Peter Drucker famously said that the fundamental purpose of a business is to create a customer—nothing else matters nearly as much to an entrepreneur as this. It is critical to understand that only customers that can pay for an entrepreneur’s products and services make his business viable. Here is advice from Michael Dell on giving customers something they truly loved. Michael Dell is the chairman and CEO of Dell, the computer technology corporation.
- Experiment, and learn from those experiences.
- Don’t wait for the perfect plan. Look for opportunities where you can truly bring a better offering forward to the customers and market yourself.
- Following someone else’s lead is usually not the answer. Be unique to your customers and seize the opportunity to create value for them in a way that your competitors either don’t want to or cannot.
- The greatest business successes of our time have always been about giving customers something they truly loved. This requires evaluation, transformation, and sometimes even radical change to stay relevant and ahead of your customers changing needs. That’s entrepreneurialism at its best.
Source: “World Changers: 25 Entrepreneurs Who Changed Business as We Knew It” by John A. Byrne. John A. Byrne is chairman and editor-in-chief of C-Change Media Inc., a digital media startup Byrne was previously executive editor and editor-in-chief of BusinessWeek.com and founding editor at Fast Company. Byrne is the author or co-author of eight books on business, leadership, and management, including Jack: Straight from the Gut with Jack Welch, former Chairman and CEO of General Electric. In “World Changers,” John Byrne presents potent advice on entrepreneurism and fascinating insights into what it takes to succeed as entrepreneurs from successful business luminaries such as Apple’s Steve Jobs to HARPO’s Oprah, from India’s Ratan Tata to Brazil’s Eike Batista. John Byrne deduces that the three essential characteristics that help entrepreneurs succeed are the ability to see opportunities where everyone else sees problems, problem with authority and status-quo, and an astounding ability to live with risk and the prospect of failure.
- ‘Direct from Dell: Strategies that Revolutionized an Industry’ by Michael Dell and Catherine Fredman
- ‘How Dell Does It’ by Steven Holzner
- ‘Growing a Business’ by Paul Hawken
- ‘Inside Apple: How America’s Most Admired–and Secretive–Company Really Works’ by Adam Lashinsky
- ‘Social Entrepreneurship: What Everyone Needs to Know’ by David Bornstein
- ‘The Southwest Airlines Way’ by Jody Hoffer Gittell
- ‘APE: Author, Publisher, Entrepreneur-How to Publish a Book’ by Guy Kawasaki