In my short experience in business I’ve realized that all our day to day business activities can be scaled down to a cycle of four steps namely:
- Creating value
- Selling that value
- Managing Finances &
- Expanding while building reputation.
This is basically what business is all about. All the departments in an organization (production, marketing, accounting, research and development…….) fit into these steps.
Although, the core of this cycle is creating “value” and opening uncontested markets. People want to be better off after buying your products or using your services therefore they will only pay for what they consider valuable to them. As an entrepreneur you should know and state your value proposition clearly to your target audiences and it should be your main selling point.
Value can come in different forms and shapes, it can come in the form of a new product that no other organisation offers in the market but you. Or it can just be the lowering of your price for a ubiquitous product. Sometimes it can be as simple as the way you make your customers feel while in contact with your brand.
Rather than catting corners and affiliating to “tenderpreneurship” entrepreneurs should workup each day thinking of innovative ways to add value to their products and services.