Have you ever wondered why some people seem to have all the luck in businesses and others can’t seem to catch a break?
Scientific studies have shown that so-called lucky people are just like you and me except that they have a few different habits.
They are more open to opportunities, maintain a positive outlook, try different things and listen to their gut.
The great thing is that these habits can easily be incorporated into our daily lives with very little effort.
Be open to opportunities
Richard Wiseman, a British psychology professor at the University of Hertfordshire, tried a simple experiment.
He sent two people to get him a coffee from the store next door on two different days. The first was Martin.
When Martin got to…
Better experiences lead to higher prices
It’s quite evident that we are willing to part with more of our money when dealing with a smiling salesperson than a grumpy one.
We also have upper limits on how much more we’ll pay for a comparable item. Regardless of how wide the car salesman’s grin is, you are unlikely to pay three times as much for a new car.
To get your customer to pay any price you want, you’ll need to follow a two-pronged strategy.
Step one is to improve the customer experience and thus the willingness to part with their money.
Step two is to make…
To get the most from employees, you will have to give them what they want
Just like with your customers, your relationship with your employees is based on an exchange. Sometimes, this exchange is just about money, but more often than not it’s about so much more.
We have to ask ourselves why someone wants to work for us and if we can offer them what they are looking for. We also have to ask what we want from them and if they are capable of delivering that.
Different employees have different needs
Some people may want to attend their kid’s football matches, while others…
We’ve all come to this low point in business and often enough in life
We begin to wonder whether it’s worth fighting on or if we should cut our losses and move onto something else.
Maybe you think to yourself that you just not made for business.
On the other hand, you may be asking yourself if you are quitting right at the bottom, and things will only go up from here.
You could be running out of money or time, and you can’t ride out the storm.
Are you digging your own grave by continuing or do you need to keep digging because you don’t want to stop just before you hit gold?
…
Affordable marketing techniques that pack a punch
We see global brands like Nike with full-page magazine ads and highly produced TV commercials that don’t sell a specific product. These ads where the runner talks about spirit and competition but never mentions the shoes.
These adverts are just there to get the name or brand out there.
We assume this is the best example of modern marketing and try to follow in their footsteps when marketing our own businesses.
Unfortunately, spending a fortune getting our name out there when no-one knows what our name means as yet, is an easy way to spend lots of money without getting…
How to sell any small business for the best price possible
Most small business owners have the bulk of their wealth tied into a single asset which is their business.
It may have taken you 4 years or 40 years to get to this point, but you want to exit your business and realise the most value from the blood, sweat and tears that you invested.
You may want to exit your business to retire or to start something new. Regardless of your reasoning, you want to sell your business for the best price possible
The problem though is that most small businesses are not businesses at all.
They are, in…
We buy things based on emotion and justify it with logic afterwards
We feel guilty for making emotional purchases, so we need to reason with ourselves.
In this modern world of an endless supply of products, we rarely have to make decisions based on pure need.
Neither the clothes on your back nor the food you’ll eat for lunch is based on need alone.
If we removed our emotions, then we would wear plain overalls that’s easy to wash and lasts forever.
Instead, most of the clothing we wear is based on feeling. It needs to makes us feel and look good not just protect from the snow or sun. …
Customers are only willing to pay based on the value they get from your product.
There are two primary sources of value. One is the raw material and the other is the value you add.
Now your selling price can’t exceed the value that clients receive.
That creates this simple formula.
One of the most popular reasons I hear for wanting to start a business is to be in…
Control of your own destiny
You may feel as though your life is not under your control or you moving towards a destiny that someone else has determined.
You may want to follow your passion or you have a solution for a problem that no-one else has seen. It may not even matter that much if you make any money while following your dream.
You may feel as though your life is a story composed by someone else. For some, structure is welcomed and for others, it’s torture.
You could simply be looking for some excitement in your life or maybe you don’t want to…
Taking more risk offers the possibility of more reward. This is as true in investments as it is in life.
It’s also true when it comes to business ideas. Well, most of the time at least.
The more every day or normal your product is the lower your chance of failure and the lower your chance of exponential growth. The more unique or dare I say crazy your idea is, the higher the possibility of shooting the lights out or failing miserably.
Let me explain…
let’s take something mundane such as toilet roll. Most people in the western world cannot…
Altaaf Aboo
Get more business growth insights that I’ve learnt by founding, investing-in & working with everything from start-ups to listed corporates — bit.ly/38dfyLD
