The Most Fulfilling and Successful Online Venture Begins With You
Laying the foundation for an online business of impact, purpose and meaning
Introduction - A Case Study
Recently, I ran through a workshop with six of my students here on campus. I was teaching them to leverage the digital economy using their skills and talents.
A little context:
I teach in Medellín, Colombia. Whatever economic problems exist in the U.S., they are 10x worse here. A minimum wage job will net you about $300 per month.
The students in my workshop are preparing for ministry. If you know anything about the non-profit religious world, the work can be satisfying, but the pay is peanuts.
Our students know very little about the digital economy, much less how they can monetize their skills to generate an income.
But a little knowledge goes a long way.
In the workshop, I walked them through identifying their Pathway to Impact using the graphic below. It’s the famous Ikigai exercise, but adapted for the Impact Generation.
The participants answered close to 30 questions. My goal was to build up their confidence in their skill set and demonstrate how these could intersect with the needs of the market.
They saw the benefits immediately. The most rewarding aspect came a few days later.
But I’ll save that for the conclusion. :)
Your Pathway to Impact
Now let us shift focus to begin working on your Pathway to Impact. This is how you begin laying the foundation for a successful online venture that has purpose and meaning for you.
Here are the broad questions you must answer:
What are you passionate about?
What are you good at?
What can you get paid for?
What does the world need?
There is no magic formula or shortcut here. You must get your butt in a chair, and do the hard work of self-reflection.
In the workshop with my students, we spent two hours on this exercise.
So take out a notepad (analog or digital) and do a brain dump as you answer these questions.
Take you time.
Think long and deep.
Write down everything that comes to mind.
What are you most passionate about?
What are your passions in life?
What do you do that causes you to lose track of time?
What kind of tasks do you love to do?
What do you spend a Saturday afternoon learning about?
What activities make you forget to check your phone or the time?
If money were no problem, what would you spend your days doing?
When do you feel most alive and energetic?
What things are you good at?
What are you super knowledgable about?
What comes naturally to you?
What do you find yourself researching for fun?
What do your friends ask you for help with?
What tasks or responsibilities do you find easy to complete that others might struggle with?
In what areas do you feel a strong sense of confidence and competence?
In what areas do you receive praise or recognition for your exceptional abilities?
What can you get paid for?
What do you have results in?
What do you hear people asking for?
What do others say they would pay you to help them accomplish?
What challenges have you overcome that that others would pay you to help them overcome?
What have you been paid for in the past?
In what areas do people typically come to you for advice or guidance?
What skills have you acquired that others might find valuable?
What does the world need?
What do you hear people asking about?
What do you think the world could use your help with?
What would your clients or friends like to have more of?
If you could solve a global problem, what would it be?
What do you think is the greatest need in society right now?
What improvements could you make in your community to make it a better place?
What trends or developments in the world worry you the most?
Congratulations!
You have just completed the work that 95% of entrepreneurs will never do.
It’s important to note that without this kind of deep reflection you will get caught up in someone else’s dream, definition of success or a business model that isn’t suited to you or your interests.
So, pat yourself on the back. You now have an asset that will continue to provide you with guidance and insight for a long time.
What Comes Next / What Came Next?
Monetization strategies
So, what comes after you have done this foundational work?
The graphic below demonstrates the different options you have for monetizing your craft, expertise, and skill set. It also represents your ability to become a multimedia publishing and mentoring brand.
This is what we are modeling for you here at the Impact Generation.
I have started with a newsletter and posting on one social media platform to begin building an audience. Now I have added a pilot workshop. Soon, that workshop will become an e-book, and then a video course.
Next comes a group mentorship program to work directly with entrepreneurs who want guidance on implementing our business building roadmap.
And this is the way you build your online venture.
Bit by bit.
Micro-Workshops
In your case, you want to review your Pathway to Income work.
Look for that sweet spot between your skills and interests, the potential for commerce, and the needs of the market.
Then we suggest you develop a micro workshops (1.5 hours) or a regular workshop (4-6 hours) that incorporates one of those intersecting topics.
Workshops have many advantages:
They are low-tech, low-cost, low-time, and high return “products.”
They allow you to quickly validate your ideas, and generate revenue.
They give you invaluable feedback on whether your topic has legs.
They can be written down or recorded and turned into digital products that can be sold separately.
Student Workshops
I mentioned earlier about the most rewarding aspect of the workshop I completed with my students.
At the conclusion, I suggested to the students that they review their exercises and come up with potential ideas for their own workshops.
Two students came forward a few days later asking for my help:
Miguel (not his real name) has a background in music. His idea was a workshop on composing a song. His market is the Christians churches in Medellín and specifically the teams of musicians that lead the service each week.
Projected income per workshop: $800 (that’s more than 2.5x times the minimum wage).
Samuel (not his real name) is a third year theology student. His idea was a workshop on how to prepare a sermon. His market is rural churches within his organization that don’t have much access to theological education:
Projected income per workshop: $100 (that is 1/3 the monthly minimum wage)
That is how you leverage the digital economy.
Two final observations
First, these may not be big numbers in the U.S., but they are difference making figures in a country with high unemployment and limited opportunities.
Secondly, these students had little knowledge about the digital economy prior to attending my workshops. Now they are brimming with confidence and ideas.
It’s a beautiful thing to see, and deeply rewarding.
Conclusion
Your turn.
Spend a few hours on the Pathway to Impact exercise above. Better yet, invite some of your friends over and share the experience.
I promise you it will be two of the most insightful and rewarding hours you can spend.
And just like my students, you might find the spark to begin building your online venture of impact, meaning, and purpose.
Reach out if you need my help.
Here’s to your success.
Gustavo
