📊 One chart businesses
Hello! Adam Thornhill here. ‘The Podcast Guy’ saving you 10 hours a week.
Enjoy the 95th Podup, with special thanks to TikTok For Business.
Today, we’ll dive into the best insights and ideas from My First Million.
Uber for X, Airbnb for Y, LinkedIn for Z. Why do startups compare themselves with today's tech giants? Because it's easy to understand.
Our attention spans are getting shorter, so it's even more important to succinctly communicate who you are and the problems you solve.
Shaan Puri shares another way to clearly describe what you do. One chart businesses. Let's dive into a few examples and how you can benefit.
Cremation opportunities
What's a one chart business? There are times you can look at one chart, and one chart alone can be your business plan. For example, have you seen the rise in the popularity of cremation? It's popping off.
Cremation in the United States in the last 20 years has gone from ∼10% of the population to over 50%. It's almost 60 or 70% now, which is kind of insane.
That alone tells me there's room for building interesting businesses in the space. What are all the second order consequences? Who are the existing providers for this?
Shaan Puri
Other exciting examples
What are the generation defining stats of today?
The cost of mapping a genome has fallen from ∼$100 million to less than $1,000 over the last 15 years.
The cost of college tuition has outpaced how much people earn by 10X.
The percentage of men under 30 not having sex has tripled in the last decade.
The average amount of sleep has fallen from 8 hours to 6.8 hours.
The electronic system in a car was 5% of car costs. Now it's 50% of car costs. Cars are basically rolling computers.
Shaan Puri
Why it matters
Single metrics or trendlines are a great way to visually convey the 'why now' part of your pitch to investors or customers. They're also great for discovering new opportunities.
Game selection is one of the most important decisions you’ll ever make. It impacts the next 5-7 years of your life and affects the growth and profitability of your business.
Big businesses can be built around these inflection points where there are likely large swaths of unmet demand. By picking the right game, you can get a headstart and capitalize on generational societal shifts.
Next steps
Trendspotting. Make a habit of monitoring key industry metrics from places like Statista.
Deep dive. Once you identify a compelling trend, dive deep. Ask questions about its challenges and second order effects.
Stakeholder conversations. Engage with experts in the field or potential customers. Their insights can help refine your understanding and highlight areas for innovation.
Test. Pilot an idea or service. Gauge responses and iterate based on feedback.
Commit. Whether it's a new business venture or additional product line, go all in when you have a clear understanding of the market's needs and your unique value proposition.
Your thoughts?
Thanks to TikTok For Business for making this post possible…
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Quotes were pulled at different points of the episode. Sentences were left out to make the narrative more concise. Podup is not associated or affiliated with any podcast.
Really interesting post. VERY high signal to noise ratio