When it comes to business, most people think there’s an official starting line: A degree, an apprenticeship, or stumbling on the right amount of money.
You certainly don’t need an MBA to have a business. Common sense is most important. You will also need to read a lot. Read books written by successful businessmen. It’s the cheapest way to absorb decades of experience.
Will MBA payoff?
The MBA won’t be the one place to pay to receive knowledge and contacts to start a business. After considering the opportunity cost of jobs, MBA fees can go up to $200,000. That’s expensive. But does it lead to success? No, there is no correlation between success and MBA at all.
The 101 of value
You don’t only need to think of a product to tell. It has to be a product that people are interested to buy. Buying decisions are triggered by emotions or specific requirements.
Imagine selling a bottle of stale water to a hiker lost in a desert. He’d be willing to pay just about anything for that lousy bottle, just because it responds to his predominant need. The lesson here? Find your own desperate hiker.
There are four kinds of need
- Desire to acquire and collect thing
- Desire to feel valued and loved
- Desire to learn and satisfy curiosity
- Desire to defend ourselves.
There is no cheap way to communicate with your intended market segment. Sometimes, it’s better to deliver a hand written note than to advertise on social media. People don’t buy a product for its own sake. They buy it because of the end result they’re hoping to attain. For example, a woman won’t pay $20 for a lipstick simply because the color is nice. She buys it because she hopes it will make her more desirable. This is why testimonials are important.
You can close a sale even if the customer is reluctant
The owner of a pet shop can simply convince a prospect by allowing the owner to bring the pet dog for a week as a trial. It is very lightly that the owner will not return the dog. Clients hate to make a bad choice. So we can let them test the product and if they don’t like it, allow a refund.
Communications is key
You might have a great idea, but you need clear communications to implement. If you want someone to do something, you should tell them why. People like to understand what they are doing. If you explain why, you don’t have to micromanage every step.
A simple way to communicate better is to stop putting others down. People can also become defensive and try to save face rather than understand your comments. Create a safe environment for people to share ideas.