The BURDEN Of Entrepreneurship: Why Entrepreneurs NEVER Quit!
Ok, let’s get it all out in the OPEN —entrepreneurship is one heck of a life!
Forget all that you were ever told, here are some very troubling facts to backup that statement:
Entrepreneurs have unlimited ideas, but limited funds.
Entrepreneurs have unlimited work, but limited time.
Entrepreneurs have unlimited market, but limited marketing.
Entrepreneurs have unlimited opportunities, but limited resources.
Entrepreneurs have unlimited risks, but limited guarantees.
Entrepreneurs are far MORE broke than they are rich!
Entrepreneurs fail several times MORE in life than the average human being!
Entrepreneurs experience far MORE sleepless nights than any other human being alive! (e.g. I wrote this from the middle of the night)
Entrepreneurs suffer far MORE breakups than the average joe!
Entrepreneurs consume ideas far MORE than they will ever eat real food!
Why?
Because Entrepreneurs get paid LAST!
These are just a few of the burden entrepreneurs face. I wrote an unusual article in the past “the dark side of entrepreneurship and how to avoid it” where I also listed a few other burdens of entrepreneurship.
My dear, they are so freaking real!
But in spite of all these burdens, many still follow the path less traveled –entrepreneurship. The big question then is why?
Why do entrepreneurs despite all odds, still NEVER quit?
Who in their right thinking mind would want to become an entrepreneur?
Who in their right thinking mind would want to carry so much of a burden?
The shocking truth is this; only an entrepreneur would!
The life of an entrepreneur is a life of service. And only the entrepreneur knows why he has opted for such a life.
Who Send You Message?
In the part of the world where I come from –Nigeria, there is a very popular pidgin English phrase that sums up the burden of entrepreneurship; “who send you message?“
“Who send you message?” means “did anyone force you into it?” “If no, then you shouldn’t be complaining because you brought this on yourself!”
When you lose all the money you borrowed on an idea that didn’t work out as planned. Before you go nuts, remember; who send you message?
When after doing all your possible best to please a customer and they turn around to disregard your efforts. Before releasing the venom in your mouth, remember; who send you message?
When all your mates who are no smarter than you are gainfully employed, living a comfortable life, driving expensive cars while you are still jumping the bus or catching the train, remember; who send you message?
When you look at your personal balance sheet and realize that you have more debts than cash, remember; who send you message?
When all your friends are out partying and you have to stay indoor to meet up with a client’s deadline. Before you gnash your teeth, remember; who send you message?
When everyone else is fast asleep and you are still awake working late into the night, remember; who send you message?
When you are having a hard time with your employees because they are not meeting expected targets, when you are struggling to get them fired up about the business as much as you are, before you go nuts, remember; who send you message?
You Sent Yourself!
You and no one else BUT you chose to carry this burden yourself. You have no one to blame BUT you for all the bad and the good that will befall you as a result of embarking on the entrepreneur’s journey. The outcome, however it turns out to be in the end is one you chose from the beginning. No one sent you on this journey, you sent yourself!
And guess what?
In the burden lies the joy. The burden of entrepreneurship is a burden of freedom –the quest to be all that you can possibly be!
This is the whole joy of entrepreneurship. The fact that you are on a personal vendetta to create the life of your dreams by refusing to accept or settle for the average BUT aspiring for the very best. This is the whole essence of entrepreneurship. That you are the architect of your own destiny. This is what makes the burden of entrepreneurship seem so light for you to carry. This is why you are able to go through all the entrepreneurial challenges and rather than going insane, you get stronger by the day.
Because you sent yourself, ONLY you know why!
All the money in the world is nothing compared to the joy of seeing your idea become reality.
All the money in the world is nothing compared to the sheer joy of seeing your products/services changing lives.
All the money in the world is nothing compared to the adrenaline rush of fear, doubt and uncertainty.
All the money in the world is nothing compared to the sheer joy of creative expression –passion.
All the money in the world is nothing compared to the inner peace that comes from knowing that the work you do MATTERS!
Unusual entrepreneurs take on the burden of entrepreneurship not for the material gains it brings, but for the fulfillment it brings. For if it were all about the money, there are far more less challenging avenues to wealth. Employment is one. Stock investment is another and so is intellectual property.
When unusual entrepreneurs envision the end of their entrepreneurial journey, they don’t only see wealth, they see true fulfillment. Nothing compares knowing that you have lived fulfilling purpose. The money is just icing on the cake!
What is your BIG why?
I would really love to have your feedback. Kindly share your thoughts in the comment section below. And if I don’t get any, there’s no problem. Remember; who send me message? 🙂
- Published in Entrepreneurship, Thought Bank
PRICING: How To Charge Whatever You Like Without Losing The Customer!
There are businesses that worry about the cost of their products/services, and there are those who don’t. Success goes to the business that doesn’t have to worry about the price of what they sell.
