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So what should you do to earn your PhD in business world? You should do what every successful company has done. Understand wants and desires of a target market. Remember that people purchase because of a want or desire—in essence people buy feelings. Launch a product to fill want and then get feedback. The important step in this equation is that successful businesses begin to make money with beta versions of their product or service.
Cash flow is life blood of every business. Although it is important to have assets, key to business success is cash flow you generate each day. To experience cash flow from beginning, key here is that your product should not be perfect. Yes, you read me correctly about your product not being perfect. It shouldn’t be. Why is that? Let me give you an example.
Let’s use Google, Internet’s number one search engine today. For every Google there are and were many other search engine companies trying to dominate market place. What is reason for Google’s remarkable success? Here is what Google did and it goes against very paradigm espoused by school system today. Google launched a less than perfect service into market place. Google would call that beta testing according to a recent interview. Now here is catch. What did they do after this? They got feedback! Feedback is answer to dominating a market. It also makes great business sense.
As Google was continuously upgrading their original beta version, other search engine companies were doing what educational system programmed them to do. They were trying to perfect a product/service by themselves separate from their target market. While these companies, many of which have since gone under, were wasting time, energy and money perfecting their “thesis,” to use a metaphor from school system, Google knew that target market never lies. If target market likes it they will buy it. So, at same time as they were perfecting their service, they were also making money!
So how do you get your PhD in business world? You clarify where your passion lies and align it with a hungry market. Seek feedback from your clients at your website. Use this feedback to create exactly what they are telling you they want more of. This is how you get your PhD in business world. And best part is that anyone can do this. Anyone. As long as you take time to do your target market analysis and find out what your target market wants.
Do this over and over again and you will become a guru in your market. And as a by-product, you will earn your PhD in business! Guaranteed!
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