Free markets (and the world economy in general) can be lucrative to predict, but that doesn’t stop entrepreneurs from enduring and becoming successful. Here is a brief summary of economics in the role entrepreneurs play:
There arises a desire or demand in the market that will remain until there is a remedy provided by an entrepreneur. This remedy is value creation which is deserving of compensation. The compensation is converted by the entrepreneur into capital that can be further invested or stored wealth.
This very means of production is what drives the economy. You might hear the common misconception that spending is what drives the economy, but nothing could be further from the truth. It is the production, delayed satisfaction and savings that drive the economy. Also inherent in entrepreneurship is risk. Risk is what keeps people from becoming an entrepreneur. I want to show you a couple of ways of eliminating some of that risk so that you might be successful no matter where you find yourself in the market.
Majority rules in the free market economy and people vote with their dollars. That is why it is he sensual for an entrepreneur to determine with the voice of the customer truly is. There are many tools to determine what the VOC is.
These tools help you figure out what’s important to your customers, what’s profitable to you and if your priorities are consistent with theirs. You can use; Customer Segmentation to identify different needs for different customers, or you can use Kano Analysis to help you define your customer’s priority level of your different services.
Tools like this will help you determine the voice of your customer no matter where they are in your economy. You could navigate a decent economy like the one in America where there is very little restriction to capitalize on, or even in the harshest economic conditions like in Venezuela where your customers are starving.
I guess what I’m really trying to say is that if you’re afraid to risk and you have in your mind that you might fail, then you might be right. But I for one am a winner, and “winners win” no matter how many times they fail.
-Brandon