Want to know why? Ok, here you go!
When price is still part of the factors your target customers consider before buying from you, then you don’t matter!
When what you offer isn’t credible enough to communicate to your target customers that you’re the best option, then you don’t matter!
When customers begin to compare your price with that of others, then you are no different than others!
To businesses that MATTER, their deeds outweigh what the customers could ever pay for, so this makes price irrelevant. They define, create, communicate and deliver extraordinary value in the market that their target customers can’t seem to quantify only in monetary terms. The value they add is so overwhelming that you don’t care how much they charge!
Wouldn’t you want to own such a business?
Don’t know about you, but for me, hell YES!
I never want to be the cheapest option in the market.
I never want the value I add to the customer to be quantifiable ONLY in monetary terms.
I want to be the one that provides a value that is far MORE than what the customer could ever pay for.
I want to be the one whose value in KIND will exceed the value in CASH.
I want to be the one that will build a business that is MORE than the prices of what we sell.
So this doesn’t become an all about me rant, in this unusual article, I want to show you how you can charge whatever you like for your products/services without losing the customer.
Let’s begin!
Pricing Secret #1 – Determine What They Really Want
How much a thing cost is not as important as whether people want it or not. No matter how cheap salt costs, it wouldn’t change the value people attach to it. Pricing must begin with what people value. Why? Because people will only pay more for what they truly value.
The first step to charging whatever you like for your product/services without losing the customer is to determine what they want and give it to them better than they ever thought possible.
So your first task before pricing is research. You have to deeply understand what your target customers call value. You cannot determine value for them, you can only communicate it clearly to them what they have first clarified as value.
This is what I refer to as value definition. As a business, you have to define what value you bring to the market based on the needs of the target customer. This value must match their needs before it can be called an offer – product/service. People don’t buy what you think they want; they buy what they know they want. So to sell at whatever price you like, you just have to remind them of what they want and show them why you are the best provider.
Pricing Secret #2 — Go Beyond Survival
Being MORE in life never kills. Being SOMETHING in life never kills. The real killer is being NOTHING!
Survival is for ANIMALS! Humans THRIVE!
Meaning, in life and in business, don’t just SURVIVE [make ends meet], THRIVE [make a difference]
WHY?
Because your target customers needs a reason(s) to COMPARE and DIFFERENTIATE you from OTHERS and if you don’t give them one, they’ll regard what you’re selling as COMMODITY and will default to PRICE comparison.
To be able to charge whatever you like for your products/services without losing the customer, make THRIVING your SURVIVAL strategy!
Don’t start out in business to survive —doing enough to make ends meet. You must be prepared to take the game to another level. You have to go beyond survival if you ever want to make price irrelevant in your business. You have to be prepared to do more than enough.
Businesses that SURVIVE by doing enough sell COMMODITY —what other people are selling but calling it a different name.
Businesses that THRIVE by doing more than enough sell SOLUTIONS —a unique product/service to a specific problem customers have.
And here’s the shocking truth; people will ONLY pay more for solutions and will never pay more for commodity.
So the big question is this; what are you selling —solutions or commodity?
To charge whatever you like without losing the customer, you must define, create, communicate and deliver Solutions and not just commodity. And this can only be achieved by focusing on thriving rather than just surviving in business.
Pricing Secret #3 — Go Against Tradition
Tradition is the way things have always been in a particular industry or niche. Tradition is what is generally acceptable as RIGHT. Tradition is simply being like others.
To charge whatever you like for your products/services without losing the customer, you have to be a radical –a person who challenges tradition.
Every industry or niche has certain way of things and because it so popular, everyone seems to assume it is the best way. Here’s the truth; what is popular isn’t always the best choice. The best choice is not measured in terms of popularity, but in terms of results. The best choice is the one that brings you the kind of results you desire.
My favourite example is the Virgin brand led by unusual entrepreneur Richard Branson. In every industry they enter, they challenge existing tradition. When they entered into the aviation business, their airplanes [Virgin atlantic, Virgin America, Virgin Blue] went against the traditional way of running an airline. They changed the traditional colour of airplane seats and made theirs spacious leather seats, allowed passengers to watch their own programs, buy movies or favourite games on air and create their own playlist, there’s a bar, a pool and casino on air, you can order your own meal, drink or snacks rather than eat what you’ve been given, there’s even Wi-Fi on air!
Don’t expect to charge whatever you like if there’s nothing extraordinary about you when compared to others in your industry or niche. While thinking of the tradition to break, make sure you come up with what will add value to the target customer. Don’t just go about breaking tradition for tradition sake, you must break tradition because breaking it will amplify the value to the target customers. Don’t just be a radical, be radically useful.
Pricing Secret #4 — Let Your Value in KIND exceed their Value in CASH
This is the summary of all 3 points above; overwhelm the customers with extraordinary value.
