If you want to make money, you have to know your value so that you can deliver your true value fully. Keep reading for 4 income factors that will help you know your value and deliver it.
Follow These 4 Income Factors To Deliver Your True Value
Who wants to make more money? Better question: who doesn’t?
We’ve heard the phrase, “Money isn’t everything.” Of course it’s true, but … like it or not, money is a huge part of our lives. And a lot of people know it. Heck, they might think about it all the time, but they still don’t really understand it.
Quick: if I were to ask you to give me a definition of money, what would it be? “You buy stuff with it, Harv.” That’d be a fair enough answer.
Technically, money measures the value of goods and services exchanged between people; the key word being value.
Value is what determines how much money you’ll make. You will be paid in direct proportion to the value you deliver according to the marketplace. And let’s be honest, folks: there are a lot of broke people out there because they don’t deliver a lot of value in the eyes of the current marketplace. That brings us to the other key word here; deliver.
There are so many good ideas out there, and so many “reasons” why we’ve never heard of them. It’s simple . . . if you don’t deliver your true value, you won’t get paid a lot. Before we get to the science part of making money, we have to deal with simple and basic understandings.
These 4 income factors determine how much you’ll earn:
- DEMAND: Offer a hot product or service that a lot of people want.
- SUPPLY: To increase your value in business, you must provide something few others have, or do something in a way that no one else does.
- QUALITY: How good your products and services are — and just as important — how good you are at your business. The higher the quality, in relation to the price, the higher the value.
- QUANTITY: how much of your product or service you deliver.
Of all four factors, most people have the greatest difficulty with this last one. You can have an excellent product or service, and you may even deliver it to the market, but you could also not do it in enough quantities to create wealth. If you want to get paid, you have to deliver your true value to people. If you want to get rich, you must deliver your true value to a lot of people!
Here’s the thing; no matter what business you’re in, you have to sell a product, or better yet, products. A product increases your ability to deliver huge quantities. When you have a product to sell, there are no limits on how much you can produce and deliver, therefore, no limit to how much money you can make!
— Pocket 10 Percent (@Pocket10Percent) June 7, 2017
This is where I challenge would-be entrepreneurs, businessmen and women, dreamers, and anybody with a great idea. Stand up! Take actionable steps to at least find out if your idea could be viable. Research usually doesn’t cost much, if anything at all. Ask yourself:
- What kind of demand is out there for your idea?
- Is there any competition?
- What further research do you need to do to make sure it’s a great product?
- Are there someone else’s great products you could sell while negotiating a cut on that?
Demand, supply, quality and quantity are the cornerstones of value, and delivering massive value means being well on the way to wealth creation.
Exercise: Know Your Value and Deliver Your True Value
1. Have you had great success with an idea you turned into a product? If so, share your success here so others can learn from your actions.
2. If you don’t have a product, why not? What is stopping you from taking action and delivering your value? Share it here and someone else just might have great feedback for you to help you move forward.
This article has been updated for relevancy and accuracy. It’s original publish date was 02/19/10.