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Creating a Successful Business

This is part of my Notes series where the writing is not long enough to be an essay but longer than a Twitter thread.
Creating a Successful Business

Why do people buy?

Profitable businesses engage the heart.

Understand 5 drives that make people spend:

1.  The drive to acquire

2.  The drive to defend

3.  The drive to bond

4.  The drive to learn

5.  The drive to feel

When people have unmet need in these areas, there’s a market for you to make money on.

Satisfy these 5 drives and you will thrive.

1.  Acquire

Humans are gatherers.

We like to own:

  • Physical stuff
  • Immaterial things

Appeal your customers with:

  • Fame
  • Power
  • Wealth
  • Comfort
  • Influence

2.  Bond

Your customers want to feel valued and loved. Create businesses that make them feel the bond.

These businesses let people feel connected:

  • Restaurants
  • Night clubs
  • Dating apps

We are social animals. Connect people to make money.

3.  Learn

People are curious. Appeal and satisfy their curiosity.

Create educational products and services. Make your customers more knowledgable and skillful.

Make people feel competent.

4.  Defend

We desire to protect:

  • Ourselves
  • Our loved ones
  • Our possessions

Provide the means to do so.

Sell:

  • Insurance
  • Legal advice
  • Security system
  • Self-defence training

Make people feel safe.

5.  Feel

We are sensory creatures.

Deep down, everyone feels:

  • Pleasure
  • Emotions
  • Excitement
  • Anticipation

Offer promise that pleases and thrills people.

Inspire happiness with your business.

Above all, make people feel.

Personal MBA is a book for every entrepreneur. Ignore it at your own risk.

Learn how to create successful businesses here:

The Personal MBA: Master the Art of Business