Creating Value - by Ravi Patel

 

Entrepreneurs start businesses as they have new and unique ideas for products and services. Is this enough to make the business successful?

 

Success is only achieved if you create value.

 

Value is created when it solves someone's need or mitigates "pain." If your product or service does not do that, you are not creating value. One might feel good about developing a new product or service, but if it does not create value in the minds of potential customers, there is no assurance of revenues.

 

So, when you launch your product or service ask yourself if you are creating value for your potential customers? Are you solving an existing need or a situation causing them "pain." If not, why should they buy your product or service?

 

It is possible that sometimes consumers don't even know they have a need or pain. In that case your product or service has to be marketed such that the consumer first becomes aware of the void and then realizes that your product or service solves a problem that they were not even aware of.

 

Consistent success occurs only if you create value for your customers.

 

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