Value is in the mind of the beholder.
— Kyle KirkRead More
The Captain's Log at the EntrepreneurShip provides small business owners with tools and strategies to help them communicate with customers, develop better relationships and create strong brands.
Value is in the mind of the beholder.
— Kyle KirkRead More
We are creatures of curiosity. We want to know, to learn and to figure out. Entrepreneurs who satisfy our desire for knowledge can create new and wonderful offerings that create deep relationships with their customers., engaging them in new ways while securing a focused, attentive audience. In addition, those entrepreneurs who provide information can be seen as more trustworthy, more knowledgeable and more proficient. If your business offers useful tips, describes novel uses for your products or creates opportunities for people to engage their minds, you further differentiate yourself from your competition.Read More
Every human physical experience has been elevated through entrepreneurial effort. Everything we eat and drink — from filet mignon to water — has been transformed by intentionally engaging the senses. Our homes have become retreats for rest and rejuvenation. We sleep in more comfortable surroundings than at any time in history. Bathing has become a way to refresh the spirit and cleanse the body. Even the treatments we employ to recuperate from illness have benefited from the addition of appeals to our senses. We understand the world through our senses, so it makes sense that entrepreneurs would utilize these approaches to deeply engage customers with the offering and improve the brand. How can your brand encourage a deeper sensory connection?Read More
A small business that creates value through conservation can attract a wide audience and form new consumer habits, developing a dedicated customer base in the process. What can your business do to create value through conservation? What processes can be automated? What products can be delivered or replenished automatically? What needs do your customers have that are not being met? With a little creativity, your business can differentiate itself by using the skill of empathy to free customers from chores, save them money or decrease demands on their time.Read More
Creating aesthetic value can be difficult – every individual has their own interpretation of what is beautiful and what isn’t. Large corporations frequently have to develop a series of the same product in order to please a wide range of customer tastes. Mass market products simply can’t be tailored to the individual tastes of each customer.
People want to live in a beautiful world, and many are willing to pay top dollar for aesthetic appeal. Small business owners should examine the aesthetic component of their products and services to see if they can find a way to differentiate their beautiful business from the rest of the pack.Read More
We want to feel special. We want to belong. Entrepreneurs of all stripes have used this knowledge to create high value options for products and services. From first-class accommodations to red carpet runways, we celebrate those who want to engage with our brands on a deeper level. We create VIP programs and encourage customers to take steps that move them to ever-higher levels of status. One benefit to this approach is the development of habit — when you've asked a customer to work for the privilege of attaining special status, your brand becomes far more deeply ingrained in her mind.Read More
We value emotion. Most of the choices we make are based on how we feel. When an entrepreneur recognizes the need to feel a certain way about a certain thing, she can use that understanding to guide the development of her products and services. How do your customers want to feel? What feelings do they have that they don’t want? This kind of psychological investigation can create a valuable business.Read More
Today, almost everything can be bought anywhere at any time. But if you can find a way to make your products or services unique you will be able to create value in the mind that will appeal to a specific audience. Even the oldest of product and service categories, like produce or news media, can be altered in a way that separates it from the rest of the marketplace. In a world saturated with offerings, it's the one-of-a-kind that will attract consumers' attention.Read More
Value no longer comes primarily from the product itself — it comes from the value added to the product by entrepreneurs. When a coffee shop creates a relaxing atmosphere or a pastry chef turns dessert into sculpture, the added value becomes how customers distinguish one business from another. This added value can be traded for money; it is the fundamental dynamic on which small businesses grow and prosper. There are many, many ways for entrepreneurs to add value to their products and services — today's post provides an overview.Read More
If the power goes out in a large area for more than a few weeks, the agreement you have with every store owner and credit card company may change fundamentally, and the plastic card you use to make purchases may become worthless. Those things that you value today may not be worth much tomorrow. The popularity of brands comes and goes. Trends emerge and fade. Some of the newest technologies may be completely obsolete in just a few years. Value changes from moment to moment. As an entrepreneur, you must be able to respond to how your customers' perceptions of value change over time.Read More
Value changes from person to person. This is true in a host of customer situations, and income is not the most critical factor. Some people are willing to spend a much higher percentage of their income on a particular type of product simply because they find it more valuable. It’s not the income that makes the decision, it’s the internal assessment of value. As a blank page entrepreneur, it’s more important to understand a psychology than a demographic profile.Read More
The need to create agreement about what constitutes value remains the most critical task for blank page entrepreneurs. The first step in creating agreement is to discover the psychological aspects of your customers that allow them to find value in your products and services. It’s not your products and services that have value, it’s how they are perceived, and people who value the same things do so for different reasons. Successful entrepreneurs know how to tap into these psychological dynamics.Read More
Since all value is psychological, we must find tools that create value in the mind. There are three tools in our tool chest: knowledge (from information and other forms of content), emotion (created by design and branding) and experiences, which are a way we can combine the other two tools into something that may be greater than the sum of its parts.Read More
Value is largely emotional. It arises from aesthetic appreciation and jealousy and happiness and anger — our emotions both create and shape what we value. Value is also cognitive. What we understand — both what we know and what we don’t know — can increase or decrease the value we associate with things. Value is a product of our past experiences and future expectations. It is tied to hope and regret; to pleasant memories and future fears. As a result, value is deeply personal and entirely psychological.
Entrepreneurs don't make money. They create value that they exchange for money. To create value, you must first understand its nature.Read More
To create a successful business — to create value that can be exchanged for money — blank page entrepreneurs must understand how to use communications to build value in the mind. Feelings exist. Products and services exist. Money does not. It is only a placeholder for the value that exists in the minds of your customers, your employees and everyone else you do business with. It’s your offering — your unique combination of products, services and communications — that will enable you to create the value that can be traded for money.Read More
A trade cannot happen until an entrepreneur convinces a customer of the value of his offering. To become a successful entrepreneur you must understand the nature of value and how to create value in the minds of customers. Until you do, you won’t earn any money.
This is a critical distinction that blank page entrepreneurs must understand. An entrepreneur doesn’t “make money.” An entrepreneur creates value that is exchanged for money. Once you understand the difference, it can radically change the way you perceive your role.Read More
The businesses and individuals described on the “Ship’s Log” portion of this website are fictitious, as are the descriptions of branding and marketing programs developed for their imaginary businesses. Any resemblance to real persons, living or dead, is purely coincidental. All information contained in the “Ship’s Log” portion of this site is the opinion of the author, nothing more. Information included here is provided as an idea for further consideration, not as a recommendation for your organization. Before embarking on any business activities you should consult with qualified professionals including, but not limited to, attorneys and accountants that may advise you as to the legal and financial ramifications of your decisions.
The “Ship’s Log” portion of this website will not review or endorse any product, service or organization and does not solicit or accept applications for review or endorsement of any product, service or organization.