Imagine a small fishing village on the coast of Morocco, where every morning men go into the sea to catch - Tuna. You are a young fisherman and do the same. Every afternoon when you are back from a hard day at sea you load your catch in your truck and drive to the nearby fish market. Business was fine until recently when the brokers started demanding shrimp instead of tuna. Since your boat was good for shallow water and to catch shrimp one had to go farther, you along with many others continued to catch Tuna. Prices fell due to excess supply and you initially ignored the change. You started saying things like, "I've been in this business for 20 years and this change is temporary. You "hoped" things will change. But hope is not a good plan. Soon the truth was staring in your eyes and there wasn't sufficient demand for tuna. You also realized that you didn't have the capital to invest in a boat that could go farther to catch shrimp. You went out of business.
Business is about - understanding customer needs and using your resources (such as capital) and capabilities (such as technology/skill) to fulfill those requirements.
A few important things to consider:
1. Identify your customers and their unmet (or poorly met) needs.
2. Rally your resources and use your capabilities to meet those wants and needs.
3. Always work towards exceeding customer's expectations. This gets you in the virtuous cycle - they start loving you - they promote your product - you get more customers and you gain trust through word of mouth.
4. When successful do not get complacent.
5. People want to be seen and cared about. Stay connected with your customers and care for them.
6. Relationship management is very important in business.
7. Capitalism promotes competition. So how will you succeed? What's your competitive advantage? What's your answer for Why should the customer buy from you? Know - how are you different, what's unique about you, your niche, specialization, uniqueness, expertise, your differentiation, your value proposition?
7. Time is of the essence - act with speed - don't wait for all the inputs to make the decision. Course correct while executing.
8. Always think long-term.
Business is about - understanding customer needs and using your resources (such as capital) and capabilities (such as technology/skill) to fulfill those requirements.
A few important things to consider:
1. Identify your customers and their unmet (or poorly met) needs.
2. Rally your resources and use your capabilities to meet those wants and needs.
3. Always work towards exceeding customer's expectations. This gets you in the virtuous cycle - they start loving you - they promote your product - you get more customers and you gain trust through word of mouth.
4. When successful do not get complacent.
5. People want to be seen and cared about. Stay connected with your customers and care for them.
6. Relationship management is very important in business.
7. Capitalism promotes competition. So how will you succeed? What's your competitive advantage? What's your answer for Why should the customer buy from you? Know - how are you different, what's unique about you, your niche, specialization, uniqueness, expertise, your differentiation, your value proposition?
7. Time is of the essence - act with speed - don't wait for all the inputs to make the decision. Course correct while executing.
8. Always think long-term.
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