People will pay more naturally if they can vividly sense and see that they are getting more. Who doesn’t want a bargain after all?
The problem like has been addressed above is asking people to pay for more when what you are offering less in kind value than the cash value they have to pay. The way to charge more is to give more than you ask for.
When the total value in KIND exceed the total value in CASH, customers don’t find it hard paying for whatever you charge. In fact, they are more inclined to do so than if you simply charged them in cash for the exact value you provided in kind. The reality is this; customers always want to get more than they pay for. So just doing enough won’t help you enough, you have to overwhelm them with more than they ever could pay for.
Take for instance, exotic 5 star hotels that charge far higher prices than other lower star hotels. At first thought, you would wonder why people pay so much for a night or more at such hotels if all they wanted was sleep. But when you begin to look deeper at such other less obvious factors like the caliber of guests who also lodge at such hotels? When you begin to imagine the kind of business relationships that staying in such hotels can forge? When you imagine the extraordinary confidence spending a night at such hotels can bring into your life? Then the whole price they charge begins to look irrelevant in comparison to the value in KIND gained.
Conclusion
To charge whatever you like for your products/services without losing the customer is absolutely possible. You only just have to position your business as one that offers MORE to the customer than the price tag on your products/services.
In other words, your business in general has to be MORE than the monetary worth you attach the to products/services you sell.
When people fly Virgin, they don’t just pay for air fares, they pay for an extraordinary experience. One that is so rare and can only be gotten by flying Virgin airlines.
When people buy Apple products/services, they are not just paying for hardware -iPad or iPod or a Mac. They are paying for an extraordinary user experience that comes from those hard wares. They are paying for design, quality, durability, simplicity and prestige.
So the big question for entrepreneurs who want to charge whatever they like for their products/services without losing the customer is this; what is your true purpose? What is the result, outcome or transformation that you deliver?
In other words; how will your customer’s life or business be different as a result of buying from you?
It isn’t always about the PRICE. It is always about the VALUE!
To charge MORE, let your VALUE exceed the PRICE!
Your Turn
How else can entrepreneurs charge whatever they like without losing the customer?
How have you been coping with the challenge of pricing in your business?
I’m counting on your feedback in the comment section below. Thanks for your time, now speak your mind!
- Published in Entrepreneurship, Thought Bank
The Psychology Of Business Success: How To Succeed As An Entrepreneur
Success is naturally desirable. You want success, I want success, and we all want success. But how come only a few actually succeed?
This was the theme of a discussion I got into over the weekend. It is a question I suddenly realized was unanswered in so many lives. And as I shared what I’m about to share with you in this unusual article during the discussion, I found out it was NOT so much of a secret, but rather often overlooked.
It turned out; success is not only naturally desirable, but also naturally attainable. Meaning, it is within your power to desire success and also within your natural capacity to achieve it. Those who succeed in business and in life are not superhuman; they just follow 3 simple but often overlooked steps to guaranteed success.
And guess what, these 3 simple but often overlooked steps to guaranteed success is applicable to every area of life; business, relationship, academics, finance, health, etc. But because I write for entrepreneurs, I will focus more on the psychology of business success here. The lesson you should pick out here is applicable to every other sphere of life. I want to believe they get so overlooked because of their simplicity. We humans often believe to succeed; the steps must be very complex that’s why only a few achieve success. If you are one of such people, you are about to be dazed!
The Psychology Of Business Success
Anyone and everyone who succeeded in business or desires to succeed should repeatedly follow these 3 simple steps. Do the following and your success in business is guaranteed!
1. BEGIN With The End In Mind
This is the critical first step to success in business. Success is a destination, a journey, an end you want to get to in business. Without a clear picture or idea of what this end is, nothing else matters.
If you ask anyone who ever achieved success, they would tell you they had an idea of what they wanted to achieve. Successful entrepreneurs know what they want to get out of their businesses. They don’t dabble into business without an end in mind. They begin their entrepreneurial journey with a picture in mind.
This has been the foundation of all my teachings on entrepreneurship. I never fail to re-iterate it again and again; successful businesses are purpose-driven. They have a clue of where they are going. They have a clue of what they want to achieve. They have a clue of what they want to create. They begin with the end in mind.
In the world of business and in life generally, beginning with the end in mind has been given different names such as; purpose, vision, goal, objective, aim, big picture, dream, desire, mission, ambition, etc. It is not such a big deal other than just knowing where you are headed. It is so simple, yet so overlooked.
I find many entrepreneurs who set out in business with only one end in mind; profitability. And they wonder why they don’t succeed. The problem is so clear; profitability is not a destination. Profitability is an outcome. A derivative of achieving something else. It is a reward gotten for doing something else. And if you don’t begin with that something else in mind, you can’t get the profitability you set out for.
Here’s why.
