Succeeding in your own business is actually very simple. All you have to do is supply people with goods and services that they value and then make sure they pay you. You give them what they value and they give you money. Simple really, isn’t it?
Of course, you have to make sure that you have more money flowing into your business than is flowing out of your business. If you don’t, then you end up in that business situation known as "going bust" which is an unhappy place to be.
You’d be surprised how often even big, supposedly sophisticated. companies forget these basics but when you are thinking about launching your own business then they are vital.
So, how do you ensure that you are offering something people value? This can be a strange experience. For example, there are loads of people who value the ability to have a different ring tone on their phone and will pay good money for it. There are also lots of people who value the ability to wear a football shirt in the same style as their football team.
I mention these things because neither of them has any value for me. If Nokia made a phone with a single ring tone I wouldn’t blink an eyelid and I’ll happily go to my grave without wearing a football strip. And that’s the important thing, it does not matter what I value. What matters is what my customers value and whether they will give money in exchange for it.
This requires some hard thinking about what they value and how you can supply it.
Here are some questions to think about. Next time I’ll give you the rest of the questions to help you build a compelling value proposition for your proposed product or service:
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