Monetize Value
Many years ago I was listening to a webinar hosted by Jordan Belfort a.k.a. the Wolf of Wall Street on sales techniques. In the presentation he made a passing statement that has forever stuck with me. He said that the goal of business is to "monetize value". Often times we come to business because we have a good idea, see an opportunity or want to pursue a particular passion. These are all good reasons, however the primary focus should be to monetize value first.
For years I worked in the apparel industry where each season would bring a wave of new brands. These brands had very little differentiating factors as they would all use the same suppliers. Their main difference was the logo they slapped on their products. Inevitably the large majority of the brands wouldn't make it to the next season.
Season after season it was more of the same with little value being brought to the table. Hence there was an over supply with no demand. But, every now and then a new brand would arise with an offering that was just left field enough. These unique companies would end up experiencing rapid growth because they found an opening in the market. For example, Skull Candy was the first branded headphone company in a sea of look-a-like t-shirt brands. Or Stance socks opened up a new lane of funky socks for the action sports enthusiasts. The value proposition was clear for Skull Candy and Stance and they were able to cash in on the value they provided to the market at that time.
Regardless of where you are in your entrepreneurial journey, take a moment to get clear on the value that you bring. Be honest with yourself. The value you provide is the cornerstone on which you will build your empire.