In a recent guest lecture at the University of Texas for a class on entrepreneurship, Alex Hormozi discussed one of the key questions that many aspiring entrepreneurs ask - what should they sell? Alex first defined the categories of things that can be sold, which are: products (physical and digital), services (physical and digital), access (physical and digital), attention (physical and digital), risk (physical and digital), money (physical and digital), and endorsements/brands (physical and digital). Hormozi emphasized that it is important to consider one's skills, value, and experience when choosing what to sell. If someone is a first-time entrepreneur, they can draw on experiences from their parents, acquaintances, or previous odd jobs. Alex suggested that most of the time, a new entrepreneur will start by selling their time, which is often in the form of services. The speaker also introduced the "Delivery Cube" concept, which involves six pieces that can enhance the delivery of a product or service: speed, quality, convenience, customization, experience, and price.
I'm Broke, What Should I sell?
When considering what to sell, there are only a few actual things that can be sold: products, services, access, attention, risk, money, and endorsement/brand.
It's possible to combine these categories, such as selling access to a concert and also selling drinks and t-shirts at the concert.
When deciding what to sell, consider your resources and skills, including experience gained from parents, odd jobs, etc.
The biggest problem you can solve with the resources you have is likely the best thing to sell.
As a new entrepreneur, you'll likely be selling your time, which is often a service.
The delivery Cube has six pieces: Can I deliver this thing, to whom, how, when, how much, and why. These pieces can be used to enhance or make the product more valuable.