Business and Finance Expert, Sayyaf Majed Al-Otaibi Spells Out The Most Common Mistakes People Make With Owning Their Own Business

Business and Finance Expert, Sayyaf Majed Al-Otaibi Spells Out The Most Common Mistakes People Make With Owning Their Own Business

Al-Jouf, Al-Riyadh — Every business model that is self-oriented will always fail. The first thing you will learn in any business school is that business is about the customer and not the business owner. Sadly, we live in a world where many people are a lot more concerned about how much they can make from a business venture rather than how much value they can give

Observe the great businesses around you, you will notice that many of these businesses thrive because they serve humanity. Think about it. Amazon helps you get goods to your doorstep wherever you are in the world. Facebook was invented primarily to be able to connect with friends and help them always keep in contact.

These companies went for value. They didn’t put a gun to your head and ask for your money, but you gladly gave them your money because you knew the value you will harvest from their services is not compared to the amount you pay for their products.

You may be asking; does it mean they just focused on value and not on making money? Yes, that was what they did. They found a problem in the society and solved it and then found out it was more than just a societal problem but a global one. They scaled up and made their money. Their primary aim was to add value.

Talking about billion tech companies may make you think that only the big tech companies solve problems. You wake up in the morning and board a taxi, you gladly pay the taxi driver not because he is a long distant cousin, but because he is solving the problem of mobility, so you decide to pay for his services. What about the lady selling coffee, she sits at the stand, and you gladly pay her for the coffee already prepared and hot. She is solving a problem too,she is adding value to your life so you wouldn’t mind paying her. So, what problem are you solving? You wake up every morning with the idea to give someone your money but who wakes up to give you money? What problem are you solving?

Sayyaf M. Al-Otaibi would always quip, Humans want ease and when they realize that you can make their problems go away, they’d gladly pay you any amount as far as you can take their problems away. When people focus on making money and disregard the customers, and what they need per time they miss the essence of business. Remember that the essence of business is adding value to the customers, making your business customer-oriented and not self-oriented. It is not about what you need but what the customer needs per time. Solve the customer’s problem and the customer will gladly pay you.

The effect of being money-oriented rather than value-oriented is that you are no longer creative in adding value but you become desperate to get money from the customers. The fastest way to lose clients or customers is to show that you are desperate for their money, when people sense that desperation, they run away from you because they will always think you want to rip them off.

To follow Sayyaf M. Al-Otaibi’s journey and get first-hand info, check his pages on Twitter today!

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Owner (individual): Sayyaf M. Al-Otaibi
Company: Salma Clinic