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Justin Jackson
Justin Jackson@mijustin
I just added some "frequently asked questions" about podcasting here.

#faqs" rel="noopener noreferrer">https://transistor.fm/how-to-start-a-podcast#faqs

What did I miss? 🤔
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Justin Jackson
Justin Jackson@mijustin
Replying to @saarw
@saarw Is that true?

In an existing category, you have to spend way less time, energy, and money educating the customer.

More competition doesn’t always increase CAC, does it?
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Justin Jackson
Justin Jackson@mijustin
RT
RT @mijustin: Don’t focus on finding a niche containing a certain number of people.

What matters more is “there’s this many people spendin…
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Justin Jackson
Justin Jackson@mijustin
Wow. “We’ve scorched our gut.”

Great episode of ⁦@tortoise⁩ podcast.

Never thought that looking at our gut microbiome would be so fascinating.

Be right back, going to buy more spinach. 🥗 https://overcast.fm/+VWTfF2k-U
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Justin Jackson
Justin Jackson@mijustin
Replying to @mijustin
Yes, I realize there’s a difference between “wealth” and “income.”

However, according to Pew: “Whether the metric is income or wealth, the rich have outpaced the poor in recent decades.”
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Justin Jackson
Justin Jackson@mijustin
How much of the American wealth pie goes to the middle?

You might be surprised:
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Justin Jackson
Justin Jackson@mijustin
Replying to @evangoldin
@evangoldin 😭

It also sucks for the rest of North America, as California is often seen as the leader on these issues. We need California to keep breaking ground so we can follow!
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Justin Jackson
Justin Jackson@mijustin
Replying to @KHayhoe
@KHayhoe I find the results for a lot of these carbon calculators really vary. Is there a particular calculator you’ve found that works well for Canadians?
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Justin Jackson
Justin Jackson@mijustin
Replying to @KHayhoe
@KHayhoe How do I figure that out? For example, I live in the Okanogan. Is most of our electricity clean?
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Justin Jackson
Justin Jackson@mijustin
Replying to @LandonB32
@LandonB32 @joshuaanderton True! Getting yourself in the right place to spot opportunities often means working in different industries, seeing different trends come and go, etc
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Justin Jackson
Justin Jackson@mijustin
"The striking thing is just how old most of the important ideas are. [However], for every good idea, there are many, many different ways of expressing it. I’m happy we live in a world where there are many different ways to teach and express fundamental ideas." – @ScottHYoung
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Justin Jackson
Justin Jackson@mijustin
RT
RT @mijustin: It’s the *market you’re in* that will determines how big (and how fast) you’ll grow.

The market matters.

It’s the primary m…
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Justin Jackson
Justin Jackson@mijustin
RT
RT @evanpro: If you see a post by someone about changing their personal habits to stop the climate crisis, and your first response is to mi…
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Justin Jackson
Justin Jackson@mijustin
Replying to @mijustin
There are definitely folks who catch waves their first try. (it’s rare)

More likely: you start young, and get lots of reps in while you have free time.

That doesn’t mean those of us who are older (kids, etc) can’t get there.

(But, having less free time does make it harder.)
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Justin Jackson
Justin Jackson@mijustin
RT
RT @JeffSWalsh: One of the biggest things I learned in 2018 is advice at the wrong time is some of the worst advice to follow. Just becaus…
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Justin Jackson
Justin Jackson@mijustin
Replying to @noahwbragg
@noahwbragg @pjourneypod Yup, if you haven't paddled out to a good surf spot, you probably won't catch many waves (big or small).

That's the first step: putting yourself in the right position to see oncoming waves. 💯
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Justin Jackson
Justin Jackson@mijustin
😩 Hunting for a new business idea is incredible difficult.

In the last episode of @pjourneypod, Noah talks about how frustrating that process can be.

(I agree! I've been there)

I recorded a response here:
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Justin Jackson
Justin Jackson@mijustin
Replying to @joshuaanderton
@joshuaanderton Also, remember that there are crowded, established markets where all the existing players are super crusty. They might be bigger than you, but you have the advantage of being fresh.

(This is the main principle of Clayton Christensen’s disruption theory. Small startups can win!)
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Justin Jackson
Justin Jackson@mijustin
Replying to @arvidkahl
@arvidkahl I like this line of thinking.

Ultimately, what we’re trying to quantify is demand:

“What is the economic potential for a product that I’d build in this category?”

So when I talk about “size” I’m referring specifically to demonstrable economic activity.

ie. 💎 market is $4B
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Justin Jackson
Justin Jackson@mijustin
Replying to @valsopi
@valsopi This can be part of it!

(It was helpful in the first two months after launch for us)

However, most of Transistor’s revenue comes from customers who have no idea who I am. Many aren’t even attached to our brand.
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Justin Jackson
Justin Jackson@mijustin
Replying to @mijustin
(In the same way, the conditions for good surfing change all the time.)

In surfing, and in business, there are no guarantees. But without solid fundamentals, surfing is a lot harder. 😄
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Justin Jackson
Justin Jackson@mijustin
Replying to @mijustin
I’m also not suggesting that once you find “a good market” that you’ll be good forever.

Of course not!

Market dynamics are always changing. Industries emerge, and die, all the time.
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Justin Jackson
Justin Jackson@mijustin
Replying to @mijustin
(In a similar way, I can describe the principles of good surfing, but I can’t guarantee you’ll catch the perfect wave).
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Justin Jackson
Justin Jackson@mijustin
Replying to @mijustin
The goal for the research and writing I do isn’t to produce “a perfect science for business success.”

Instead, I’m trying to identify a list of favorable conditions that might increase your chance for success.
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Justin Jackson
Justin Jackson@mijustin
Replying to @tylertringas
@tylertringas @adamwathan @Evanish @joshuaanderton I’m not saying my POV is perfect, but I’m definitely curious about the factors that lead to success.

(Btw - I’ve started multiple businesses since 1998. I have a biz undergrad. I’ve worked for multiple early-stage startups. I’m not “extrapolating” from one narrow experience)
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Justin Jackson
Justin Jackson@mijustin
Replying to @tylertringas
@tylertringas @Evanish @joshuaanderton Again, this particular thread is irrespective of positioning or nicheing.

It’s asking the question:
“In my category, which types of products get most of the revenue? And: is there anything left for an ancillary product?”
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Justin Jackson
Justin Jackson@mijustin
Replying to @tylertringas
@tylertringas @joshuaanderton I’m thinking of broad categories that folks search for:

“I need a VPN”
“Best help desk software”

There are folks making ancillary products in “help desk software” for example.
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Justin Jackson
Justin Jackson@mijustin
Choosing the right market is just step 1.

After that, there are many factors that influence success:

- who you know, and who knows you
- your financial margin
- how you execute on the product
- how you execute on marketing channels
- your history + skills
- positioning
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Justin Jackson
Justin Jackson@mijustin
Replying to @petersuhm
@petersuhm @arvidkahl And maybe not shittier! There are tons of factors that influence success:

- who you know, and who knows you
- how much money you have in the bank
- how well you execute on the product
- the marketing channels you’re able to execute on
- your history + experience
- positioning
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