Your business is a way for people with different subjective preferences to trade one type of value for another. By building a business which can sustainably create value, you put yourself in a position where people will appreciate your existence, and be willing to pay to keep you around. Understanding this one simple principle instantly puts any entrepreneur many steps ahead of the many people who never realize that they are in complete control of how much money they make, merely through the creation of greater value.
This is an important foundational premise to operate from. By focusing first on creating value, you put yourself into a completely different head space, and all your actions will be different as a result. Too many business owners look at the monetary value of what they are selling or the cost of the service they are offering, without seeing the value that those numbers are supposed to represent. Figures, profit and loss statements, and balance sheets start floating around in their minds and this becomes their entire focus.
Once your mindset becomes “how do I create value today?” you’ve already won the largest battle: the battle of your own internal motivation. If you can truly embody this principle in everything that you do as an entrepreneur, you will have already ensured that you will always be producing and earning a living in some way. There will always be people willing to exchange some value back to you for what you do for them.
Living securely in the knowledge that no matter what trials await you in life you will be prepared to handle them is a powerful form of self-mastery. Waking each day and focusing on what kind of value you can create for your audience gives you the confidence that you will never be poor again, and never struggle to survive. Even if all your worldly possessions were to disappear overnight, you would still have the mentality and the knowledge you would need to regain it all quickly and effectively. That is the power of knowing how to make other people happy through targeted value.
As an entrepreneur, value creation will always be your first line of defense against business failure.