Two Rules For Business Start Ups
Entrepreneurship is the art of finding profitable solutions to problems. Problem solving skills are the key to business success and business communication.
Entrepreneurship is the art of finding profitable solutions to problems. Every successful entrepreneur, every successful businessperson has been a person who has been able to identify a problem and come up with a solution to it before somebody else did. Here are the five rules for entrepreneurship and business communication.
Find A Need And Fill It
First, find a need and fill it. Ross Perot, when he was working for IBM, saw that his customers who were buying IBM computers, needed help in processing their data. He went to IBM with this idea and they said they weren’t interested, so he started his own business. He eventually sold it out for $2.8 billion dollars. He found a need and he filled it.
Find A Problem And Solve It
The second rule is to have problem solving skills. Find a problem and solve it. A secretary working for a small company began mixing flour with nail varnish in order to white out the mistakes she was making in her typing. Pretty soon, her friends in the same office asked if she could make some for them. So she began mixing it on her kitchen table. Then, people in other offices started asking for it, and she eventually quit her business and worked full time creating what is today called Liquid Paper. A few years ago, she sold her company to Gillette Corporation for 47 million dollars.
Look For Solutions
Find a problem and solve it. Find a problem that everybody’s got and see if you can’t come up with a solution for it. Find a way to supply a product or a service better, cheaper, faster or easier. Clemmons Wilson saw that there was a need for hotels that could accommodate families that were traveling, and he started Holiday Inns. And Holiday Inns has now become one of the most successful hotel chains in the world.
Focus On Your Customer
Here’s the key to success in business: customer support. Become obsessed with your customer. Fixated on your customer. Think of the customer. Think of what the customer wants, what the customer needs. What the customer will pay for, what the customer’s problems are. Thomas J. Watson, Senior, the founder of IBM, taught his people and built his company on this principle. See yourself as working for the customer. Once you’ve come up with a product or an idea, then start to invest your time, talent and energy instead of your money, to get started.
The Source of Most Great Fortunes
Remember this; most great fortunes in America were started with an idea and with personal efforts. Most great fortunes were started with the sale of personal services. This is called sweat equity. In other words, instead of cash equity, put in sweat equity. Put in the sweat of your brow to begin your business. You can learn valuable lessons operating on a small scale.
Action Exercises
Here are two things you can do immediately to put these ideas into action:
First, find a need and fill it. Look around you and search for needs that people have for products or services that are not being met. One small idea is enough to start you on the way to business success.
Second, find a problem and solve it. Look around you for problems that you or other people have that are not yet being solved. Look for solutions that nobody has thought of and give them a try. One good solution could change the whole direction of your life.
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In regards to being obsessed with the customer I like this quote:
“A customer is the most important visitor on our premises. he is not dependent on us. We are dependent
on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are not doing him a favor by serving him. He is doing us a favor by giving us an opportunity to do so.”
Sometimes attributed to L.L. Bean and sometimes to Gandhi
I’ve been to the Total Business Makeover Seminar and believe it was one of the best decisions I have ever made in business! Great to hear you are doing it again!
it benefits me a lot ,and help me know more professional knowledge ,thank you
“Once you’ve come up with a product or an idea, then start to invest your time, talent and energy instead of your money, to get started.” I think this phrase is my take-home.
Thank you Brian
Very very true. Focus on customer is huge for startups. Recently the Customer Development/Lean Startup method is growing. I found this site particularly helpful: http://www.custdev.com/
I just wanna say thank you sir for this wonderful information about new ideas of building business.
Thank you very much.
i’m a youngman from Ghana who have strong ambition of become a successful businessman. i have already read severl of Mr. Tracy’s books and i must commend him for the rich practical experience he shares with numureous readers the world over. i think the website have valuable information for people of all business background. all the tipes posetd on the website are very helpful for beginers like myself.
Beautiful, life changing article.
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i think this is a powerful article on business development start up… it is highly educating.
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Brian,
Yes, it is important to stay close to the customer and keep your feet on the ground. Listen with empathy.
You also need to be aware about what is going on in your customer’s mind, so you can encourage repeat customers.
You also want to encourage new customers.
Thus, surveys and questionnaires can provide that competitive advantage.
Feedback can add value to your product or service.
These days, many people are tired of buying the same old product or service.
Mass production gives you that “been there, done that” feeling and nobody likes old wine in new bottle.
By contrast, customer feedback allows you to tweak your product or service as per the customer’s needs, wants.
Tailor-made and custom designed products and services tend to be more in demand for discerning customers.
And they may be willing to pay top dollar if you can reach that goal.
I think suggestion boxes or drop boxes can also be ways to actively solicit ideas from your customers.
Be the go to guy or gal for your customers and they will tell you what they want from you.
And then, of course, you are in business. Hope this helps. Cheers.
This article is very helpful for beginers. Your motivation is the real courage for the younger generations. All the best from Bosnia and Herzegovina.
I agree, finding solutions is the key.