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- "Never Give In"
"Never Give In"
(And the basics of revenue models)
Happy Friday Doriot Community!
High five to the 3 new members this week! ✋
Our Pitch
Doriot was founded on the belief that the venture economy shouldn’t be exclusive to the top 1%. There should be a venture system—both founding and funding—that invites smart and ambitious non-millionaires, outsiders, and underdogs who want to create impact, build wealth, and gain ownership in the future.
And, when it comes to venture—an exciting yet risky area of business—successful participants, whether founders or investors, must embrace the principles of modern-day Alchemy: creating something from nothing. This approach involves three core components: 1) Mindset, 2) Strategy, and 3) Execution.
Modern Alchemy
Thus, each week, we intend to explore the principles of modern alchemy, applicable to many areas of life, along with key lessons on the business of venture as the foundation upon which a new system might emerge.
If this approach resonates, welcome—there’s much more to come! And if you think others would benefit from this journey, please forward our newsletter!
Table of Contents
Modern Alchemy - This week’s discussion
Do you have big dreams? Remember these words: “Never Give In”
Winston Churchill
Winston Churchill’s powerful words, “Never give in,” are a timeless reminder that resilience and determination are key to success, even when facing overwhelming odds. And let’s be honest, if we have big dreams, we are undoubtedly facing overwhelming odds. So, how can we put Churchill’s spirit into practice using the formula of Modern Alchemy?
Mindset: Train your mind to reject self-doubt by keeping a “resilience journal.” Each day, spend 10 minutes writing down any setbacks you faced and what you learned. Then, list three affirmations that counter any negative feelings (e.g., "I learned a lesson," "This moves me closer to my goal"). Review your entries weekly and repeat for 30 days. 📔
Strategy: Adopt an approach of “adapting” rather than “abandoning.” When faced with setbacks on your journey, adjust your tactics, but never compromise on your goals; and
Execution: Show up every day with a commitment to move forward, no matter how small the step. Progress fuels hope, and as long as there is hope, you won’t give up.
Let’s develop the resilience, adaptability, and unwavering determination needed to overcome challenges, achieve our goals, and become an inspiration to others! Good luck!
A quick intro to Revenue Models
By: Gerry Hays
When assessing a startup, the most obvious question might be, “How do you make money?” After all, survival hinges on how a startup gets paid for delivering value. However, there are often more ways to generate revenue than the straightforward model of “solve a problem for a customer and get paid in return.” This post will explore how to think about revenue models more broadly.
Who’s the Customer?
The first thing to understand is that the audience you’re catering to might not always be your customer. For example, if this newsletter were monetized and you paid $10 per month to read it, you would be both my audience and my customer. However, if you aren’t paying a monthly fee and I still want to generate revenue, then you are my audience, but my customer is the advertiser(s) paying to reach you.
This dynamic adds complexity to the revenue model because the advertiser, as my customer, is looking to market to a specific demographic at scale. In this case, I must balance my voice, the kind of audience I want to attract, and the advertiser’s needs, which may not always align.
Key Questions for Assessing a Revenue Model
Thus, when evaluating a startup’s revenue model, consider these critical questions:
Who is the audience for the product or service, and what problem do they have that will attract them to the startup’s solution?
Is the audience paying out-of-pocket for the product or service? If so, how much are they willing to pay to have their problem solved?
If they’re not willing to pay, who is paying for the product or service on their behalf? If someone else is paying (e.g., an advertiser), what value must the startup deliver to the advertiser in exchange for their payment?
Next week, we’ll dive deeper into revenue models, with a focus on recurring revenue and the strategies that drive customer “stickiness.”
New DVC Deal Coming Next Week
For DVC Premium Members, we’re going to break down and analyze Jurney, currently raising on Wefunder.
Have a great weekend everyone!
Sincerely, Team Doriot
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