The first thing every business makes is not profit, but value (a solution in the form of products/services to a problem people have).
The second thing every business makes is not profit, but customers (those who need the value the business creates -products/services).
The third thing every business makes is not profit, but credibility (market trust earned from repeatedly delivering value).
The fourth thing every business makes is not profit, but systems (a structured way of ensuring the continuous creation, communication and delivery of value to the customer).
The fifth thing every business makes is profit, an accumulated monetary reward earned from doing all the above.
There you are, you cannot put profit first because you it’s not the first thing you make in business. It’s the last thing you make.
So, the end in mind every entrepreneur who desires business success ought to begin with is not profitability, but utility.
Utility is the benefit, value, satisfaction, change, impact, contribution, difference you want to make in the life of the customer through the business you’ve set out to build.
In other words, what is our business? What is the work we are here to do? What is the change we want to create?
2. LEARN What It Takes
The second simple but often overlooked step to guaranteed success in business is learning what it takes. The success of every journey lies in the preparation. Knowing where you are going is not sufficient, if you are not armed with enough information on how to get there.
Successful entrepreneurs are able to build successful businesses that matter because they first desired it and then they became students of the process. For every kind of success you desire in life, each requires a set of universal processes you must follow. A firm commitment to study the required process to attain the kind of success you desire is what differentiates those who succeed from those who don’t.
A lot of entrepreneurs have a strong desire for success, they know where they are headed but only a few of them commit to the learning process. You see such entrepreneurs looking for success overnight. They go after the latest business gimmicks in town and hope to hit a jackpot soon. This is a losing strategy.
Enduring Success is built on a long term process. Nothing that lasts was ever created overnight. Learning what it takes is simply paying the price for the success you so desire. This is the often overlooked secret of successful entrepreneurs; they are students of business. They don’t stop learning about business. They are leading the market because they are learners. They know what it takes to get to where they are headed and get what they want. They master the process of business success.
3. ACTION -Do The Work
The third simple but often overlooked step to guaranteed success in business is action. No amount of learning will get the work done if you don’t get off your butt and do the work required. No amount of purpose, vision, mission, goals, and ambition will get you to where you desire if you don’t get off your butt and do the work.
Successful entrepreneurs do the work. They act on their purpose, vision, dreams, mission, goals, etc. They act on what they learn. They don’t just study, they practice, they apply, they implement, they execute.
You are never going to succeed until you begin to work out your own success. Doing the work is how dreams become reality. Doing the work is how purpose is fulfilled. Doing the work is how profit is made. Doing the work is how businesses that matter MATTER.
You cannot run away from the work, and if do, then forget about success.
Conclusion
Business Success is a choice that successful entrepreneurs make by following a three part process;
1. Know where you are going — [begin with the end in mind]
2. Learn how to get there — [learn what it takes]
3. Get on the road — [do the work]
Your turn
How are you pursuing success in business?
What other simple but often overlooked step is missing here?
What step do you find most challenging of these 3 discussed above?
Drop your comments in the section below. I’m counting on it! 🙂
- Published in Entrepreneurship, Thought Bank
How To Do Business Like Jesus Christ
How Did Jesus Do Business?
What is Jesus Christ to you?
To some, he’s the greatest human who ever lived.
To others, he’s the saviour of the world.
To me, he’s the greatest entrepreneur ever!
WHY?
Because he invented SALVATION and helped mankind solve our greatest problem ever; eternal life!
Jesus didn’t just die so you can make HEAVEN. He died so you can also reign on EARTH by building a business that matters, change the world and profit from purpose!
The 7 Business Principles Of Jesus Christ
The story of Jesus Christ is the most told story in the whole of human history. This is because it contains so much valuable lessons that have powerful impact on people.
In the spirit of Easter, I bring you 7 unusual business lessons from the life of the greatest entrepreneur ever -Jesus Christ!
1) PURPOSE – why do you exist?
This is where it all begins in business as well as in life. Unless the end is as clear as crystal, it’s impossible to achieve greatness.
Jesus had a clear purpose for coming into the world – to save humanity from eternal damnation and give eternal life.
“For God so loved the world that he gave his only begotten son that who so ever believe in him shall not perish but have everlasting life” –John 3:16
As entrepreneur, Jesus knew what is business was; to die so that you and I can have eternal life.
Great entrepreneurs begin with the end in mind. They have a clear purpose why they are in business. As a matter of fact, they started business to fulfill that purpose.
To them, business is how they fulfill purpose. You can only build something great if you started with something great in mind.
To discover your purpose as an entrepreneur; click here to download your copy of our FREE manifesto; “The Entrepreneur’s Journey”.
- You will learn how to awaken the spirit of business within by discovering your purpose.
- You will learn how to start and build a business that matters.
- You will learn how to change the world and profit from purpose.
Click here to grab your free copy now!
