for Building a High-growth Business
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2 Basic Business
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Venture Financing Funnel
Entrepreneurship is the art of finding
solutions to problems. Every successful
every successful businessperson has been someone who's been able to identify a
problem and come up with a solution to it before somebody else did.
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If you want
to start a business, read these five tactics for finding
Find a need and fill it. When Ross Perot was working for IBM, he saw
that his customers who were buying IBM computers needed help processing their
data. He went to IBM with this idea, and they said they weren't interested, so
he started his own business. He eventually sold it out for $2.8 billion dollars.
He found a need and he filled it.
and solve it. A secretary working for a small
company began mixing flour with nail varnish in order to white out the mistakes
she was making in her typing. Pretty soon, her friends in the same office asked
if she could make some for them. So she began mixing it at her kitchen table.
Then, people in other offices started asking for it, and she eventually quit her
business and worked full time creating what is today called Liquid Paper. A few
years ago, she sold her company to Gillette Corporation for $47 million.
Look for solutions. Find a way to supply a product or a service better,
cheaper, faster or easier. Clemmons Wilson saw that there was a need for hotels
that could accommodate families that were traveling, and he started Holiday
Inns. And Holiday Inns has now become one of the most successful hotel chains in
Focus on your customer. Become
obsessed with your customer. Fixated on
your customer. Think of what your customer wants,
what your customer needs, what
your customer will
pay for, what your
customer's problems are. Thomas J. Watson,
the founder of IBM, built his company on this principle. See yourself as
working for the customer.
Invest sweat equity in your business. Most great fortunes in America
were started with an idea and with personal effort and were started with the
sale of personal services. This is called sweat equity. In other words, instead
of cash equity, put in sweat equity. Put in the sweat of your brow to
business. Once you've come up with a product or anstart to invest your time,
talent and energy instead of your money, to get started.
Here are two things you can do immediately to put these tactics into action:
a need and fill it. Look around you and search for needs that people
have for products or services that are not being met. One small idea is
enough to start you on the way to
Find a problem and solve it. Look
around you for problems that you or other people have that are not yet being
solved. Look for solutions that nobody has thought of and give them a try.
One good solution could change the direction of your life.