It’s the era of the hustler and the entrepreneur, especially with COVID-19 still creating business opportunities. Many entrepreneurs have lost the simple art of becoming a moneymaker – prioritizing profit. But Lewis Schiff is here to tell business owners what to do once they’ve mastered being a moneymaker: The next step is to be a moonshot. Schiff is the executive director of Moonshots & Moneymakers: The Oxford Innovation Conference for American Entrepreneurs, and he sat down with our host Philip Michael to spread his entrepreneurial wisdom.
What is a moonshot?
A moonshot can move past being a moneymaker because it created a firm foundation of profits and a management team. Now, it can think about revenue and bigger ideas without stressing over making a profit. Here are some features of a moonshot.
- The company focuses on investing some profits into a tech project outside of its current realm of influence. This type of opportunity could become another company within itself.
- The company already has an established brand and a respected reputation.
- The company has a deep knowledge of its marketplace and doesn’t have to worry about its audience.
- The company has plenty of capital, so a moonshot can do just that – shoot for the moon.
How can I be a moneymaker?
Before you’re a moonshot, you have to be a moneymaker. Schiff said the path to creating a business that makes money is simple.
- A B2B is much more likely to make money than a B2C. The former means “business to business,” while the latter means “business to consumer.” Are you thinking about offering your product or service to consumers? Schiff said to ask yourself if you can compete with Coca-Cola. If you can’t, go B2B.
- Services are much more likely to succeed than products. Do you have an expertise or gift to share with businesses? That’s a moneymaker.
If you’re on the entrepreneurial path, check out this interview for more advice.
***Hannah Buczek contributed to this article.