2) MESSAGE – what is your gospel?
Gospel means good news.
As an entrepreneur, Jesus had a gospel [message] he really wanted people to hear. His message was very compelling;
“Seek ye first the kingdom of God and his righteousness and all other things shall be added unto you”. –Matt. 6:33
This is a very compelling story. The idea of going after only one thing [kingdom of heaven] and having every other thing else is definitely a good news many people would love to hear.
As an entrepreneur, what is your message?
I talked about the importance of having a compelling message in this unusual article; The 3Ms Of Highly Effective Marketing.
Having a compelling message is crucial to your entrepreneurial success. A message is the foundation of all your marketing and the essence of your brand. Without one, your marketing will be ineffective.
Here’s the link again, The 3Ms Of Highly Effective Marketing.
3) POSITIONING – who are your target market?
No one business can single-handedly meet the needs of everyone. The whole world is not your target market; even Jesus recognized this brutal fact.
“I have not come to call the righteous, but sinners.” –Matt. 9:13
As an entrepreneur, this is a major mistake you must avoid. Not everyone is your potential customer.
You have to differentiate and position your business so that those who will value what you are offering [product/service] can identify you easily.
Jesus didn’t stay in the church like a pastor would; he was on the street in search of those who were lost. The lost don’t come to church, they are in the world and Jesus understood this perfectly.
Positioning is about identifying your target market and going to them where they are with a message they want to hear.
Stop trying to be everything to everyone. Be something to someone –POSITIONING!
4) DISCIPLESHIP – who are your vision partners?
No great thing was ever achieved single-handedly by an individual.
Jesus didn’t attempt to save the lost all by himself despite all his divine powers. He enlisted the help of others who were gifted in diverse areas.
“Come, follow me,” Jesus said, “and I will make you fishers of men.” –Matt. 4:19
Why did he do this?
The reason is so simple, but not so obvious.
Jesus realized he wasn’t omnipresent –being everywhere at the same time. He knew he was going to die on the cross for the sin of mankind.
He had to raise others who would succeed him and carry on the gospel [message] while he was gone. These were his 12 disciples.
As an entrepreneur, are you trying to go it all by yourself?
This is how many end up in the deadliest business trap ever. You must realize that you are not going to be here forever. What you build should outlive you. The best way to do this is to institutionalize your business by working with a team of vision partners.
While I do understand that at first you might start out alone, this is no excuse not to seek out vision partners along the way.
Great businesses are not the result of an individual, but the collective efforts of several individuals.
5) INNOVATION – where are your signs and wonders?
Being great is not by mouth.
Being great is a function of impact –signs and wonders.
Great entrepreneurs are great because they make great things happen.
Jesus is the greatest entrepreneur ever because he was the most innovative ever.
Jesus healed the sick.
Jesus made the blind see.
Jesus walked on water.
Jesus turned water to wine.
Jesus rose the dead.
Jesus rose up from dead.
Above all, Jesus invented salvation, mankind’s passport to life after death.
As an entrepreneur, your greatness is tied to how much great things you can make happen. Jesus made great things happen. He performed signs and wonders. He made impossible possible.
And here’s what he has to say to you about innovation;
“Truly, truly, I say to you, whoever believes in me will also do the works that I do; and greater works than these will he do, because I am going to the Father”. –John 14:12
6) PROFITABILITY – how much souls/customers are you winning?
Great entrepreneurs build profitable businesses.
As there are two kinds of business; good and great. There are also two types of profit; kind and cash.
In Jesus’ case, his profit was in kind.
His profitability is measured by the number of lives he saved. His business is saving lives so his bottom-line is measured in kind not in cash.
As an entrepreneur, part of building a business that matter is being profitable. As a matter of fact, the more your business matters, the more profitable you become.
Businesses that matter make these two types of profit; kind and cash.
Your profit in kind is the ‘good’ [impact] your goods and service is having in people’s lives.
Your profit in cash is the money you are paid in exchange for the goods and services you provide.
Both are essential to your entrepreneurial success. In fact, your profit in cash is determined by your profit in kind.
The origin of both types of profit is value. It’s the good in your product/service that attracts people to pay you money in exchange for it.
“The generous man will be prosperous, and he who waters will himself be watered.” –Prov. 11:25
7) LEGACY – what will you be remembered for?
The true mark of great entrepreneurs is their ability to leave a mark in the sand of time.
Every December, we celebrate the birth of Jesus.
Every April, we celebrate his death and resurrection.
This is a man who lived over 2000 years ago and yet the world hasn’t ceased to remember him year after year.
Why?
Because his legacy leaves on.
Jesus is not the only entrepreneur who has been able to achieve this feat. There are others like him whose legacy transcends their lifetime and are remembered throughout history.
But in his case, he gave his life to fulfill the purpose of the business.
