What makes a business successful? Why do some companies make millions of dollars, while others go bankrupt? While conditions differ and scenarios are almost impossible to compare, there is always one constant thing; every successful business creates something of value.
The world is full of opportunities to make lives of other people better in some way, and your job as a businessperson is to identify things that people do not have enough of, and then find a way to provide them.
The value you create can take on one of several different forms, but the purpose is always the same. To make someone else’s life a little bit better. Without value creation, a business cannot exist, you cannot transact with others unless you have something valuable to trade.
But, what is value?
In its simplest definition, valuable things are the things that people are willing to give up a particular sum of money in order to acquire them. It does not matter how much time you spend improving your product or how much it costs you. Products are only as worth as customers are willing to pay for them.
So, if you are thinking about starting your own business, you’ve got to ask yourself one question; would anybody buy my product?