New products and services are
emerging daily
Why businesses succeed or fail
Determine the true need
Set quality standards
Be sure it is unique and superior
Action exercises
Ambitious individuals like you,
with dreams and hopes, are stating new businesses today at a faster rate than
ever before. Over one million new enterprises are being launched each year, and
the rate is accelerating. The opportunities for finding or development a new
business idea are all around you, and with proper preparation, the
possibilities for your success are enormous.
NEW PRODUCTS AND SERVICES ARE EMERGING DAILY
As many as 80 percent of all the products and service in common use today
at home, in business and in organizations large and small will be obsolete in
five `years. They will be replaced by new and better products and services. The
rapid development of new technology and the desire of people for new or better
or cheaper products or services means that you can start your fortune easier
today than at any other time in history.
WHY BUSINESSES SUCCEED OR FAIL
However, we know that 80 to 90
percent of new businesses fail in the first three years due to variety of
factors. One of those factors is managerial incompetence. It is an ability to
sell the product or an inability to control costs or both. Another major reason
for failure is offering the wrong products at the wrong price to the wrong
market at the wrong time, or a combination of these. In which case, even the
best marketing efforts and cost controls wont help you.
DETERMINE THE TRUE NEED
The first principle with regard to
selecting any new product or service is to determine that it fills a genuine,
existing need , that it solves a problem of some kind for the customer, or that
it makes the life or work of the customer better in some way. You must be very
clear about this.
SET QUALITY STANDARDS
The second principle for success
with a new product or service is that it must be of good quality at a fair
price. And if it is in competition with other similar products or services, it
must have what is called a unique selling proposition. It must have some
beneficial feature or attraction that makes it different from and superior to
its competitors.
BE SURE IT IS UNIQUE AND SUPERIOR
We call this its area of
uniqueness. And it is central to success in business. No product or service can
succeed unless it is somehow unique and superior to any other product or
service like it.
There is seldom any real
opportunity in what is called a me too product. One that is just the same as
all the others. At the same time, the safest business strategy is to start off
with an accepted product that you can improve. In other words, instead of
trying to invent a whole new business or industry, start off with something
that people are already doing, people are already buying and using, and find
some way to improve it.
ACTION EXERCISES
Here are two things you can do
immediately to put these ideas into action:
First, determine exactly what is
different and special about your product or service that will cause people to
buy it in competition with similar products or services. Build your entire
sales and marketing around this unique selling proposition.
Second, investigate before you invest. Be
prepared to look at a variety of different business opportunities until you
find one that really excites you before you make decision to get started.
No comments:
Post a Comment