Learn more about economics with this collection
Why happiness is the ultimate goal
The importance of creating value
How to create wealth in the modern era
To stay profitable over time, look beyond your customer and consider your contribution to the value of the final product. Even if your customer does not recognize it, you should meet the opportunity and innovate to offer your customer an upper hand.
If you make your customers thrive, your business thrives. The key is to think about the consumer whether or not you serve them directly.
8
16 reads
MORE IDEAS ON THIS
Looking at the example of Uber, which upended the taxi services a few years ago, your business is not safe even if you are already making nice profits and the future looks bright.
After all, even protected monopolies eventually get disrupted. What you need is to make sure you can stay prof...
7
92 reads
The key to profitability is to recognize what businesses are and do from the perspective of the whole economy. Businesses formulate strategies to position themselves with respect to each other and thereby earn profits. So the economic context matters, because it is within the economy that you run...
8
23 reads
The key to profitability is to imagine how you are contributing to making consumers better off.
In our advanced economy, with two-thirds of all spending being business-to-business (B2B), your customer may not be the consumer. But the consumer is the user of the final produ...
8
17 reads
Profits are rewards for a job well-done. But to maintain profitability, your sight must be set to facilitate future value. After all, the line of production that you’re considering today will not be instantaneously available to your customers.
The value they get from the goods and service...
8
23 reads
CURATED FROM
IDEAS CURATED BY
Related collections
Other curated ideas on this topic:
Once you have committed to turning your passion into something profitable, the next step is to carefully research the options: check if there is a real demand for your offer, have a a look at what competition has to offer, etc.
Furthermore, maybe the most important is to find ways to inno...
Address these two key questions:
Allowing yourself to take back the time that you might be losing from mundane tasks such as customer support is a BIG LEAP towards your business scalability.
Focusing your time and energy into activities that develop or enhances your products and services is a game changer for your business...
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates