OKAY MOST BIG things we think of in the world today wal-mart Apple and so on were started small VERY SMALL……There is agas company in my state of MT that started small Town Pump and in now a major State corporation….The way to doing things is to simply sell things in a way people like or perceive are good and duplicate over and over again!!! My question is how DO YOU FIND THE WAY to sell things this way and how do you find OPPORTUNITY LIKE RICH ENTREPRENEURS?
3 Responses to How is the best way to think like an Entrepreneur? (read details)?
What are the things that people need everyday. Toilet Paper, toothpaste, laundry soap and so for. Wal-Mart is losing money when they sell this stuff, cause if its not already lost when it comes it, they will lose due to competitive pricing. Is this smart, heck yeah, cause this is what people come to buy. WHere do they make their money. Other departments in the store. Thats where the profit is. Its not in selling a computer at 800 bucks. You only make bout 60 dollars off of it. Its selling the computer and the accessories. Selling a wireless mouse, mouse pad, printer, usb cable, ethernet cable, ink cartridges for the printer, and so on. With just a few extra sales, you’ve already profited 200 dollars without the computer. The manufacture will send the computer to a warehouse, the warehouse will load it on its trucks and then send it to the store. The store not only has to pay for the computer, but also has to pay for the rent of the computer at the warehouse. Certain things like usb cables that will sell at roughly 10 dollars for 6 feet of cable, is sent directly from the manufacture, so the store doesn’t have to pay rent charge for it. DO you know how much profit comes from one usb cable, bout 80 percent of it is profit. Do the math, which would you want to sell more of the make the profit. Does it mean don’t sell the computer, um no. You still have to make the sales. Computer for sales, usb cables for profit.
1. Get the customer to the store
2. Have what they want when they want it
3. Great customer service so they will come back
4. Know your customers and your merchandise.
5. Think like a customer
6. Control expenses
7. Control shrink
8. THE LIST GOES ON
In case you havent figured out yet, I’m an electronics department manager, and I run a pretty good department. I can make money. I know my department very well. I have confidence in my abilities, and I go with it every day. Talk to ya lata
Read “Rich Dad, Poor Dad” by Robert T. Kiyosaki. It’s his 1st book. His next one in the series “The Cashflow Quadrant” really talks about the differences between and entrepreneur and someone working as an employee or self-employed etc. Rich Dad Poor Dad should be 1st though and it’s a great book!
Always look for opportunities and solutions. If you think you can’t afford something, think again, you may find a way. Think Big and Start Small! (I quote Kiyosaki here). You said yourself, all big companies started small. Also, do something you love, sell a product you believe in or start a business doing a service you enjoy doing.
Also read anything by Donald Trump. He gets you into the billionaire mindset.
Through nuggets of information. I design and develop over 50 business models every year all with overly ambitious growth rates. I come up with all the ideas from nuggets, something Ive heard in a passing conversation about someones industry or while watching the history channel. Little pieces of information that when put together with other nuggets forms the basis for a theory that a business model just might work, then you evaluate the idea extensively and mold it to fit your ambition, resources and goals.
I’ll give you a quick example – a business model i designed and just finished launching is expected (based on owners resources) to do 30 million in the first 18months and the idea came from a nugget i picked up while talking to a convenient store manager while buying a soda over two years ago combined with a distribution channel I learned about while writing an industry report on publishing > a completely different industry.