The Sensible Business Man

Conducting business can be strenuous at times; due to lack of wisdom.

Wisdom is knowing what to do next; Skill is knowing how to do it; and Virtue is doing it. ~ David Starr Jordan

Today, I am introducing a new concept:
Proportional Entrepreneurial Sensibility

Definition: Fallibility

1. Capable of making an error: Humans are only fallible.

2. Tending or likely to be erroneous: fallible hypotheses.

 

Ever considered that doing is associated with your hands, feeling mostly with your fingers,  seeing with your eyes, hearing with your ears, smelling with your nose and tasting with your tongue?

Consider now the proportions:

• 8 fingers (10 digits, according to: Wikipedia: Thumb)
• 2 hands
• 2 eyes
• 2 ears
• 1 nose (2 nostrils)
• 1 tongue

 So, where am I going with this?

Concept: Feelers
In terms of business, using your feelers is depicted as searching for opportunities and for testing practicality and ideas; something that should be done on a regular basis and should be the first step in testing feasibility. 

 Example: You are starting your new venture and decided you are going to focus on selling gardening tools.

You come across a very fancy leaf blower - instead of spending your entire budget (gambling) on this leaf blower, you should decide if it is doable with your budget - and only buy 1 or two - after considering all the alternatives available. (Remember to always buy bulk to save money!) 

If it ends up being a big seller, you have hooked your customers - if not, at least you didn't spend your entire budget on it, and it will still sell even if you have to sell it at cost price. Alternatively, you could start your own gardening business, catering for the Do It Yourself Crowd and Convenience Crowd.

In order for you to correctly use your feelers, you need to apply your senses in order:

1. Look (x2)
2. Listen (x2)
3. Feel (x8)
4. Do (x2)
5. Speak (x1)
6. Smell (x2)

Using your business senses proportionally can reduce the chances of making mistakes and wasting your time and money. Be smart, use your Feelers.
 
 I would love to hear your feedback if this series has benefitted you in any way! Stay tuned for more tips & lessons on how to make money!

Now isn't that convenient?

Necessity: the condition of being essential or indispensable

Plato said:
Necessity is the mother of invention.

When we apply this *rule*, the first thing we do is to perform introspection. We tend to think of things we need in terms of what we can see or have experienced.

If you've ever tried doing this to identify something you can do to make money, you will have realised it is quite futile, but why?

Modern society has come a long way. Unless you are really into pondering the things of the universe, I'd rather suggest a more direct route to making money.

Convenience
One of the more under appreciated terms in business today. The truth is, making things convenient for others, make it inconvenient for you.

Definition: Convenient
Fitting in well with a person's needs, activities, and plans
Involving little trouble or effort

Here are a few examples of how businesses use convenience to make money:

• The birth of the supermarket.
• The super-garage: a garage with a convenience store and also a car wash.
• The baby washing basin.
• Access to the Internet from home.

Apart from directly making money charging a service fee; creating convenience as a means to attract customers, gain an edge over competitors and means of extending their business is common.
Examples:
Directly making money by providing a service:

• Maids
• Gardeners
• Management

Indirectly making money by attracting more customers by means of convenience:

• Supermarkets vs Single store
• Customer Services

 In a previous post I mentioned business lines. In short, it means targetting different areas/needs in the same market.

For example take a pet shop and a veternarian

Extending a veterinarians' bussiness by also selling pet food or a pet shop also selling pet toys is common. This is due to marketting practise - a pet shop is associated with excitement, where by also selling pet toys can generate additional income, where to a veternarian selling pet food also is good practice due to the credibility of a veternarian selling his 'vet approved' pet food.

Although the examples are few, it shows 'inventions' aren't purely born of need, but also the necessity of convenience.

In layman's terms; when thinking of ideas to make money, you should not just think about needs, but also the things you got used to that you can't live without - or rather, don't want to live without.

It is important to remember convenience also has to be practical.
For example: 

I'd like to leave you with one word: Patience
Although the need to make money is alive in kicking; making money is much like weight-loss in the sense that once you stop doing what you were instructed to do (eat this diet, take these pills, use this machine), you start to gain weight again.

The purpose of It's All About The Money is not just a way to teach you how to make money; but rather how to keep it and make more. It requires understanding and transformation of the mind! Be diligent!

Stay tuned for more tips & lessons on how to make money!