There are generally two different entry routes into the world of business, one of which is essentially being forced into it because of a lack of traditional employment opportunities, while the other would be simply going into business because you identified a gap in the market or you just want the freedom of being able to earn money doing your own thing. Either way, things can get really tough along the way, sometimes even straight out of the starting blocks, which is why the statistic of many businesses failing within their first year of operation remains so prominent.
However, when things get tough and you feel like giving up because there just seems to be no other option, you need to make a promise to yourself now that you simply won’t give in. You need something solid to hold on to which will overpower your will to give up and it’s as simple (in concept) as taking things back to basics – taking things back to the essence of what business is all about.
The essence of business is indeed to solve problems and as long as you can manage to solve a problem at a profit, you’ll realise some great success at best and at worst you’ll be able to ride out the worst of down-cycles until things start picking up again.
Take farming, for example. A farm is one of the hardest businesses to set up as it requires huge amounts of land, property and equipment. Even when you’ve managed to put all of this together, you then need to buy seeds in vast quantities or animals by the dozen. Think you’re done there? The maintenance of a farm can be overwhelming, with hedges to trim, fences to erect, roofs to fix and tractor tires to replace. All of these problems can be overcome, but it takes dedication, perseverance and some incredible problem-solving skills.
Let’s drill down to the elements of what problem solving as the essence of business are, shall we? After all, making statements such as these is very easy and they roll off the tongue rather nicely. Putting them into action usually poses a totally different challenge however, which is where the notion that the free information available online is not quite as valuable as we might like it to be.
Identifying the value-gap and filling it
If I was to put it as simply as possible with the simplest example I could ever use, I’d point towards a basic product or service which is already being paid for by a reasonably sized consumer market. Let’s go all the way and use a specific example, such as how everybody perhaps buys bread almost daily.
What value are they paying for? They’re paying for the actual bread as food which they can eat to cater to a basic need they have, but what they’re also paying for is the value of not having to essentially produce that bread themselves. I.e. they don’t have to farm the wheat, transport it, mill it, bake it, etc – a sequence of people in the supply-chain, whether that’s the aerospace supply chain, construction, or any other industry, are essentially paid to do so as part of the retail price for bread.
Fill that gap at some point and you’ll always have some business.
Just as you would probably pick the best, most affordable pest control service providers who are perhaps even located within the closest proximity to your home, from the perspective of business rendering the service, it’s simply a matter of solving a common problem at a profit. That said, it could be any pest control service provider, be it the one mentioned above or Pest Authority of Charlottesville. All you need to do is fill the gap and at a profit!
Remember to identify a problem to solve whenever things get really tough or whenever sales are drying up. Note: Solving the problem can help you increase your sales. No kidding!