Monday, November 14, 2011

Business

Every successful business
1) Creates or provides something of value
2) that other people want or need
3) at a price they are willing to pay
4) in way that satisfies the purchaser's needs and expectations
5) provides the business sufficient revenue to make it worthwhile for the owners to continue operations

At the core of every business is
1) Value creation (discovering what people need or want and creating it)
2) Marketing (Attracting attention and building demand for what you have created)
3) Sales (Turning prospective customers into paying customers)
4) Value Delivery ( Giving your customers what you have promised and ensuring that they are satisfied)
5) Finance ( Bringing in enough money to keep going and make your effort worthwhile)

Iron law of the market is cold hard and unforgiving: fundamentally limited by the size and quality of the market it attempts to serve

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