It doesn’t matter if you are an entrepreneur trying to build a company or if you are a doctor, lawyer, carpenter, programmer or “insert every other profession here”, because at the end of the day all we can do to survive and by survive I mean “making money” is through serving others. How do we serve others you ask? Simply put by creating something of value. Something that people can use, digest, ingest and consume till their marginal utility is non-existent. It could be something as simple as a product, service or something unusual that you wouldn’t consider of value at first sight like entertainment or music.
I know it sounds cheesy and it has an altruistic motive attached to it that you wouldn’t associate with capitalism, but think about it. The only way to receive money, excluding begging and robbing, is through creating something of value that other people are willing to pay their hard-earned money for.
You could argue that products like Coca Cola or many others don’t actually create value given that it’s just “sweetened water”, but here is where the marketing comes in. Marketing distinguishes a product from others and creates an image of the product which you will associate with the value they will want you to remember. Even if it’s not rational, just like many people buy Louis Vuitton bags for an exaggerated price just because of its superb marketing.
So it’s not only about creating value, but adding perceived value as well (if you want to enter the high-end business at least).
But let’s get back to the point. This article is mainly directed to all the people trying to get out of the rat-race and instead work for themselves. The most important factor of a business is so fundamental that many forget it, while they’re so convinced with their “million-dollar-idea”. So here it goes: a business is only worth existing if it creates value.
So next time you have another of those “million-dollar-ideas”, ask yourself first if it contributes to society by creating value, because only then you will have a chance at earning money.
So how do you proceed to create something of value? First I would suggest finding a skill that you like and become really good at it, in order to serve someone with your talents. This is the main formula for all things you want to achieve at life. Whether you want to become a doctor or you want to build that business.The question is: are you willing to get your hands dirty?