What’s the Purpose of Having Your Own Business?

What’s the purpose of having your own business? Is it to be rich and wealthy, or to gain world-wide renown? The answer is neither.

Those are the reasons you want to own a business, but not why people actually do it. If any business person starts their own business thinking like that, it will probably end up badly. The reason a business exists is so it can satisfy a need, thus the purpose of having a business is: satisfying the customers’ needs.

That’s the golden rule of any business, because when customers are satisfied, they want more; we humans always want more, it’s in our very core and will be for the foreseeable future. Thus, by providing what they want, they will keep on asking and coming back for more, and you end up having a solid customer base. They, in return, will provide you with what you want.

Ask yourself this question before starting a business:

Do you stop by every store and buy something to make other people richer when you go shopping, or you just buy what you need?

The answer is obvious, so why would anyone expect other people to buy something if they feel they’re being ripped off, the item is useless or it’s just not adequate to their needs?

Which is why when creating a company, it’s very important to define who your target market is, trying to make it as broad and appealing as possible while thinking of ways to keep them coming back. An example of the latter is customer support; sometimes the product can be amazing, but you will probably lose a client for life if your workers provide poor service, as well as possible future clients that you might have gotten through references.

Remember, the secret of any business isn’t what works for the entrepreneur, it’s what works for their customers!