Two Rules for Business Start-ups to be Successful
Colin Thompson
Managing Partner Cavendish/Author/International Speaker/Mentor/Partner
Entrepreneurship is the art of finding profitable solutions to problems/issues. 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.
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/issue and Solve It
The second rule is to find a problem/issue 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 at all times
Find a problem/issue and solve it. Find a problem/issue that everybody's got and see if you cannot 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 travelling, and he started Holiday Inns. 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. 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/issues 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 the world 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/issue and solve it. Look around you for problems/issues 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.
“`You` Do Not Build a Business – You Build People – Then People Build The Business for Success for All the People”
- Colin Thompson
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