Join us for episode 507 of Business Brain! We start the show by introducing a concept called the people pyramid for entrepreneurs. It represents the different types of people one should surround oneself with. We have supporters at the base of the pyramid – close friends, family, and business partners who are always there for us. Moving up, we have advisors such as accountants and mentors. We also mention industry peers and competitors. Next, we have professionals like bankers, attorneys, and insurance agents. And at the very top, we reserve it for naysayers, non-believers, and vampires. This concept can help us identify the people in our network who lift us up and those who don’t and determine how much time we want to spend with specific individuals.
We then address a question about unique selling propositions (USP) and discuss the importance of having a USP and not competing solely on price. We delve into finding a USP for your business, emphasizing that it needs to be specific, simple, provable, and something customers will value. We discuss examples like using high-quality materials or demonstrating product durability while stressing the importance of simplicity in delivering your USP due to the limited time you have to capture someone’s attention. We mention other industry examples and discuss the importance of supporting claims with evidence, data, and testimonials.
Overall, the episode focuses on the people pyramid concept for entrepreneurs and the importance of having a unique selling proposition to stand out in a competitive market. Join us to learn more!