Rebel Finance - Everything You Know about Finance is Wrong by Ralph Edward Cope

Author:Ralph Edward Cope [Cope, Ralph Edward]
Language: eng
Format: mobi
Published: 2020-04-13T00:00:00+00:00

Step 2: Identify the Need

Before launching your business, you need to identify the need. Jeff Bezos says you should start with the customer and work backward. You need to understand the needs and desires of the user and ensure that your product or service meets that.

Many entrepreneurs start with the product or service and then work to deliver that to the market. Recall the scene in Cinderella when the ugly sisters are trying to force the glass slipper onto their fat feet. That business strategy is not going to cut it in the 21st century. You need to spend time profiling your potential customers and you need to be ultra-specific.

When I started Rebel Finance, my financial coaching firm, the mission was to shake up the financial industry. I wanted to give it a good old kick up the buttocks.

For decades, financial services have been in the business of serving their own interests at the expense of its customers. Instead of offering financial solutions, the industry has been selling products.

It has no interest in financially educating its clients or providing them with the tools they need to achieve financial freedom. The relationship has been one of master and servant and I wanted to turn this around.

This is the profiling I did for Rebel Finance. In this case "you" is the potential client.

What is your age?

The core of Rebel Finance is financial freedom. To seek freedom, you would need to have experienced bondage. Most kids coming out of school do not know what it is like to work for a paycheck, to feel the pressure of saving for retirement and the need to budget. They probably would not be potential clients.

The older generation, on the other hand, understands the limitations of working for money, having to pay bills and facing financial obligations.

You have been working for 5-10 years and are looking for an alternative. It is unlikely you will be younger than 30 unless you are a certified genius and graduated from college before you started shaving.

What does your family look like?

You are married with kids. You are concerned about the future of your kids in a world that is being overtaken by automation. You want to start a business and leave a financial legacy. You want to educate your kids financially and give them the tools they need to be free.

What level of education have you completed?

You are university educated. Financial freedom comes through the mastery of investments. You need to dominate capital markets, accounting, tax, business law, and marketing. This process of financial literacy and education is facilitated by a tertiary undergraduate degree. A master's degree is not necessary but would not be wasted.

How big is the company you work for?

You work in a relatively large company that does not allow tax flexibility on your compensation. This means that you have paid an unconscionable amount of tax over your lifetime. This intensifies your desire to find an alternative.

What is your job?

You have worked in a job that requires a fair degree of human interaction both internally and with clients.

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