Encouraging entrepreneurial success on Saipan, Tinian and Rota, CNMI*!

*Commonwealth of the Northern Mariana Islands, a US territory.

           Saipanpreneur Project Article Archives
< < Previous article                Next article > >


More Steps 35-37


The only way to take control of your life, raise your standard of living and move beyond merely surviving is to create your own unique product or service that you offer to increasing numbers of people in exchange for the things of value that you desire. This simple formula applies to countries as well as people. A self-sufficient economy has its own products or services of value to export to the world. Similarly, a self-sufficient individual has something of value to exchange in the global marketplace. That thing of value is based on your natural talent, skill, or interest—in other words, your passion!

The following is a continuing excerpt from a previously unreleased book entitled The 100 Steps Necessary for Business Success by Walt F.J. Goodridge. It is provided exclusively to Saipan Tribune readers!

STEP 35: REPACKAGE for success.


It’s said that you only have to be 10 percent different from the competition to be perceived as radically innovative. Of course, it’s hard to quantify a 10 percent difference between two slices of pizza. But the point is that many seemingly new products are simply the repackaging of things that already exist. It’s easier than you think to create your own product, if you think in terms of repackaging.

One company simply added a brand name to MSG (Monosodium Glutamate) and called it seasoning salt. Once company added fragrance to talc Mg3Si4O10(OH)2 and call it baby powder. One savvy entrepreneur called a slinky wire machine coil by a catchy name and a new toy sensation was born! All examples of repackaging existing items.

One of my most popular creations was a music industry calendar that I developed a few years ago. At the time, I was Wouldn’t it be cool to have a wall calendar of all the important music industry events conveniently accessible and always visible? Now, the information I needed for the calendar already existed and was published on a week-to-week basis in the “events” section of a popular music industry magazine. It’s a fact of the industry that most of the popular events are recurring, and usually planned years in advance. So, I visited the publisher’s offices and purchased all the issues from the previous year. Since each event listing also displayed a contact number, I was able to call the organizers of all the events to determine the when, where and how much of the coming year’s event. I compiled all the information, sent it off to the printing company, and voilá, a new product was created, in all its repackaged glory!

STEP 36: UNDERSTAND why people buy.


Everyone on the planet is seeking something. Everyone on the planet is a potential customer. Therefore, all customers you will ever encounter are seeking something. Once you understand the nature of what people are seeking, you will possess the secret of why people buy. In short, all of humanity is in search of

1. affection
2. acceptance
3. assurance
4. confidence
5. companionship
6. convenience
7. praise
8. recognition
9. hope
10. guidance
11. knowledge
12. security
13. self-actualization
14. spiritual well-being
15. spiritual guidance
16. peace of mind
17. food and drink
18. shelter
19. strength
20. direction
21. entertainment
22. healing
23. pleasure
24. self-improvement

STEP 37: CATER to emotions.

Humans are emotional creatures. When it comes to purchase decisions, people decide emotionally, and then seek to justify based on reason. Yes, emotion is what moves people to action. People are moved to action by many emotions. From my experience people are ultimately moved either by fear or love, or a combination of both. In very broad terms you can think of all action as stemming from either a “fear of loss” (the avoidance of pain) or a “love of self & others” (the pursuit of pleasure). Scientists, behavioral experts and psychologists have all proven that people tend to do more to avoid losing something than they would to gain something. A very famous investment consultant put it into quite clear terms when she asked a crowd she was addressing whether they would work harder to save $15,000 or to avoid losing $15,000 they had. Most responded that they would act more aggressively to avoid the loss! Fear provides a very powerful incentive for most people. Note how many advertisements include words like, “limited time only”, “don’t miss out”, “act now, or else...”.

But whether it’s love, fear, sympathy, sadness, or anger, it is our emotional attachment to a particular thing which influences our desire to buy it, get it, have it, own it and keep it.

Advertisers who link happy feelings to cigarettes, sex to drinking alcohol, sadness and sympathy to giving to a charity, love to trying a long distance service are all using the power of emotion in moving people to action.

But even though people are similar in many respects, they are also quite different in many areas. It pays, therefore, to know a bit about the different personalities of people you will encounter.

Next time in the 100 Steps, we’ll discuss Steps 38 to 40.

* * *

Until next week, remember, success is a journey, not a destination!

(Walt F.J. Goodridge is author of 12 books including Turn Your Passion Into Profit. Walt offers coaching and workshops to help people pursue and profit from their passions. Originally from the island of Jamaica, Walt has grown several successful businesses in the US, and now makes his home here in Saipan. To learn more about the Saipanpreneur Project and Walt’s philosophy and formula visit www.saipanpreneur.com and www.passionprofit.com. Send article suggestions, entrepreneur nominations and feedback about this article to walt@passionprofit.com.)


< < Previous article                Next article > >



WHERE IS SAIPAN?

where is saipan

Located in the western pacific, a short flight from Guam and 3 hours from Japan, the Commonwealth of the Northern Mariana Islands (CNMI) is a popular tourist destination rich in history, culture and natural resources. Saipan, just 5 miles wide by 12 miles long, is the largest and most populated of the 14 islands making up an archipelago that stretches 400 miles (north to south) along the edge of the Marianas Trench.

Join our Best of Saipan mailing list!

name:
email:
spam code:

spacer
PASSIONPROFIT™ NEWS

Learn more about SaipanLiving founder, author & nomadpreneur Walt Goodridge and his unique PassionProfit® books
WHAT PEOPLE ARE SAYING:

"hi Walt, I am very impressed. I never thought of early retiring there until seeing this website. I am interested in finding out more.-- Jim W (from the early-retirement.org forum about welovesaipan.com)

"I have read great things about you and your assistance. I have already found your book to be of great assistance. It is awesome! Thanks so much."-- B. Manuel re: Saipan Living

"Just finished your book and very much did enjoy it I am sure I will read again and again it has a lot of very good information and answered most of my questions."--Keith P. keep me in the loop please.
UPDATES FROM PARADISE

Join mailing list and receive free ebooks! Details

First Name:

E-mail Address:

What is 3 plus 4 ?
Type word answer here:




Guarantee/Privacy/Security Policy

SAIPAN ON FACEBOOK



SHARE WITH FRIENDS
facebook icon googleplus icon linkedin icon digg icon email icon

WE ACCEPT: credit card icons
Guarantee/Privacy/Security Policy
<
eXTReMe Tracker
eXTReMe Tracker