Last time on The BIGG Success Show, we talked about a surprising obstacle to getting rich in your own small business.
Listen to this post! Click a player to hear George & Mary-Lynn on The BIGG Success Show Podcast (Duration 3:20)
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What’s the obstacle? Money. Ironic, isn’t it?
But it brings up an essential quality of entrepreneurs – you create value for others first to create value for yourself.
Help others and money follows. So you need to be unselfish to be an entrepreneur.
But we also said that this time we’d talk about the importance of being selfish. Because…
When money doesn’t follow
Another surprising obstacle to getting rich in your own small business is placing your interests below the interests of others.
Note the fine distinction we’re making – you have to create value for others to create value for yourself. In other words, solve a problem for someone else.
But that’s not good enough. It’s only the starting point.
Money won’t follow if you never think about it.
So let’s say you know how to solve a problem for someone. Now you have to make sure you can deliver the solution profitably. Otherwise, you won’t create value for yourself.
Because if you can’t, you’ll fail at best. Did you catch that?
Failing is the best option under these circumstances.
If you fail, you can move on to something else. Even worse than failure is feeling trapped in a business that will never amount to much.
You will never get the rewards you deserve for your investment of time, money, sweat and tears. You will never reach your full potential. You will never fulfill your purpose.
Profit is not a four-letter word
Martyrs don’t make good entrepreneurs.
You have to find win-win.
You need to have an equal consideration of interests – yours and your customers. (Along with all the other stakeholders in your business for that matter!)
So you need a product or service that helps customers gain or relieves their pain. But you must be able to provide it at a price that allows you to turn a profit.
Because profit is not a four-letter word! It’s essential.
Value is one of the core terms of entrepreneurship. But the circle of value is incomplete until value is created for you too.
Successful entrepreneurs know that you need to hold these two seemingly opposing ideas in your mind until you find the point of convergence. You have to create as much value as you can for others while simultaneously creating as much value as you can for yourself. It leads to BIGG success!
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