You will fail if you try to compete on price as a start-up. I can guarantee that with 100% certainty. Listen carefully to yourself, do you EVER mention price as a factor in your offer? If so, you are competing on price.
If one cannot compete on price, what other basis is there? The “secret” is to compete on design. Your role and value at the small business level is to be a innovator, which means premium prices and unique designs. You make more money doing less. You may be selling hats like anyone else, but they are upscale, specialty hats. You may have a hole in the wall restaurant, but your Chow Mein is $22.50 a plate, because it is a better design (recipe).
If you plan to be a big business billionaire like Steve Jobs, you start here on design anyway. If you plan to be a small business billionaire like Ty Warner you start here. If you plan to have your dream lifestyle, and don’t care about the money, you start here.
But how you make the money you need is to compete on design, bringing your passion and the joy in working on solutions to your passion, others’ design talent, with the world’s best producer to demanding retailers, for their stores.
Feel free to forward this by email to three of your friends.
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