— Summary —
In this episode, I answer a question asked by Cheryl about being a Thoughtpreneur. She asks about how I started and what was done first. She wants to know whether I did my courses or the book first, or whether I did them simultaneously. She also inquires about the time it took.
When we talk about building an Expert or Thoughtpreneur Business, it’s about taking experience, education and expertise to create a difference in people’s lives. My journey in this business is a bit different as I came in as a CPA.
- The book is an offspring that came out of the 30+ years of business that I have done.
- he training course and live events were created to deliver my expertise, experience, background and wisdom. They were created separately to leverage my time consuming one-to-one consulting business.
— Summary —
In this episode, we continue the discussion on the subject of value creation. We dive into these two frameworks: Value Sectoring Framework and Value Focus Framework.
Value Sectoring Model
Think about where you are in the context of what you provide to your customers and clients. Place it on two axes with one of them being the connection you have with clients and the other one is the distinction that exists for you in the marketplace.
There are four levels or quadrants in this model that we need to understand:
- Commodity: It is the lowest in terms of connection and distinction so it is easily replaceable. Things like loyalty and relationships do not apply. The only things that have an influence are price and convenience.
- Connected: There is a high connection with the customers but the distinction is low. There is a sense of loyalty but despite the good connected relationship with the customers, the product or service is easily replaceable.
- Incrementalist: There is a high distinction but the connection with the customers is low. The product or service is unique but the relationship with clients does not exist. It is able to generate high profits. But once the competition enters, the only way you are going to win is to make sure you have a connected relationship.
- Valued: The final one is a step higher than the incrementalist perspective in the quadrant. This is a high connection, high distinction level which creates a valued customers and relationship. It far surpasses anything you can do as you create a values based loyalty.
— Summary —
In this episode, we are going to dig a little deeper into the ideation stage of the think up phase of business life. We dig into the concept of value creation. The only way to sell and generate revenue from anything that is commercially viable is to create value in someone else’s life. Only then will they be willing to pay for it and you will receive value in return.
Let us drill down into the concept of Value Creation Piece. After generating an idea, evaluating and selecting it, we create value. We can create value in these different levels:
1. Utility Based Value: It can be anything that performs a function to serve a need or purpose. The need might or might not be of high value. This includes all the commodity based products and services.
2. Service Based Value: When we give something more than a product or commodity, there are services, connections and relationships attached to it. This is value creation at a different level because we have attached a product with some level of service.
— Summary —
In this episode, I deal with something that many of us struggle with and it is fear. We talk about what fear is, its causes and the ways to tackle it. As an entrepreneur, you will have a constant battle to tackle fear and anxiety. Fear causes paralysis and it blinds our mind’s capacity to see the options in front of us. You focus on the wrong things.
Here are six reasons that result in fear and the ways to tackle them:
- Lack of Clarity – When you don’t know where to start or when you feel that you don’t know enough, it causes fear. Be clear on where you want to go, what and why you want to do it, and the people that will help you.
- Lack of Information – We don’t know what to do when we don’t have enough information. In today’s technological world, information is everywhere. Just google it and find information, how-tos and everything else on the internet.
- Lack of Commitment – To be successful, you can’t just do it sometimes as a part time. Have a side gig, but make it full time by focusing on it on a regular and systematic basis. Commit fully to the business, idea and the value you are looking to create.
- Lack of Action – A majority of problems in business are a result of bad decisions or executions. People freeze as they are afraid to take the wrong action. But taking an action does not put you in concrete. The key is to take action and consistently execute.
- Lack of Support – You will not only need professional support in your business but emotional support from your loved ones as well. Enroll such people in your mission and purpose to move forward. Communicate with them if you feel that you’re not getting the support and they will rally behind you.
- Lack of a Backup Plan – Plans don’t always go as planned. Having alternatives means you have figured out possible outcomes, risks and obstacles, and the ways to navigate through them. Keep the destination the same but have multiple ways to reach it. When the first plan is not working, you will have a backup plan.