` This is part 8 in an 8-part series about the B-I Triangle? put forth by Robert Kiyosaki in his book Rich Dad’s Guide to Investing“.
The article links are Mission, Team, Leadership, Cash Flow Management, Communications, Systems., Legal, Product
The Product is at the pinnacle of the triangle because it is, in the overall scheme of things, not as important a function as the other parts of the triangle mentioned in the previous articles. This is not to say, however, that the product is NOT IMPORTANT. Without a product that provides some use, utility or value to the paying consumer, all the other parts of the triangle really become just theory.
The product, simply stated, must address and fill some need in the marketplace. The successful entrepreneur is one who can position him- or herself in front of a growing trend by finding a void in the marketplace and then filling that void.
The positioning in front of the trend is where the real money of business is made. A perfect example is the bottled-water industry. At one time, people would literally laugh at you if you offered up the idea of putting water into a bottle and selling it. The few who positioned themselves in front of the bottled-water trend have profited massively and, consequently, don’t need the information in this article 😉
This bring up another important point: opportunity. If you are attempting to build a business that addresses a genuine market need, expect a low number of the people you talk to to actually get involved with you. This is where opportunity is seized. If you went invented something spectacular, then went out and talked to 10 people about it, and 9 bought immediately, the opportunity may well be farther past than you think. Expect and hope that only 1 out of 10 people will get involved with you in the beginning. As your product, idea or service slowly and gradually matures, you’ll creep to the 2% market penetration point. It seems that companies all throughout history had to reach the 2% market penetration level before reaching what is known as critical mass.
I suspect this may be somehow related to the “Hundredth Monkey Effect”. So, in conclusion, find a need, fill that need, price your product or service fairly and keep customers coming back!!!
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