Are You Providing Value to Your Customers?

Entrepreneurs start businesses as they have new and unique ideas for products and services. Is this enough to make the business successful? Not really.

Success is only achieved if you create or add value.

Value is created when it solves someone’s need or mitigates “pain.” If your product or service does not do that, you are not creating value. One might feel good about developing a new product or service, but if it does not create value in the minds of potential customers, there is no assurance of revenues.

So, when you launch your product or service ask yourself if you are creating or adding value for your potential customers? Are you solving an existing need or a situation causing them “pain.” If not, why should they buy your product or service?

It is possible that sometimes consumers don’t even know they have a need or pain. In that case your product or service has to be marketed such that the consumer first becomes aware of the void and then realizes that your product or service solves a problem that they were not even aware of.

Consistent success occurs only if you create or add value for your customers.

Ravi Patel

www.patelCFOservices.com

Published in: on April 28, 2015 at 4:48 am  Comments (2)  
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Trusting Others

Entrepreneurs in the beginning like to be in “total” control. It is hard for them to acknowledge that other people can do as good, if not a better, job than they can.  They also feel that if they share their ideas with people, someone may steal them and take advantage.

It is all about trust. However, it is less about trusting other people, but more about not trusting themselves enough.

Entrepreneurs take significant risks in the business sense – that is embark on new ideas, in an uncertain environment, with a not fully developed product or service, no ready customers, lack of adequate funding and so on. They are excellent at that.

When it comes to relying on other people, their risk-taking is limited. While they may trust family members, it is difficult for starting Entrepreneurs to trust outsiders. So what is the problem?

The issue could be that Entrepreneurs do not have sufficient trust in themselves to identify, train, and coach the right people to delegate key responsibilities. Sometimes as loners, people management skills are the least ones they have developed. This often creates a situation where Entrepreneurs end up performing all key tasks and stretching themselves too thin.

Entrepreneurs need to train and then trust themselves to make appropriate people decisions so they can then trust those people to do the things right. The sooner they learn to do that the faster their growth and success.

Ravi Patel

www.patelCFOservices.com

Published in: on April 21, 2015 at 3:56 am  Leave a Comment  
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Learning While Losing

Too often, many sports coaches consider winning to be the only thing that matters. But, is losing always bad?

Losing because you are not good at something or you have not done enough to prepare yourself to win, then it has no redeeming qualities. However, if you are in top shape, are always practicing and improving, losing to a slightly better competitor is not necessarily all that bad.

Losing can lead to winning if you learn the lessons from your loss. What did the winner do differently? What could you have done better? Where did you feel you needed more effort or skill? If you can answer these type of questions, then they could be winning lessons.

Entrepreneurs can also learn the same winning lessons from losses or failures. If you learn from losses and make changes to improve your business and grow stronger, it is in fact quite positive.

Losing is not always bad if you learn some winning lessons from it.

Ravi Patel

www.patelCFOservices.com

Published in: on April 14, 2015 at 4:17 am  Leave a Comment  
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Are you Fit Enough to Survive?

The law of the jungle is “survival of the fittest” also applies to Entrepreneurs.

Entrepreneurs need to find ways to survive in this economy and business climate. Having the best product or service, superior management, strong processes and so on are not the only things necessary for survival.

Imagine the cheetah – the fastest animal on earth. However if not alert, a lion or other predator will devour the cheetah. Being fast would not help then.

Similarly having the best of everything is not sufficient for Entrepreneurs. Survival requires being alert, adaptive and quick to react to the changing circumstances. Relying on one’s past successes is not adequate for survival in the future.

Being fittest in this environment does not necessarily mean being the best. It requires having “street-smarts” to navigate through these troubling times.

Are you fit enough to survive?

Ravi Patel

http://www.patelCFOservices.com