How to Start a Business
The Right Way

A lot of people wonder how to start a business. Most entrepreneurs started their business based on either their past experience or passion. Some think that a business is simply about sourcing and selling products. Let me share with you my views on how to start a business the right way.

What is a Business?

First off, we need to know what exactly is a business.

Most business owners define their business by what they sell. If they sell food, they are in the food business. If they sell shoes, they are in the shoe business.

But I prefer to define a business as a PROFIT MAKING SYSTEM that works with or without you. It's a money making machine that goes "ka-ching" on autopilot.

An organization or system that has revenue but no profits is a CHARITY. A commercial endeavor that requires you to be there all the time is SELF-EMPLOYMENT. You hire yourself to work for yourself. You bought yourself a JOB. In my opinion, these are not businesses.

A business is, first and foremost,
a profitable commercial entity
that can make money without you around.

The Wright Brothers & General Electric

We all know that the Wright Brothers invented and built the world's first successful airplane and making the first controlled, powered and sustained heavier-than-air human flight on 17 December 1903.

However, have it ever occurred to you, why is that the world's first airplane was invented by two guys who repaired bicycles for a living, rather than by a huge conglomerate with large research funding like General Electric (which is founded by Thomas Edison)?

Well it turned out that, General Electric was investing all their time and money trying to build a more powerful engine to make airplane fly.

The Wright Brothers focused on making a glider
that will fly by itself without an engine
before thinking about putting in the engine!

After the Wright Brothers successfully invented the airplane, putting in a GE supercharger engine, simply enabled the airplane to fly faster and higher.

Apparently, General Electric is still pretty sore about it, even until today. Take a look at GE's very interesting commercial below :)

How to Start a Business Is the Same As Building an Airplane

When I first saw the video above, it made me realized that starting a small business is very similar to building an airplane. Most small business start up focus way to much on the product (the engine) and never really thought about marketing (the glider).

Marketing is the Glider of your Business,
Product is the Engine of your Business.

From the first day you got into business, you were told that if you have a good product or provide a good service, that's all you need to succeed in the business world. Your "professionalism" will be the key to success and that people will flock to you once they hear about how "good" you are. There is even an old "wisdom" that says if you build a better mousetrap, the world will beat a path to your door! This cannot be further away from truth!

A business is not about sourcing and selling products.

A business is about buying customers
for less that what they spend with you.

Knowing HOW to get customers, clients or patients is as important, if not more important, than your knowledge about your products and services!

So how to start a business the right way? Learn how to set up an effective marketing system to bring in your customers, as well as how to position your products uniquely in the marketplace. Remember...

80% of small business success
lies in your ability to market
the very thing you do!

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