“Just as the Son of Man did not come to be served, but to serve, and to give his life as a ransom for many.” – Matt. 20:28
Great entrepreneurs use their lives to fight for a cause.
What are you prepared to die for?
What cause are you fighting with your life?
Conclusion
To do business like Jesus, you have to follow his 7 business principles;
1) PURPOSE – why do you exist?
2) MESSAGE – what is your gospel?
3) POSITIONING – who are your target market?
4) DISCIPLESHIP – who are your vision partners?
5) INNOVATION – where are your signs and wonders?
6) PROFITABILITY – how much souls/customers are you winning?
7) LEGACY – what will you be remembered for?
Your Turn
How has the life and principles of Jesus Christ impacted how you do business?
- Published in Entrepreneurship, Thought Bank
ATTENTION: Does Your Business Matter?
In business, many are called, but few are chosen. Those the market choose, are those who matter!
Recently, in continuing our business mastery series, I wrote an unusual article about the most important business question ever; what is your business?
The response was massive as it helped a lot of entrepreneurs realize that they had been focusing on the wrong things. They had been asking the wrong questions first. They had been putting the cart before the horse.
Well, here’s the second most important business question for entrepreneurs; does your business matter? For better clarity, here’s another way to frame the question;
what will the world miss when your business no longer exist?
Every time I ask this question at seminars or coaching sessions with entrepreneurs, I get the same response; SURPRISE!
Rarely do entrepreneurs think in this direction. Rarely do they start with the end from the beginning. Every time, I see the same look of bewilderment on their face.
So I will ask you again; what will the world miss when your business no longer exist?
Does Your Business Matter?
On December 31st 2011, we finally shut the door of one of our businesses – Lighthouse Cybercafe. The business was no longer profitable. We had a large customer base that no longer required our services as often as they used to because a much convenient solution (Smartphones) had emerged.
You can read the full account of this story here; knowing when to pull the plug on a dying business.
The funny thing about shutting down the business was the responses we got from our customers. They didn’t want us to shut down despite the obvious facts that their patronage had reduced.
What were their arguments?
What other cybercafe can they go to browse when their browsing needs go beyond the capacity of smartphones? What other cybercafe can take care of them the way we do? What other cybercafe exposes them to global opportunities online as we do?
Many recounted the memories of our impact on their lives through our unusual approach to business. They talked about our customer service, membership strategy, monthly SMS, birthday greetings, monthly promos, daily free browsing, loyalty rewards, friendship etc. I wrote about how you can apply all these in your business in this unusual article; what’s the best response against intense business competition?
As they talked, it dawned on us that we were leaving not because we were under-performing, but because of a disruptive market change. We couldn’t help it, neither could they. We didn’t pay them to say all these; they talked because what we did mattered. They talked because we made an impact. It was this impact that they didn’t want to miss!
For the third time, let me ask again; does your business matter? What will the world miss when your business no longer exist?
Are you doing what MATTERS?
You are in business for a couple of years now, so what?
Your business puts food on your table, so what?
Your business pays your bills, who cares?
Your business generates ‘x’ amount annually, so what?
Your business is located in ‘x’ number of branches, who cares?
Your business employs ‘x’ number of workers, so what?
Your business sells ‘x’ number of products/services annually, who cares?
Are these the only metrics that matter?
Are these really true indicators of greatness?
Let me help you refine your thoughts a little bit. Here’s how these metrics play out when related to we humans.
Is greatness on earth a function of the number of years lived? (How long you’ve been in business).
Is greatness a function of the number of children you have? (How much your business generates).
Is greatness a function of the number of places you have lived? Or the number of people you’ve come in contact with? (The number of branches your business has).
When the greatness of your business is measured only by internal gains, then your definition of greatness is flawed.
Here’s the bitter truth; to whom much is given, much is expected. Business is far more than just generating constant revenues; business is a service to humanity!
The TRUE Measure of GREATNESS
Greatness in life as well as in business is never a function of size, but a function of impact. The greatest amongst us are rarely so because they are the biggest.
They are great because they are the FIRST at something.
They are great because they are the BEST at something.
They are great because they are the FASTEST at something.
They are great because they are the CHEAPEST at something.
Size is irrelevant when it comes to greatness.
No one cares how big you are if your bigness is not making a difference. No one cares about the balance of your balance sheet, if you have a negative influence in people’s lives. To matter in business as well as in life is a function of how much positive impact your existence makes.
To matter is a function of impact, not size!
Look at your industry, which company makes the most impact? You will notice they are the most talked about. The most preferred and the most patronized. People don’t flock around giants who don’t use their size to make an impact.
Don’t get me wrong; I am not in any way against size. There is absolutely nothing wrong in expansion or growth. This is about growth, expansion and profitability without compromising service and impact.
Don’t be BIG for nothing. Be BIG for something.
Don’t seek profitability without leaving a legacy.
