How To Get Big Rewards?

Most sane people are afraid of problems and tend to avoid them. From evolutionary perspective that is something that helped us to survive. I don’t go further into examples or explaining the reasons why, I’m sure you can do the math by yourself as you have come to read this blog.

But what people don’t often realize is that where there is a problem – there is money waiting to be made.

The bigger problem solved – The bigger reward obtained

In short: if your job is to solve small problems you likely get paid little:

Cashier vs. CEO
Nurse vs. brain surgeon
“I only work here” vs. “I will do what it takes to make this company profitable”

If you manage to solve complex and big problems with good track record, you most likely are rewarded well. It is not a coincidence that intelligence (which often equals to the ability to solve problems) correlates with a good income and financial well being.

Easy to replace = lousy rewards

I urge you to make a status check: would you love to solve bigger problems and get a better reward? Are you willing to rise above mundane? Do you have the brainpower to go to markets where majority of people are afraid to enter and prosper: like sales, marketing, strategic planning, leadership?

If you come up with “yes” – that is your first problem to solve!

  • What kinds of problems you want to solve,
  • who has these problems,
  • and how to connect and convince these people that you are the right person to do that?

There is always a “but”

Inspiration and determination will take you far, but it is not all it takes. Nor is the general intelligence alone a guarantee to prevail. In order to be exceptional you also need tools, experiences, and networks:

  • The tools you can study from blogs like EBL, professional books, courses, schools, mentors and educational videos for example.
  • The experiences and merits you gain only by trying hard, and by trial and error – just go and do stuff you feel passionate about. Passion, mission and vision give you extra strength. Money alone is almost never the best motivator, although it sure makes life easier and more enjoyable.
  • Networks help you reach the people and opportunities that are in need of a problem solver. Get out of your comfort zone and meet people: both online and offline. Face your fear of rejection and never surrender to it. First it hurts like hell, but with time you get used to it.

Think about it: Are you using all of your potential or would you like to win more? If winning is your choice, do what it takes to be Ever Better!

Lets recap and go a bit deeper – in order to solve big problems and get big rewards you must find out:

  1. Who you wanna be
  2. What kinds of problems you want to solve and how you plan to do it
  3. Who has these problems
  4. and how to connect and convince these people that you are the right person to do that?

Step 1. is your vision and mission
Step 2. is your strategy
Step 3. is your target audience
Step 4. is your marketing and sales tactic

You have just created your personal business plan, so now go and execute!

Head there; where problems cause despair!

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Why to deliver only the MVP?

When a business is profitable, it is much easier to make an attractive* workplace as well as to keep people happy and motivated**. That is the reason I got the inspiration to write about the importance of supplying the Minimum Viable Product I.e. MVP. MVP is usually used in the context of product development, but I think it can easily be adopted to any industry. I am aware of the fact that this might sound weird for some readers, but keep your mind open for the idea and read on.

Why to deliver only the MVP?

Smart businesses should always be based on delivering the minimum viable product (MVP). Even when dealing with premium brands and services.

Simply because:

  • MVP saves time
  • Time is money
  • Saved money can be used to make people happy and to develop businesses.

But delivering the MVP is a lot harder than it sounds, as in some cases the beauty is in the details – and quite often it can be hard to know if something is good enough. To find out what is the MVP it usually requires surveys, tests launches, experiences and valuable failures.

Embrace failures – they are super valuable. Be grateful that You don’t need to do those mistakes again!

WHEN THE BUSINESS IS PASSION

When leading passionate people doing just the MVP can be tricky, as the passion tends not to respect the laws of smart businesses. I.e. In passion businesses the human resource and development aspect can often even make a product and service better than consumers would require. This extra amount of work should be taken in consideration when setting the price for a service or product. Luckily premium brands tend to sell better when the price rises – to a degree.

Selling the excellence too cheap can cut down the revenues fast.

This also applies when saying “our organization wants to exceed the customer expectations.” Exceeding expectations is smart only if it can be turned into revenues. Usually that can be do by keeping the customer happy (stability and capability to foresee future invoicing) and/or generating brand value which will allow bigger invoicing.

I will later get more into the detail why increasing brand value should be something that every individual and organization should want. The following image explains the basics of it in advance:

BUT WHAT IF THE PRODUCT IS just too BAD

Sometimes the problem can be the opposite: organizations fail to achieve MVP and fail. That usually means that the product is not on the level that market requires or the service is just bad. These kinds of problems are possible to fix, but usually require shitloads of more money, time and patience. And if the money runs up, then the time is out and there is not much to do. That is why it might be safe to put in some extra effort when in doubt or to try to launch with a price with more headroom. The price is always much easier to drop than rise.

TO SUMMARIZE
  1. It can be hard to find out the exact MVP, but if found, it is the best way to run business from revenue point of view.
  2. Exceeding expectations is not a bad idea, but it must be done beneficially. There are no free lunches.
  3. Sometimes it can be better to play safe and do a bit extra, than fail in the launch. If you run a start-up for example, you might have only one chance.

What do you think about this? Makes sense? Or not? Please comment here or in social media. I know this might not be the easiest post to agree with. 🙂

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Protip 2: What is a strategy in short?

Every successful business is based on a winning strategy. But quite often the strategy is mystified to be something next to magic or rocket science. That is not the case, as everyone of us is capable of strategic thinking and planning. (But it is worth mentioning that not everyone is a good strategist or a planner…) We actually come up with different strategies daily, and if we simplify to the extreme:  a strategy is a plan.

And in a slightly more detailed level:

To have a strategy is to have a plan to win – in a particular position and in a particular way.

The Winning StrategyAnother very important thing to understand is that if a company doesn’t want to win, it is wasting the time of its people and investments of capital providers.

As simple as that. The tricky part is to come up with a winning strategy. That requires skill, knowledge and proper tools. And even with the skills, knowledge and tools the strategy is still just an educated guess – as there never is 100% guarantee that it actually will work and turn out to be the winning horse.

To get started, I recommend reading “Playing to Win: How Strategy Really Works” by A.G. Lafley.

To get the basic tools to build up a winning strategy I advise you to stay tuned, as I will later write more about those.

Until that please remember:

To have a strategy is to have a plan to win!

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