Entrepreneurs must ABL Always Be Learning and Lolapalooza one of today’s top news stories has 3 lessons for entrepreneurs.
Lolapalooza is in the news because ticket s are now on sale for this multi-day music extravaganza. Entrepreneurs should pay attention to this story because there are 3 lessons For entrepreneurs found in this story. These lessons are:
- If you build it, they will come
- People pay for what they want
- Dependability breeds loyalty
If you build it, they will come
I am famous among my circle of friends and professional colleagues for saying, “There is a lid for every pot.” I use that expression to share the idea that there are all kinds of people and there is always someone who likes whatever you have to offer. Often as entrepreneurs, we are afraid to sell a new product or service because we are afraid no one will buy it. Once you realize that there is someone who wants to buy almost everything under the sun, it gives you a new perspective. If you have something good to offer in the marketplace, step up to the plate and offer it. If you build it, they will come so get going!
People pay for what they want
Entrepreneurs are often afraid to charge a high price for good and services. We mistakenly think that if our price is too high, customers will go to lower cost options. This is not always the case. It is important to keep in mind that people pay for quality and they pay for what makes them feel good. In addition, people weigh their options and will make sacrifices to get things they want. The trick for you is to find a way to make your products and services what customers want and then let them figure out how to pay for them.
Dependability breeds loyalty
When customers know they can depend on your company to provide quality products and services, they will come back to you again and again. Customers want to feel secure that your product or service will work as advertised. Customers want to know that if they give you their money, you will be around if there is a problem. They also want to know that if they refer a friend, you can be depended upon to provide good quality, good service and a good experience.
Just as people go to Lolapalooza year after year because it was built, people find a way to pay the high ticket prices and it is a dependable source of entertainment. You must also build, charge for your products and be dependable. So, the question for smart entrepreneurs this what song gets you up and moving, doing what you need to do each day?