Dear M & M: What is the single most important question I should ask myself before I decide if I should go into business? Bill
Dear Bill: Never is any solution that simple. There are several things that can cause a business to fail. As soon as one thinks you have everything solved market conditions change. New opportunities and threats are continually emerging daily. Answers today more than likely won’t work to solve tomorrow’s problems. Many business leaders and companies believe probably if you had to answer a single question this would be it.
What is your value proposition?
If you do not know or can’t explain why your customers need your product you don’t have a value proposition. If consumers have no need for what you are selling you don’t really have a business. There is no incentive for people to pay. No sales no business. It is that simple. Don’t forget the second half to the value proposition. That second half of the value proposition is the customers’ feelings that you can satisfy or deliver to fill that need. Remember, “a value proposition is a promise of value to be delivered, communicated, and acknowledged. It is also a belief from the customer about how value (benefit) will be delivered, experienced and acquired.”