- The AI Solopreneur
- 🐙 How to use AI to find your personal monopoly like Naval
🐙 How to use AI to find your personal monopoly like Naval
escape competition and dominate your market
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Greet from the deep,
Today, we’ll dive into how to use ChatGPT to build your very own personal monopoly.
And when I say personal monopoly, I’m not talking about your own Monopoly board…
… but I mean a business no one else can compete with.
If you’re the only business in the world to solve 1 specific problem, you don’t have any competition.
You create a superniche.
This will give you:
1) Enormous pricing power - because your customers have no alternative
2) High authority - because you’re the only expert on the specific thing
Sounds cool? Let’s dive in!
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How to avoid competition by creating a personal monopoly
“Competition is for losers!”
- my girlfriend screamed at me after I lapped her in Mario Kart.
And she’s right.
Competition is for losers, because it squeezes your market share, your margins, and your profits.
This is where Naval Ravikant’s personal monopoly comes in.
His idea is:
“no one can compete with you at being you”
You’re the best person in the world at being yourself.
Creating your personal monopoly means leveraging your unique personality and knowledge set to create a competition-less market.
And while Naval referred to building a personal knowledge set, you can apply the same logic to business:
Again, if you’re the only business in the world to solve 1 specific problem, you don’t have any competition.
But how do you differentiate yourself?
3 ways to differentiate yourself and create a personal monopoly
1. Differentiate on who you serve
Specialize to a point where your competition looks generic.
For example, say you’re an email copywriter.
100,000s of email copywriters
10,000s of email copywriters writing for e-commerce stores
1 email copywriter writing welcome sequences for environmentally-conscious, female-oriented e-commerce brands
Who do you think is getting more business opportunities?
Of course, the ultra-specific one, because they have no competition.
Niching down feels scary…
…but I’d always rather be 1 of 1, than 1 of 100,000.
2. Differentiate on how you solve the problem
Solve an existing problem in a unique way.
There’s 1000 ways to solve any problem - but we tend to only see the most conventional one.
You could hire a plumber to fix your broken sink…
…or you could buy ramen noodles.
(I can’t believe I’m using this as an example)
Educate your audience on why your solution is different (and better) than the regular approach.
3. Differentiate on why you solve the problem
You can also differentiate yourself by having a unique motive for solving the problem.
For example, clothing brand Patagonia differentiated themselves from millions of other brands by taking a stand for the environment, using recycled materials and sponsoring sustainability initiatives.
Differentiating on your “why” works best if it is relatable to your customers.
Apart from making delicious ice cream, Ben & Jerry's stands out through their commitment to social and environmental issues.
They engage in activism and advocacy, use fair trade ingredients, and strive for sustainable business practices, appealing to environmentally-friendly consumers.
3 WAYS TO DIFFERENTIATE YOURSELF
Differentiate on who you serve
Differentiate on how you solve the problem
Differentiate on why you solve the problem
How to use the Magic Monopoly Maker
This ChatGPT prompt applies the principles of personal monopoly creation to your situation:
I need you to suggest "personal monopolies" for me based on my situation.
A personal monopoly is something that:
1) I am uniquely good at
2) Nobody else is doing
3) The market has demand for
4 ways to create a personal monopoly or are:
1) Solving a new problem no one else is solving
2) Solving an existing problem for an ultra-specific target customer
3) Solving an existing problem with a unique mechanism
4) Solving an existing problem because of a unique motivation
For context, [INSERT CONTEXT]
Now, based on my context, come up with 10 ideas for personal monopolies for me, and for each add one sentence explaining why you see this as an opportunity.
HOW TO USE THE MAGICAL MONOPOLY MAKER PROMPT:
Fill in the [INSERT CONTEXT] placeholder with context about yourself and who you are. (If you’ve done the AI Audience Accelerator, write /context to use your pre-written context)
Example: (this is what I use)
“I am a solopreneur and I write a publication called "The AI Solopreneur". I post content on Twitter, have a community full of AI-driven solopreneurs, and publish a newsletter twice a week. All my content is made specifically about how Solopreneurs can use AI to streamline their business, work faster, and make more money. Most commonly, I talk about different ways to use ChatGPT, but I also introduce solopreneurs to other helpful AI tools and workflows in them. The goal of my content is to attract as many AI-interested solopreneurs (or aspiring solopreneurs) as possible. I want to be the world's best resource for them. I don't know how to code, but I'm fairly skilled at marketing, writing, and investing. In my past, I was a music ghost producer, cryptocurrency investor, and I also took many educational resources to learn about skills related to solopreneurship. I am a big proponent of psychedelics and have positive experiences with them. I don't take myself too seriously. “
ChatGPT had some pretty solid advice for my personal monopolies:
PROMPT OVERVIEW: THE MAGIC MONOPOLY MAKER
This prompt helps you identify personal monopoly opportunities
Give broad and specific context for the best results
The output also provides a motivation for each monopoly idea
Some of you might know, I’m a big fan of ice cubes in my beer. So if this AI thing doesn’t turn out as expected, I’ll still have my plan B that includes a beer with ice cubes monopoly….
See you on Wednesday,
What did you think about today's edition?
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