Podcast Summary
Asking for full price: Small business owners should ask for the full price from friends and family to maintain profit margins and avoid financial strain. Confidence in asking is key.
Overcoming the mindset of feeling obligated to offer discounts or free services to friends and family in business requires addressing the underlying insecurity and fear of asking for the full price. This issue is common for small business owners who are the sole decision-makers and see customers frequently. By starting to ask for the full price and having a prepared response when asked for discounts, business owners can maintain their profit margins and avoid putting themselves in a financial hole. Andy Purcell, the podcast host, shared his personal experience with this issue and advised listeners to build confidence in asking for the full price, emphasizing that friends and family would want to support the business if they viewed it as successful.
Confidence in pricing: Believe in your product's value, deliver overwhelming value, and focus on attracting customers who value quality to avoid giving unnecessary discounts.
As a business owner, it's crucial to have confidence in the value you're offering and stop giving unnecessary discounts. This behavior often stems from a lack of confidence or experience. Discounts can harm your business, especially when asked by friends or fellow business owners who are barely making ends meet. To build confidence, ensure you believe in the product or service you're selling and delivering overwhelming value to your customers. This will make asking for full price feel natural and beneficial for both parties. Remember, people who ask for discounts may not be your true friends, and catering to their demands can negatively impact your business. Instead, focus on attracting customers who value quality and are willing to pay for it. By doing so, you'll save time and energy while growing a successful business.
Customer positioning: Understanding customer base and positioning accordingly is crucial for businesses. Value shoppers may require more effort but are not always loyal, while transitioning from a value brand to a higher-end one can be challenging. Bridging the gap between old and new generations can bring value to the company.
Businesses need to understand their customer base and position themselves accordingly. Value shoppers may require more effort and time, but they are not loyal customers. Companies can aim for the "good, better, best" categories, but transitioning from a value brand to a higher-end one can be challenging. Older generations may lack understanding of new technologies and trends, but young people can bring value by bridging the gap between the old and the new. To do this, young entrepreneurs should listen and learn from their elders, apply their knowledge to the company's mission, and teach them new skills. Ultimately, knowing what you know and what you don't, and exposing yourself as a valuable asset, is key to success.
Knowledge Exchange: Exchanging knowledge between generations bridges gaps and adds value to companies and communities, humility and continuous learning are essential.
The most valuable thing you can offer is your knowledge. The exchange of knowledge between individuals is priceless and can help bridge the gap between older and younger generations. Young people possess unique skills and understanding of modern technology, while older individuals have valuable experience and knowledge. By combining these strengths, we can create meaningful connections and add value to companies and communities. However, it's essential to humble ourselves and recognize that we all have much to learn, regardless of age. The real world evidence, such as our living conditions and financial situations, should be taken into account when assessing our abilities. Ultimately, it's important to focus on building our craft and continuously learning, rather than boasting about our supposed greatness. By doing so, we can make a significant impact and contribute to the ongoing evolution of technology and business.
Embracing challenges: Embracing challenges and developing a winning mentality can lead to valuable opportunities and personal growth, especially when helping older generations adapt to new technology.
As a young person, finding value in helping older generations adapt to new technology is a valuable opportunity. Cultivating a winning mentality involves embracing the challenges of life and entrepreneurship, and understanding that happiness is not a constant state but rather a collection of moments. Surrounding yourself with successful people, setting ambitious goals, and ignoring the naysayers are key steps to developing a winning mentality. Life is hard, but the journey is worth it for those who are willing to work through the challenges and never give up.
Building a strong foundation: Focus on building a strong foundation in life by ignoring societal pressures and negative influences, being strong, fit, intelligent, and a money-maker, and embracing unique gifts and purpose.
It's essential for young men to focus on building a strong foundation for their lives, ignoring societal pressures and negative influences. The world doesn't pity or help those who can't figure it out, so it's crucial to be strong, fit, intelligent, and a money-maker. Consuming victim mindset nonsense and trying to fit into a regular person's box will lead to frustration and misery. Instead, embrace your unique gifts and purpose, and understand that the world needs people who are wired to build, create, and inspire. Society is filled with non-playable characters who buy into weak and therapeutic ideologies, but it's the ambitious and creative individuals who build the world that everyone else enjoys. Don't let negative influences hold you back from reaching your full potential.
Embrace Identity, Pursue Passions: Embrace who you are, chase your dreams, and never settle for a mediocre life. Seek therapy if needed, but don't use it as an excuse to avoid personal growth.
Individuals should embrace their identity, pursue their passions, and refuse to settle for a life of mediocrity. Therapy can be helpful, but it should not be a crutch for avoiding personal growth and self-discovery. The speaker encourages everyone to stop feeling down and take action towards their goals, even if it's difficult. He emphasizes that if one does not win in life, their existence may become unfulfilling and monotonous. Ultimately, the key to developing a winning mentality is to refuse to accept a subpar life and instead, strive for personal growth and self-improvement.