What does it take to make a business successful? If you’re a business owner—or thinking about launching a new business–you’ve probably asked this question. In Cash Flow Cure, we break success down into three distinct accomplishments your business needs to achieve.
To reach success, your business needs to 1) Provide Value to the Marketplace, 2) Provide Personal Income and 3) Build your Freedom Generator. This week we’re exploring these three accomplishments and looking at exactly how you can put them into place in your business.
Accomplishment #1: Provide Value to the Marketplace
Beware the dreaded OED – Optimistic Entrepreneurial Delusionism. OED will kill your business even before you get it off the ground. Simply put, you need to make sure there is a market for what you want to offer. Too often entrepreneurs get so excited about a new product or service they fail to figure out if their customers even want it.
OED can lead to countless hours and dollars being invested, only to see your product fail spectacularly. Let me give you an example.
In the year 2000, the Heinz Corporation in the US decided that what the market really needed was a new form of ketchup. Great! Except this ketchup was green. As a promotional item to coincide with the release of the movie Shrek, green ketchup was initially a hit. But after the novelty wore off, sales of the green ketchup fell dramatically. When Heinz finally discontinued the new color in 2006, they’d lost millions. The green ketchup didn’t provide enough value to make it a success.
Don’t make the mistake of bringing “green ketchup” to the marketplace. Be patient and take the time to ensure your product or service provides real, lasting value to your customers.
Accomplishment #2: Provide Personal Income
Makaylah Rogers is the co-founder of MindShift.money. She is a Thought Leader for her generation, teaching people how to rewrite their “money rules.” With an extensive background in wealth building and personal development, Makaylah’s path has taken her into executive roles in various fields including launching startups, real estate sales and motivational keynote speaking.