For Entrepreneurs Only

Do you understand your business? What’s up motivated minds it’s your boy Sam! Make sure you check out the last Podcast “What is Target Audience in Business” - Today we’ll be talking about your business. Yes I said your business. Understanding your business in 5 steps. 1. What problem is your business solving for the customers? * Is your service or product in anyway solving a problem that people are facing? In order to know that you have must research the markets you are planning to do business in. The bigger the problem the more value to can provide which will help you become a leader in the space. 2. Pricing * By seeing what your competitors are charging you can have an understanding of how much you should be charging. That’s called the market price. * Are customers ok with your pricing if they are why and if they aren’t why? 3. Are you marketing to the right people? * by researching and exploring you can make calculated ideas of who you’re audience is and that will help you better understand why you are different that the other guy. * By marketing to the wrong people you are not understanding your value and the value you can give to the economy 4. Can you explain what you do in 1 Sentence. * yes the old saying “can you explain what you do in one sentence” it’s a question that never fails. * You must be able to explain to yourself and other what you do in 1 sentence so it’s understandable * Write down in a notebook 5. What is your mission statement? * what do you stand for what are your values? * With a Mission statement you express why you are in business and how you can help. * With this statement in mind it will always remind you why you are in business. Use these 5 steps to help understand your business and continue to learn and grow. Never stop being motivated! Tune in for the next episode of the motivated minds podcast! Thank you