Hi Jenny,

If you have a great product you really believe in and are excited about but no way to deliver your message to the masses, how many of those products will you sell? In realestate they say it's location, location, location. On the Internet they say it's marketing, marketing and marketing. Mr Sam Wal-Mart was not really excited about all of the products he sold in his stores but he knew some people would buy them and he did his best to hire people who would pick good quality but it was not his priority. His priority was his marketing message and the ability to reach the masses to deliver that message to millions.

Just food for thought!

Dan

Hi, Dan,

That is a very interesting point you make but I think you over-looked a simple basic element - Sam Wal-Mart (great name) had a single aim - to make money.

He identified a niche (I.M. did not invent the term!) and attempted to fill it by providing a plentiful and varied supply of cheap but good quality products while, at the same time accruing to himself a happy and willing work force that would move mountains for him.

Quite simply, he had the idea, the money and the passion to imbue others with his enthusiasm - later called training.

I know a lady in Madrid who makes a small fortune selling colostomy bags. She is knowledgeable about them but would never want them for herself - BUT - she saw a captive market and a supply situation that was little short of chaotic - another niche.

If you restrict your entrepreneurial ideas to what you like, you are probably ignoring quite a huge chunk of the available market place. One of the greatest falacies on the internet is that you must love what you sell - this is arrant nonsense. You must love being able to supply a service to your fellow man - if you also love what you supply, that is a bonus - and then you must be able to sleep at night. 

Look for a demand that is not satisfied and, if it fits into your moral and physical capacity, see how you could profit from meeting it.

The Old Coot

Hi Jenny,

Keeping abreast of this one. Could be a long running story board.

Passionate about your ideas?  This is a complete recipe for disaster and bankruptcy.

Not dwelling long over the history of people who were convinced that they had created something wonderful - even if it was 'still-life' - I leave you with the thought that among the many who failed to grow rich in their lifetime were wonderful artists and composers passionate about their creations. Their legacy however has made a great number of business minded people very rich indeed.

Business is about how you can capitalise on selling enough of something to others at the right price to make a profit and continue to do so AND GROW your business.

Why do people buy from people and why should they buy from you?  Good question Hmm.....  I guess that to start we need to build a persona that allows people to relate to us and then over provide services or quality products. Of course if tempted to build a Walmart type of business you need to understand the mechanics of business and the many different skills you need to employ.  Ask any business owner whether they have all the skills necessary to be successful and I guarantee the answer is no. What we all share in business building is a 'resource poverty' which can be a fatal ingredient in the early days. 

Finally without a plan and a structured approach don't start. It is easy to start but difficult to grow. If there is no competition it is even harder. Make sure there is a market for what you want to sell.  Develop a profile of your target areas. Build relationships with customers and suppliers. Work with others who could help you and vice versa.

Many people confuse activity with results. It is not so. Work smarter not harder.

Have a Great Day,

Peter.

PS I think it was a guy named Cohen who started Tesco in the UK. The original principle was " if I can buy something and sell it cheap and in large volume before paying for it, I can build a business simply by adding more products and repeating the process."  The rest of the story as they say is history.