Don’t pursue recognition without making a contribution.
If you are going to build a business, spend your life building one that matters!
Businesses that matter change the world and profit from purpose. They make their profits by making a difference. They use their bigness in the service of humanity. For service to many leads to greatness.
They are BIG for something; to serve!
How To Build A Business That MATTER
1. Clearly Define Why You Exist
The first step to building a business that matters is to define why your business exists in the first place. This brings us back to the most important business question ever for entrepreneurs; what is your business?
If you want to build a business that matters, start with a clear definition of what your business is. Start with the change you want to make happen; the difference you want to make; the value you want to add.
Businesses that matter know why they exist. They have a reason beyond survival for being. They are purpose-driven. It is hard to matter if you don’t clearly define how you want to matter.
Here are some examples of how companies that matter define why they exist.
Our company exists to give people the power to share and make the world more open and connected – Facebook.
Our company exists to create a strong business that builds great products that contribute to a better world – Ford.
Our company exists to organize the world’s information and make it universally accessible and useful – Google.
Our company exists to enable people and businesses throughout the world to realize their full potential – Microsoft.
Our company exists to help ordinary folks buy the same things as the rich folks everyday – WalMart.
Our company exists to bring happiness to many – Disney.
Our company exists to develop people, businesses and lives to be SIGNIFICANT [different and making a difference] – MADphilips.
2. Focus on the customer
Businesses that matter put the customer first. In the end the only true indicator of business success is not how much profit you make, but how many customers your business serves. Profits as I have always been frankly emphasizing, is not automatic. You don’t make profits just because you are in business.
You make profits ONLY when you satisfy people’s needs. You make profits ONLY when you solve people’s problems. You make profits ONLY when your business adds value to people’s lives through the products/services it provides.
In business, this is the order to follow if you must succeed;
Purpose first, profit second.
People first, money second.
Value first, reward second.
Giving first, getting second.
Don’t be deceived, in business, just like life, the golden rule applies. People matter above things.
These people are your customers. They are the only metric that matter!
Revenue comes from the customer. The customer determines how many branches your company has. The customer determines the number of employees. The customer determines what you produce. The customer puts food on your table. The customer pays your bills. The customer is your boss. The customer indeed is king.
If you are not putting them first, all other things will fall apart. Without customers, there is no business. So, create a love affair with your customers.
3. Challenge the status quo
You cannot matter unless you do something that matters. Take a look at your industry, what does your business STAND for? Are you redefining the rules of the game? Are you a force to reckon with? Are you leading the change? To matter in business, you cannot be a follower.
You must be a trailblazer, a pacesetter, a change maker. In the naijapreneur way, you have to do business NOT as usual.
The businesses that matter define the trend in the niche or industry or market they serve. They don’t play the game of business on the same level as everyone else. They don’t do the usual stuff everyone else does. They are not a ‘me too’ company. They are the kings of their niche.
So, what are you going to be the first at? What are you going to be the best at? What are you going to be the fastest at? What are you going to be the cheapest at?
If there isn’t any specific change your company brought into the market you serve, then you don’t matter. If there isn’t any competition imitating what your company does, then you don’t matter.
If you are not a point of reference in your industry, niche or market, then you don’t matter. If no one else other than your employees is talking about your company, then you don’t matter.
To matter, whether in life or in business, you can’t afford to be normal. You can’t afford to be like others. You can’t afford to be ordinary. To matter, you’ve got to be abnormal [above normal]. You’ve got to be unusual. You’ve got to be extra-ordinary. You’ve got to challenge the existing standards. You’ve got to rethink how you do business!
Think different.
Act different.
Be different.
Make a difference.
Go build a business that MATTERS!
Your turn
Personally, at the end of my life, I want to look back and see that I have spent my life building a business that matter. Do you? Share with us in the comment section below how you intend to build a business that matters by clearly defining why your company exists like the examples above.
ONE LAST THING!
There are a million and one unusual entrepreneurs out there in your network, this site was built strictly for them. Help spread the word if you have been blessed by this unusual article. Please retweet on Twitter, share on Facebook, Linkedin, google+ and forward via email.
Thank you for your time! Now over to the comments ….
- Published in Entrepreneurship, Thought Bank
The 27 Irrefutable Laws Of Entrepreneurship
What are the laws of entrepreneurship?
All entrepreneurs create businesses, but all entrepreneurs are not created equal.
The business mastery series is a collection of unusual articles that will take you through the essential skills necessary for successfully starting and running a SIGNIFICANT company –a business that is changing the world and profiting from purpose.
The world of business is characterized by intense competition. Meaning, there’s very little room for mediocres. If you must go into business, you must be prepared to learn and apply the required skills.
There’s a funny trend amongst many entrepreneurs starting out in business. They often have this wrong mentality that business is simply common sense. So they go into the world of business with only this mindset – to apply common sense.
