“The hardest part about being an entrepreneur is that you’ll
fail ten times for every success”
-Adam Horwitz
The above fact reveals the real problems of being an
entrepreneur. But the real entrepreneurship endeavor is successful if only it
has a clear inside out view of its product and customers.
As per Bloomberg, 8 out of 10 entrepreneurs who start
businesses go wrong within the first 18 months. There are a number of reasons
like out of cash, no differentiation, failure to talk value proposition, leadership
crisis. Yet the biggest reason to failure is that the venture is not able to
explain its daily existence. I.e. WHY it does exist?
Specialists have demonstrated that there is a clear
distinction between the normal companies and prosperous companies.
What normal companies do?
They build products and services that solve the aim of
“WHAT”, know a little about “HOW”, however the “WHY” is absent?
Just what successful companies do, distinctly?
They focus from inside out, i.e. from “WHY to WHAT together
with taking care of HOW”
"The Golden Circle" a strategy by Simon Sinek,
explains the existence of successful companies.
These companies are in existence in order to satisfy the
desires of their customers together with the sole goal to produce value, monetary
gains on the other hand are just the consequence.
Apple turned significantly successful and is among the
world’s most valuable brands with a brand value of $104 billion as on Nov 2013,
but just how?
For those people who have heard the speech of Steve Jobs,
throughout the first I-Phone launch, it would have been evident precisely what
does, WHY to WHAT signifies.
“People dreamed of a music player, a mobile phone and an
organizer in a single gadget [WHY], we at Apple using our capabilities and
innovation [HOW] have produced these technologies together and designed a
wonderful music phone with inbuilt organizer, the I-Phone [WHAT]”
The way Steve has communicated the real goal of the product,
was Thoroughly (From "WHY" to "WHAT")
This difference in communication had been a approach to
indicate the real purpose of the product.
Someone rightly mentioned,
“If your product requires advertising or sales people to
sell it, it’s not good enough.”
If an entrepreneur has the ability to make the customer
realize “WHY” the product/service have been developed, “HOW” it will solve a
purpose and “WHAT” exactly it appears like, the job is done.
Knowing the “WHY” by the customer will have a deeper effect
and it can be a “need satisfying product” and not much of selling is necessary
and the product sells by itself.
During a TV interview of a Senior Executive of a company,
the interviewer asked a concern why your company exists. The response was clear
orthodox, from the textbook reply "to make money". Even though we can
understand or know that the company is there to generate money but at what
exactly value proposition?
Not just for the entrepreneurs, it’s for the companies, to
make their workforce, customers and stakeholders realize "WHY" they
exist.
Most entrepreneurs/companies are unsuccessful because their
target is on "WHAT" and often on a "HOW" but the
"WHY" is missing.
