The genesis of business ideas often lies in the innovative minds of a few individuals who, through moments of inspiration, give birth to new industries. The platform you're using to read this article is a testament to such innovation, brought to life by talented men and women. However, one doesn't need to invent the internet to profit from it.
The majority of business transactions worldwide are a result of people adding their creativity to pre-existing ideas, thereby creating their own enterprises. They build on the foundations laid by others, which are invariably based on unchanging principles. Understanding and applying these principles is the only guaranteed path to success. Let's delve into three of these fundamental principles and evaluate how we measure up.
Let's be honest, the primary objective of any business is to generate profit. Successful businesses invariably provide opportunities for their participants to earn money.
Consider the top five businesses you admire, and you'll find that each one is addressing a problem in some way. The problem could range from finding a cure for a disease to providing free internet access, or even offering a way to earn more money with less effort. To capture my attention, solve my problem.
It may seem obvious, but some people still haven't grasped the concept that a business must be profitable to survive. Some businesses price their products or services so low that no volume of sales can compensate for the low pricing. Successful businesses price their offerings based on realistic business projections, not mere hopes or dreams.
When you become a customer of a successful business, you know that you are valued. They communicate this to you. They understand the challenging lesson that acquiring a new customer costs significantly more than retaining an existing one. Some businesses create a community of users and cater to their needs effectively.
An unhappy customer is likely to share their dissatisfaction with more people than a satisfied customer would share their positive experience. To prevent customer dissatisfaction, maintain regular contact and respond promptly to requests. If a dispute arises, the customer should always be given the benefit of the doubt. Does this approach work? Just ask Wal-Mart.
So, how did you fare? If you find yourself lacking in some of these fundamental principles, remember that you can make changes today. If you're missing one or more of these principles, take time to evaluate yourself and your business to see how you can build on the success of others and carve out your own niche in the business world.
