Rules for Entrepreneurship
Entrepreneurship is the art of finding profitable solutions to problems. Every successful entrepreneur, every successful business leader 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 a couple of the Rules for Entrepreneurship.
Find a problem and solve it. A secretary working for a small company began mixing flour with nail polish remover in order to white out the mistakes she was making in her typing. Pretty soon, her friends in the office asked if she would 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.
Find a problem that everybody’s got and see if you can come up with a solution for it. Find a way to supply a product or service better, cheaper, faster or easier. Clemmons Wilson saw 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.
Find a need and fill it. Ross Perot, when he was working for IBM, saw his customers who were buying IBM computers, needed help in processing their data. He went to IBM with this idea and they said they were not 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.
Here is the key to success in business. Become obsessed with your customer. Become fixated on them. Think of the customer in every situation. Think of what the customer wants, what their needs are. 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 have come up with a product or an idea, then start to invest your time, talent and energy instead of your money, to get started.
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, put in sweat equity. Put in the sweat of your brow to begin your business. You will learn valuable lessons by operating on a small scale.
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. Or find a problem and solve it. Look around you for problems you or other people have that are not yet being solved.
“Remember, Success is Always Within Reach”
#entrepreneur #terryogburn #Business #Business Development #Business Sales #business coach #business coaching
Find a problem that everybody’s got and see if you can come up with a solution for it. Find a way to supply a product or service better, cheaper, faster or easier. Clemmons Wilson saw 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.
Find a need and fill it. Ross Perot, when he was working for IBM, saw his customers who were buying IBM computers, needed help in processing their data. He went to IBM with this idea and they said they were not 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.
Here is the key to success in business. Become obsessed with your customer. Become fixated on them. Think of the customer in every situation. Think of what the customer wants, what their needs are. 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 have come up with a product or an idea, then start to invest your time, talent and energy instead of your money, to get started.
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, put in sweat equity. Put in the sweat of your brow to begin your business. You will learn valuable lessons by operating on a small scale.
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. Or find a problem and solve it. Look around you for problems you or other people have that are not yet being solved.
“Remember, Success is Always Within Reach”
#entrepreneur #terryogburn #Business #Business Development #Business Sales #business coach #business coaching