Inspiration and Wisdom

Master the 4 Basic Human Needs

Dr. Willam Glasser, MD, was a psychiatrist who explained that all humans have the same 4 basic human needs:

• Power

• Freedom

• Fun

• Belonging

Your business must meet one or more of these needs to be in business. The more of them you meet, the more successful you will be. Your business must also help your team members meet as many of these needs as possible at work, or you will always be hiring and training new team members. If you want to learn more, I suggest the great book Control Theory.

Master the 4 Basic Human Needs

Personal and Business Finance
Be a Weirdo

It isn’t normal to pay cash, to be debt free, to have 6-9 months of living expenses in the bank, to avoid student loans, to give away 10% of what you make. To start a business and grow it until it meets your financial needs.

Be a Weirdo

Starting and Scaling Your Business
Picking Your Name

The Fifth Absolute of starting or scaling your business is selecting your name, or your dba name. For example: Uber Technologies, Inc. is Uber to you and I. You will have an entity name, that most likely ends in Inc or LLC, but then you will have your name people know you by.

Your name should be one YOU like because a business becomes like a child of yours, with all the hours of work and thought that goes into getting it launched and then scaling.

Here are some tips on name selection:

• Make sure you like saying the name, and like what it looks like on paper and on marketing materials.

• Don't pick a name that's too similar to a competitor's name.

• Choose a name that people can spell and pronounce.

• Make your name web-friendly.

• Be memorable but not too unique.

• Pick a name that's consistent with your brand.

• Don't limit yourself by selecting a name that is too narrow in scope

As you are considering your naming options, look to see if the names you are considering have domain names you can get. A name you like, that creates a good image of the business you want to create, with a domain name that matches up nicely, is your goal.

Picking Your Name

Tech Talk
Tech Measuring

You have to look at technology, and whether to invest in it or not, through the lens of your industry. You might hear about some amazing app or machine, but it doesn’t have a direct use in your industry. Forget it, move on. Remember, technology is only useful and should only be invested in if it makes your workers more productive or your customers more comfortable or happy. So that is how we measure potential technology: Does it make our business or workers more productive? Does it make our customers more comfortable or happy? If yes, invest.

Tech Measuring

Spotlight on a Business
Etsy

Today we know Etsy as the online handicraft store that unites 1.7 million retailers selling 40 million products across 190 countries all on one platform. Back in 2005, it was just an idea three friends had to create a place for artistic and handmade items to sell because one of the founders was making furniture and there wasn’t anywhere online he could sell it. Like all companies, Etsy has had to pivot and stay flexible as it followed its’ path to growth. Today it’s the 116th most valuable company on the earth, with a market cap of almost 13 billion dollars.

See a problem, solve the problem, get rich.

Etsy

Marketing Magic
Unique Selling Propositions (USP’s)

One of the most important concepts in a capitalist economy is that of being unique. The worst marketing strategy in the world is “I don’t know”, as in “Why should I buy from you?” and you answer: “I don’t know.” The second worst marketing strategy and one engaged in the majority of the time is “Me, too.” This means you have copied your competition, and you have what they have, and they have what you have. So, now you both can sit in the mediocre middle and be average.

You need Unique Selling Propositions, or USP’s. These are things you will do before, during, or after the sale that none of your competitors are willing to do. What are they? That is for you to decide, because they are unique to your industry and your company, but rest assured you have to be able to think of them, train your team in them, and deliver them.

Unique Selling Propositions (USP’s)

The Boss Sauce - Managing
The Customer Experience

You, the owner, are responsible for every element of the customer experience. You need to break it down to its’ elements, from the first time a customer clicks on your website or the first time they approach your building as they park their car.

How clean, well lit, and safe is the lot? How visible is your signage? Are your windows clean and do they have great displays set up in them? How long is the wait in your lobby for service? How friendly is your staff? What is the décor in your business? Then there is the experience with the goods and services and checking out. Finally, there is the follow up experience as you use your feedback loops and gather testimonials and ratings online.

The whole thing, the website, outside, and inside experience has to be as perfect as you can make it be and you have to train your team to keep it that way.

The Customer Experience

The Last Word

“The Only Constant in Life is Change. Only a baby with a wet diaper, likes change.”

- Mark Twain

As a business owner you will have to expect to change, look to change quickly, and learn to enjoy change. Otherwise, business will always feel stressful for you.

If you're ready to start your business - let us help you! We have many affordable coaching options: Business Coaching

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