There’s No Business Like Your Business
JACK
In the past couple of months a number of people have asked me for advice on how to go into business and, particularly, how to choose and market a product. Back in 1996 I wrote a book “There's No Business Like Your Business: How to Turn Your Knowledge into Personal Profit”. In the early 1990's the economy was very similar to what we are currently experiencing. There was a recession, and thousands of companies were downsizing. Hundreds of thousands of people lost their jobs at big companies like General Motors and IBM. It was important then, as it is now, to investigate other possibilities. The United States was, and is, the greatest source of entrepreneurs. Then, as now, the work force needs to find profitable businesses. Regardless of the size, and the investment, it is important to recognize the opportunities that exist and to find the entry point.
Usually, people seeking advice have a product that they feel has possibilities. In this case, they must ask the hard questions. One, is there a real demand? Two, are you capable of manufacturing this product? Three, is there anything like it on the market, and how successful is the existing product? Four, in what way is your product superior to what already exists? Five, do you have the knowledge and the financing to make it a success? The over-riding rule is you must find a real need and be able to fill it.
HILLARY
But filling a need isn't necessarily about a product, right? It can be a service, too.
JACK
You're absolutely right. It can be a product, a process, or even an idea. But, in all cases, it must satisfy a need. Fred Smith conceived the idea for FedEx as a student, and I believe he got a C on his paper. But here was a remarkable idea to fill the need for over-night delivery. His spectacular concept was to have a central point of distribution. As it works out, all FedEx packages go to Tennessee and then they are routed to their destinations. Even if you are sending your package across the street it takes the same route.
HILLARY
That's something to keep in mind when sending a package. If something is local, or even within your state, perhaps FedEx is not the best choice. At least, not environmentally.
JACK
This is a whole new factor that has come into the equation since FedEx was created. At that time there was no energy shortage, and no environmental concern. Perhaps it is time to rethink, and perhaps come up with a better idea. I can't tell you what it is, but this is the joy of working on a worthwhile project.
HILLARY
This is part of what makes America an amazing place to live, as we continue to evolve and our innovation evolves with us.
JACK
This leads to the question that is most often asked of me. Is there less opportunity today then there was when you started? After all, so many products and services have already been developed. The answer of course is that the opportunities are far greater. It is almost impossible to contemplate the possibilities that exist within the computer arena alone. I can think of so many functions that are done in a timely manner that was quite impossible 50 years ago. However, the same basic rules of business apply. It doesn't matter if you're coming up with your figures with an abacus, an adding machine, or a computer. Two plus two is always four. But the beauty is that you now have the solution in an instant. My first rule of merchandise was to do some research and learn about any products that are now, or have been, in the marketplace, similar to what you have conceived. Today you find out immediately just by using any of the remarkable search engines. Every time something new is developed a whole industry can spring up around it. When Steve Jobs was tinkering in his garage he certainly didn't see iTunes, iChat, and iPhones. With the advantage of advanced thinking, Apple has far outstripped IBM. 40 years ago, Apple was one of my direct-marketing clients and everybody was of the opinion that there was no way that they could compete with IBM.
I think I'm getting carried away with modern technology. For the newcomer, you can stick to the simple products and services. You don't have to be a computer genius to succeed in today's world. Just look at and think of the products that you use every day, and think of how you can make it better. The United States economy thrives on practical innovation. You can be part of this remarkable exciting treasure hunt.
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