Yesterday, my son and I had our haircut. Our decision to eat at Mongolian Quickstop resulted to a short discussion with the franchise owner, Mr. Albert Yu. If not for his age, I may have mistaken Mr Yu as the customer relations manager. He was so jolly, accommodating and optimistic. I took advantage of the talk to learn as much entrepreneurial lessons as I can from this seasoned entrepreneur.
This is a business model worth pursuing. If your main thrust is to add value to your customers, in the long run, these will create more value to your business.
Add Value
The main reason why you are or you will be in business is to create wealth not only for yourself, but to other people too– (would be) employees, suppliers and customers included. To achieve this, you must add value to your product. When customers purchase your product or services, what else do they get?
Illustration: Every school year, we are securing the services of a school bus. The expected end result is to just bring our kids to school and back home. However, our school bus operator does more than that. He sometimes act as nanny in extreme situations, does errand jobs and generally takes care of the welfare of our kids. That’s value for money. So when he requests for increase in payment, we do not grumble and look for other other service provider.
Sustainability
Here’s the video of Larry Page, Google’s (co) founder, while delivering his inspirational speech at the commencement ceremony of University of Michigan. Full transcript of the speech is available at Google Press Center
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