that you will have a lot more competition than If you choose one where the entry cost is high, reducing thus the competition and increasing your chances for success. This can be seen in areas where other people might consider It hard or disagreeable, though by the virtue of not too much competitors, they are able to thrive, such as garbage disposal companies.

NEED:

Is the business needed? Will it fill a void in the market? You might just look in your immediacy and see what people in your community or direct environment need, asking yourself this question in order to figure out how the demand for it will be.

TIME

This is not too much of a question, though more of an statement, as to separate your time from your business and enjoy the fruits of It, you will have to work at an accelerated pace on It without too much rest for It to get going and give you benefits that you can enjoy. The more your work on It, the faster It will be for you to rest.

SCALE

Can this Idea get more traction than any store in my vicinity. Let's say that a particular type of content can potentially get thousands of views, which is much more than any physical store, coffee shop or bar will get in the course of a day, thus giving you much more potential to have a higher benefit because of the demand.


I hope that this article could have made clear this beautiful method to assess whether your ideas in business or in any other endeavour can be done and replicated to get success, making thus the process of figuring out a profitable Idea over the long run much more easier and giving you less headaches in the process, so I end up giving you the encouragement to always try first, then assess and readjust in order to create the best product possible. Thank you for your support and good luck!

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