What Makes People Want To Give You Money?
Here is a cold hard fact. If you want to get rich with your own business, then someone must be willing to give you money for your product or service. Unless it's someone from your family or close friends, this may not be as easy as you think. You need to first understand the real, underlying reason why people will part with their money -- short of you pointing a gun at them and demanding it. Let me put it to you this way. People are only going to hand over their money only as a means of getting something they want in return. Period.
So the starting point for you, if you were to start a business in hopes of becoming rich, is this. YOU MUST UNDERSTAND WHAT IT IS THAT PEOPLE WANT!!! You may be saying to yourself...hmmm, it's pretty obvious what people want. One of the biggest reasons people do not make enough money (or any money) in business is because they are clueless about what it is people really want. People are only going to pay you real money if you are giving them what they want. If you look at it any other way, then it is you that are clueless. People want you to meet their needs, desires, wants, or remove frustrating circumstances. If you can successfully do that, then you will get paid. If you can't do that, then you will go broke trying.
It would make sense to me that you should spend a great deal of time trying to research what people want and/or need before you decide to start a business. This is what successful business people do. They do their research. They call upon their business and personal experiences. They call upon their own understanding of people. Let's take a look at what motivates people.
Hierarchy of Needs
Physiological Needs food, water air, shelter, sex
Safety and Security Needs protection, order, stability
Social Needs affection, friendship, belonging
Ego Needs prestige, success, self-respect
You may be asking yourself, "What does all this mean?" Here's what it means. It's people's needs that motivates them to buy. Plain and simple. People are emotional creatures. Successfully appeal to their emotions, and they will give you their money. Those who are successful in business realize this fact...that is why they are successful, and for the most part...RICH!!! You must focus on understanding, and meeting, customer needs.
I'm going to let you in on a little secret. People will pay you if you can do any of the following better than anyone else.
Make or save them money
Save them time
Supply them with food, shelter, or clothing
Provide them with safety, security, or comfort
Offer them leisure, entertainment, affection, friendship, or belonging
Give them status, prestige, or self-respect
Add value to their lives
There are certainly businesses all over the world that are providing some or all of these wants and needs. If you take the time to do your homework, you will see that the companies that are making millions and billions of dollars are the very ones providing the needs above better than anyone else.
Here is some sage advice. Ask yourself if you can offer any of the above better, cheaper, quicker, better quality, more innovative, or more creative than most of the companies out there. If you can, then you may be on your way to making a fortune with the business you are in or getting ready to start.
In closing, find a way to build a better mousetrap. Find a better, more innovative way to satisfy people's needs. If you can do this successfully, then welcome to my world. The world of "The UnderCover Millionaire."