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
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.
A niche denotes products, services or interests that have a high appeal to a select smaller group of people, as compared to the general populace. By laser focusing your services and communication to the needs of this smaller group, you can gain much higher relevance than trying to target everybody.
Everybody has great ideas, but it is only a few that can actually act on a good idea and turn it into a viable business. The execution of an idea is often much more important than the idea itself. To succeed as an entrepreneur, it is vital that you and your team have the ability to execute.
People who truly succeed big, never try to compete – they choose instead to dominate their particular niche and become known as the ‘go-to’ person or company for those specific requirements. Domination allows you to never have to compete on price, not get involved in feature wars and bring along free marketing.