Building an online marketplace platform is easy, but building a successful marketplace business that stands the test of time is another story. In today’s episode, we get to hear from Juho Makkonen as he dives deep into the ins and outs of marketplace business models, from developing your idea into a fully functional marketplace platform to achieving balanced and sustainable business growth.About Juho Makkonen:Juho Makkonen is the CEO and Co-Founder of Sharetribe, an innovative software company. This company aims to help aspiring entrepreneurs get their marketplace businesses off the ground in the spirit of sharing economy platforms such as Airbnb, Etsy, and Fiverr. Moreover, as a co-author of "The Lean Marketplace," Juho equips aspiring entrepreneurs and business owners with indispensable insights to build successful online marketplaces, whether they are startups, cooperatives, non-profits, or established brands, offering a practical roadmap for creating sustainable and thriving businesses in the sharing economy.For a comprehensive book review, check out this page.Episode highlights:Not all entrepreneurs are tech-savvy coders, so it’s important to make marketplace building accessible to everyone and help them turn their ideas into a reality. (02:35)Prioritizing between purpose and profits is not easy, especially in the competitive market of today. But companies like Sharetribe are still choosing to do so by democratizing the platform ownership and making a great impact. (09:40)It’s very much possible to build a profitable business that serves the community, which doesn’t have to be a unicorn or the next big thing, as long as it helps solve a problem. (25:30)The goal of marketplace businesses is to eliminate the middleman and bring buyers and sellers together. So, by taking care of the technology aspect of online marketplaces, we’re actually democratizing platform ownership. (31:15)Building platforms is easy, but if you don't have the necessary knowledge and a strong team by your side, then it becomes much more challenging. (34:01)Juho’s best advice for entrepreneurs:“I also always want to remind that it's so much more than just tech. I think that, actually, tech is probably not the most difficult part of this type of business. The most difficult part is kind of like solving the so-called chicken and egg problem, like the supply-demand conundrum, and we have lots of educational resources on that.” (34”01)Connect with Juho:TwitterLinkedInMastodonResources Mentioned:SharetribeThe Lean Marketplace: A Practical Guide to Building a Successful Online Marketplace Business by Juho Makkonen and Cristóbal GraciaHolacracy: The New Management System for a Rapidly Changing World by Brian J. RobertsonReinventing Organizations by Frederic LalouxFollow Beyond 8 Figures:LinkedinTwitterWebsiteAffiliate Disclaimer: Some links in this episode are affiliate links. If you make a purchase through these links, we may earn a commission at no extra cost to you. Rest assured, we only promote products/services we believe will benefit your entrepreneurial journey.
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