How I wish business was that simple. If it were, there wouldn’t be a high rate of failed businesses.
Common sense is an inadequate skill for running a business successfully. Even your life is too complex to be handled with common sense talk less of a business. The major reason for this erroneous approach to business is this; the acquisition of technical skills.
Technical skill is the required body of knowledge for practicing a particular profession or career.
For example; the technical skill required for being a musician is singing and song writing. In other words, you cannot be a musician if you don’t know how to sing and write songs. Also, the technical skill required for being a doctor is the knowledge of how the human body functions and knowledge of the medicines to correct any malfunctioning.
Why Common Sense Is NOT Sufficient To Run A Business
In business likewise, common sense is insufficient. That you have been trained and equipped with a particular technical skill which qualified you to operate as a professional, doesn’t make you a savvy business person. I‘ve been in business for over 5 years now and I’ve been observing many a business as they come and go due to the incompetence of the founders.
Why do you think majority of businesses started by highly successful professionals fail? Because running a business successfully requires more skills than just your technical skill as a professional. Your technical skill as a professional is just one of many skills needed by an entrepreneur to run a successful business.
As a professional, you may be the best at what you do (technical skill) but don’t think that’s all you’ll need to successfully manage a business. Banking on your technical competence alone won’t get you far; in fact, it will only get you trapped. You need to acquire other relevant fundamental business skills if you desire to succeed.
I’ve written this unusual article to help you identify the essential business skills, qualities and mindset necessary for entrepreneurship. These combinations of business skills, qualities and mindset are what I collectively refer to as the 27 irrefutable laws of entrepreneurship.
Let’s get started!
The 27 Irrefutable Laws Of Entrepreneurship
Prior to starting up your own business as a self employed professional, you were probably an employee being paid to dispense your technical skills for an agreed fee.
Now that you are in business for yourself, the first skill you must possess to not just succeed, but to also survive before success comes is entrepreneurship.
In my experience as a business owner and business developer, the greatest obstacle for many start-up self employed business owners is the employee mindset. You see the gap and reality of being an employee and that of an entrepreneur is not just different, but entirely opposite.
Below are a couple of the opposite realities of being an employee VS being an entrepreneur
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EMPLOYEE |
ENTREPRENEUR |
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The list is endless, but the main point of this analysis is this, entrepreneurship is a whole different ball game from employment which will require a totally opposite mindset of its own. In other words, to succeed as an entrepreneur you must stop thinking as an employee and start thinking as an entrepreneur.
To develop your entrepreneurial skills, here are 27 irrefutable laws you need to follow;
Laws |
Description |
| 1. Purpose | A greater reason beyond survival for living |
| 2. People | For service to many leads to greatness |
| 3. Character | A life worth emulating |
| 4. Knowledge | To do more, learn More |
| 5. Generosity | Giving more in kind than you receive in cash |
| 6. Risk | Only those who dare the unusual [extra-ordinary] achieve the unusual [extra-ordinary] |
| 7. Technology | Doing More with Less |
| 8. Vision | Think BIG, Start Small |
| 9. Result | It’s not what you do [efforts],it’s what you achieve [results] |
| 10. Self-Confidence | If you don’t believe in yourself, no one else will |
| 11. Teamwork | Business is a team sport and only the team with the best players win |
| 12. Creativity | The capacity to bring to life that which never existed |
| 13. Networking | Who you know matters more than what you |
| 14. Focus | Your BEST can only come from your areas of strength |
| 15. Leadership | Your success is dependent on your capacity to inspire the trust and commitment of others |
| 16. Strategy | Winning in business is NOT by chance |
| 17. Management | No business can successfully function without a defined mode of operation |
| 18. Profitability | You will only GET as much as you can GIVE |
| 19. Passion | If you enjoy doing it for FREE, business is about doing it for a FEE |
| 20. Marketing | You will only go as far as your message goes |
| 21. Scalability | It is not yet a company if it still depends on YOU for survival |
| 22. Branding | If you don’t STAND for something, you will FALL for anything |
| 23. Thinking | Every problem solved is a step closer to success |
| 24. Perseverance | Every seed takes time to grow into a tree, so does your business |
| 25. Innovation | The more unusual things you do, the more valuable your company becomes |
| 26. Leverage | At some point, your business will need external funding, plan for it |
| 27. Legacy | What will the world miss when you no longer exists? |
Your turn
As with every list, this is not the end. There are a million and one more items that can be added to this list. Being a smart student of business, I trust that you will not take this as a final list but rather as a work in progress. So, I’m really looking forward to your addition to this list in the comment section below.
ONE LAST THING!
If you enjoyed reading this unusual article, Please retweet on Twitter, share on Facebook, Linkedin, google+ and forward via email. Thank you.
Thank you for your time! Now over to the comments ….
- Published in Entrepreneurship, Thought Bank