You have the power, when you work for yourself. I don’t mean working only for your benefit. I mean you have the power when you own your business and have total control over your business destiny. This is the greatest aspect of entrepreneurship. You can take an idea and bring it to market as you see fit. Do it right, and you can make a living. Do it wrong, and you can fail. Just know that failure will happen, it is a big part of the process.
You can fail a million times, you only have to be right once. Babe Ruth broke the home run record BUT he also owned the strikeout record. History remembers those that dared and lost but ultimately won. Swing for the fence and don’t let fear stop you from hitting the homerun.
What do you have the power to do? You have the power to create a trade. A good entrepreneur will create a mutually beneficial trade. The only sustainable business model is one in which you benefit as the business owner and your consumer benefits. One sided benefits don’t work and they don’t last, you are either giving everything away under valued or ripping people off. The best provide a product or service of value that the consumer is happy to pay for.
You can’t create a business with long term stability if profits are the only thing you are thinking of. You can do or sell anything, why are you planning to do or sell what you are? If it is solely for profit, you have a small chance for longevity. If you know the value of why for you and your consumer, you are getting closer to a successful product or service. By providing the market with something it will accept, you can gain the things you personally want. Always look for the mutually beneficial scenario!
These principles sound so simple, but are not fully explored by many in their business. Too many sell what they want the way they want instead of addressing the needs of the marketplace. We are talking about business, this is not a self serving situation. If you don’t need to make a living and have no problem dumping personal funds into your business to keep it afloat, serve your needs over your consumers. If you want to make an actual living, service your customer and give them what they need, in your way, but empathetic to what they expect.
The minute you think you know better than the consumer, you lost. You may know your craft, but they how they want to interact with it. Don’t let your ego or arrogance defeat you before you start. Employ empathy and realize you are only as good as the effectiveness of your communication.
Nelson Mandela spoke of why his Father was a successful leader. He always sat in a circle with his people and always spoke last. Apply this to your relationship with your consumer in the marketplace. You can never listen too much. If you are not connected to the markets needs, you will have no consumer to provide a service to.