As an entrepreneur carving out your piece of the marketplace, it is important to keep focused on creating the right value and price balance. Napoleon Hill, in his book Think and Grow Rich, says “The world will pay any price you want. All you have to do is ask.” This could not be any more true in today’s world than it was 80 years ago when these words were originally written.
In any transaction in life, the transaction is consummated when value exceeds cost. This leads to the question of where does value come from and how can it be increased? Simply put, value is based on what you make it. So the more effort that you place on demonstrating the features and benefits of your product or service, the better the chance of raising its value.
In every transaction in live, someone always convinces someone else of something. In order for you to be the one with the upper hand, you have to believe in yourself and in your own price and value before you will be able to convince someone else of the same. Additionally, your prospect has to be able to easily understand the value that you are attempting to convey. If your presentation is cumbersome and complicated, you will have a much harder time conveying the value to the other person.
Entrepreneurs who understand this have an easier time at creating their niche. They understand that they have to desire to be at a certain price point in the marketplace before they can actually achieve it. SO rather than letting their perceived market restrictions or personal limiting beliefs dictate their price, they will proactively decide where they want to be in the market and them focus all of their efforts on leveraging their value up to that desired point. They understand that if they are not innovating and setting their own prices then someone else is building their value.
Being able to adapt and restructure the business value proposition is a key trait of successful entrepreneurs. If they are not getting the results that they want, they simply reassess the situation and figure out how to take a different approach to the same desired goal. One reason for not being able to yet attain the desired level of value is simply that the entrepreneur and his business has not yet perfected the level of skill and knowledge required to achieve and sustain such a price point. This is an important realization to achieve by an entrepreneur because it will point out that the desired outcome is not the problem, the current deliverable is the problem.
As Napoleon Hill says, “There are no limitations to the mind except those that we acknowledge.” Go out and create your own price in life and then work towards making that price become a reality!