The 3 Questions  You Must Answer Before Starting A Business
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The 3 Questions You Must Answer Before Starting A Business

In my country, when people want to become
a doctor, they go to university to study medicine for as long as 7 years. When they want to become lawyers, they spend
about 5 years. Even when they want to be a secretary, to
learn how to answer calls and arrange for meetings, they spend as much as 4 years. The only thing nobody learns anything about
before they start is business. I don’t know about your country but in my
country, everybody believes that the reason why they can’t start a business is that they
don’t have money. I never got to know any single individual
who says that the reason why he didn’t start or make a business succeed is that he doesn’t
know what he ought to know. The reason why people don’t point at knowledge
is because it will make them feel responsible for their failure and that’s the reason why
most people can never build a successful business. Now if you want to build a successful business,
pay attention to this video as I’ll share with you the 3 important questions you must
answer before ever starting a business. If you’re new here, consider subscribing so
that you won’t miss other interesting videos like this. How is your product different? Again, in my country, I see so many people
who claim to have a business. When I look at what they call a business and
ask, how is this different from what 1,000 other people are doing? I can’t get the answer in 30 seconds and if
I can’t see how your business is different form every other business, you don’t have
a business. This is not rocket science so don’t pretend
that you don’t know it. Why do you like a product more than others? Why are you willing to pay extra dollars for
a certain brand and not another? It’s usually because those brands have won
your heart and how do they do it? They did it by their differences. Again, this is very simple; you need attention
for your product and the best way to get it, is by being different from other people you’re
competing with. Now, how can you be different? First, you can be different by targeting a
specific demographic, age or culture. In the year 2014 when I wanted to create a
blog, I knew I came late to the blogosphere so there was no way I could compete with other
giant blogs who have been in existence 7-10 years. What I did was simple. I created a blog that targeted only my country. While this seemed as if I left some food on
the table, it means that I am different from other people. Secondly, you can be different by targeting
a certain gender. Creating a product specifically for women
in the market where everyone creates such product can win you a lot of loyal customers. An example of this could be a phone that was
designed only for women. This seems like a crazy idea when you consider
the fact that men and women essentially use the phone for the same things but if you look
at it from the perspective of tribes, then, you might see a better picture. Human beings love to belong and we take pride
in using what other people in our tribe are using and it won’t surprise me if I see a
company making cars specifically for women. You can also target a certain age group. We have a channel that’s called Under 40 TV. This channel was to target people who are
40 and below and when some people saw what we’re doing, they think we’re crazy. Well, we’re simply trying to be different
because if you’re in a creative space and you’re no different from everyone else, you’ll
disappear in the crowd and when nobody sees you, nobody can patronize your product. Another way you can be different is by having
a superior service. There’s a grocery store in my city that sell
things at a higher price than other people. Though the store is selling the same thing
with every other store, I still prefer to shop there even though they are selling at
a higher price. But why? Well, the experience is superb. I love being in that store and I don’t mind
paying extra dollars for what I buy there. Warren Buffet had discovered this truth long
ago. He said, “you can charge a higher price if
you can create a superior service,” so if you don’t have any other thing to differentiate
yourself or your product, try to create a great environment with superior service. You can also be different by knowing what
your competitors don’t know about your customers, technologies and the market. One of the secrets of Henry Ford was that
he discovered the source of the raw materials most of his competitors could not and he capitalized
on that advantage. Knowing what your competitors don’t know can
make you succeed faster but this is expensive. Knowledge is expensive because it requires
a lot of discipline. You have to be curious. You have to study and read. You have to search and knock doors to look
for knowledge. Most people cannot do this and that’s the
reason why their businesses fail. How is your product, book or creative art
different from that of everyone? Can I work with people and lead? A few weeks ago I heard a speaker saying,
“You cannot build a business. You can only build people who build a business.” I think this is completely true. You cannot build a business because there
are so many people involved in building a business. Look at this video. It’s going to get to the table of 5 or 6 people
before you can ever see it. Many people think this channel is being operated
by a single individual. No! I write the scripts, someone else proof-read
it, another person voice it, someone else edits the voice and someone else edit the
video and even sometimes, someone else has to upload and publish. The reason why that is so is because no single
human being can do everything that has to be done on any meaningful business. Apart from the fact that you don’t build the
business, you only build people who build the business, you also work with people all
the time. The customers, your teammates, your investor,
and even your haters. If you don’t know how to handle any of these
people, you won’t build a business that succeeds. So what is the way out? Learn how to deal with and manage people because
that’s an important skill when building a business. Can I go through hell and still breathe? Can you fail a hundred times and still believe
in yourself? Can you get rejected by everyone and still
believe that you have what it takes to succeed? Can you continue fighting for your dreams,
even after you have lost it all? If you can’t endure more than three failures,
you were not made to be an entrepreneur. That’s just the bitter truth. I mean, I don’t know where people get the
idea of overnight success. Much overnight success you know simply happened
because someone had not slept a thousand nights, so when he wakes up after a thousand sleepless
nights, he becomes successful. Can you go through hell and still breathe? Can you go through failures after failure
and still stand to fight for your dream? If you can do that, you can be an entrepreneur. Here is the summary of this video:
Is your offer, service or product different in a significant way than that of your competitors? Are you a people person? Do you like people, know a few things about
the human relationship? Can you relate very well with others and lead
them to accomplish the common goal? Can you go through hell and still breathe? Can you endure a hundred failures and still
wake up the next day to try again? Thank you very much for watching our videos. We’ll like to give you another interesting
video for you to enjoy next but before then, our team will be very happy if you like this
video and share it with your friends on social media. If you are new here, don’t forget to subscribe
so you won’t miss other interesting videos like this. Look at your screen now to see two other videos
we have hand picked for you to enjoy next. We love you!

About Ralph Robinson

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19 thoughts on “The 3 Questions You Must Answer Before Starting A Business

  1. Lol in India they made these scooters for girls and made the tagline "why should boys have all the fun?"

    I found it cringe as a kid but have mad respect for it @ 19 today.

  2. I love your videos I am going to my home country am also interested to start business but I was saving money to start business but I can see my saving time table the money which I have is not exactly what I need so what advice you can give me

  3. As you said, in schools they don't teach us how to start a business and become entrepreneurs, they teach us how to work FOR others. This is why we need to take it as our responsibility to educate ourselves on a daily basis! This channel is a great way to grow! Thanks for sharing 🙂

  4. I highly recommend this channel
    Very informative very clear thanks for ur channel I've learned many things that school don't taught us… GBY

  5. Haven't watch it yet.

    My guesses:

    -Willing to serve others
    -Commitment to being patience


    Oh yeah, 2/3.
    The first one is a rookie mistake on my end.

    Always need to know you target audience 🙂

    *Bonus Tip: Have Fun!

  6. Pls I need your recommendation on some books. I'm about to start a business. Business books recommendation, books that talk about starting small, growing big. Thanks.

  7. Yeah, in Africa business is a default option. People go to business when they don't have any other choice. That is absolutely wrong.

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