All business and professions are about one thing – creating value for someone else. When you are able to create value for someone, you can expect to be paid for it. The more value you can create, the more you will earn. Focus on creating value and you will have a valuable enterprise.
Advice from Masters – Quotes & Tips on Creating Value
Your income is determined by how many people you serve and how well you serve them. Your true worth is determined by how much more you give in value than you take in payment.
Your influence is determined by how abundantly you place other people’s interests first.
The most valuable thing you have to give people is yourself. No matter what you think you’re selling, what you’re really offering is you.Bob Burg – Author – The Go-Giver: A Little Story About a Powerful Business Idea
The key question you must consider is, “What problem do I solve?”Christopher Locchead – Author – Niche Down
Questions to check your value hypothesis:
Is a problem or desired benefit strong enough? Does the solution fit the customer expectations? Is the customer ready to pay a certain price? Do we know who our early evangelists are?Donatas Donikar – Author – Start-up Evolution Curve
Value is created when a person makes something useful and shares it with the world.Chris Guillebeau – Author – The $100 Startup / The Art of Non-Conformity / Side Hustle / Born for This / The Happiness of Pursuit
Fortune-seekers can rarely sustain their passion through the hard times. Successful enterprises are laser-focused on Value Provided to Customers. Entrepreneurship is not about you; it’s about effectively serving others.Timothy Clark – Author – Business Model You
Recommended Books on Creating Value
Other concepts on Entrepreneurship
Often there can be significant differences between our perceptions of what our customers want, and what our customers truly want. Gut and Instinct are often poor predictors of actual consumer demand, as are the encouraging words of our close friends and family. Before you invest significant time, energy and money into developing a product, it is essential that you actually test if people will buy what you are creating.
1000 True Fans
‘1000 true fans’ is a concept that explains why it is not essential to be famous and have a huge following to earn a successful living working on your passion. In fact, all you need are a much smaller set of passionate fans (1000 for example), who become your marketing evangelists and core customers.
TIM – Time Income Mobility
While the vast majority of people chase money, the ‘new rich’ have learnt the value of finding an optimal balance of TIM (Time, Income & Mobility) instead. There are 2 major advantages of focusing on TIM – (1) Having time and location flexibility, can lead to your money being worth a lot more (2) Time and Location independence can lead to happiness and content, which money simply can’t buy.
Your business is only going to be as good as the people who run it. All successful entrepreneurs know that putting together the right team of professionals is one of the most critical steps for any businesses success, while newbie entrepreneurs often try to do it largely alone. Learn to surround yourself with superstars, and you are sure to succeed in any endeavor.