Four ways to build a product: education, service, physical goods, or software. A person earning $25K a year might buy a course on business fundamentals to increase their income. Pick the approach that matches what your customer actually needs.
Hey, my friend. Hey, I believe you are doing well. Hey, what a beautiful day. So today we will do something very, very, very unique, uh, very, very special. You learn to understand why people buy handed by, and, you know, what need they are meeting by buying from you. So today we will talk about how to develop actually a product, you know, how to solve this problem. No, now how to build that machine, how to build that service, how to build whatever you want to use it to solve the problem. Even though you are a company, remember, you need to build, you You need to know how to approach the problem. So that's what we will do today. Let's do this. Let's have this one person again. This person has a problem, right? Again, problem. Now, the problem, you have to build, you have to have a solution for this problem. Problem. Now, as an entrepreneur and as a businessman, you need to think this way. Okay, what approach am I going to use to solve this person's problem? So we will use 4 approaches, right, to solve this person's problem. You need to— we need to develop a solution. Okay, the first one is going to be education. Knowledge. Knowledge, right? Just like what you are listening to now. That's the first one. Number 2, how can you solve problem, general problem? Through service. What else? How can you serve— solve a problem? With product. Right? With product. What other way could you solve a problem? Maybe with software. Bingo! So 1, 2, 3, 4. As a businessman or as a business person, This is how you have to classify the methodology that you are using to solve a problem. Let's start with education. Just as a child, I mean, when you even come in this world, the first thing you need to do to solve most of your problems is actually your knowledge, right? Think about it. Before you get married or before you, as a woman, when you grow, you need to learn how to cook. You need to learn how to take care of your child. You need to learn how to take care of yourself. You need to learn, so you need to educate yourself. So, it doesn't matter what problem this person have, one of the solution could be education. It's just like 365. Your problem could be a business or low income, but one of the solutions is to learn how to do business, right? So imagine that this guy's problem was low income. They make $25K per year, and the first, first solution that they can actually get is to learn how to start business, right? So Maybe learn how to start business. You probably look online and see so many ads like, hey, are you stuck in your life? Are you stuck with your health? Are you stuck with your health? Hey, if you want, if you, um, I have this product. I can show you exactly how to take care of this, how to take care of that if you pay $9.99. I I— you get the video, so I show you how to do it so you won't be stuck anymore. For example, it fall under education. It fall under this product. Let's say you have a cookbook. You know how to cook jollof rice, you know how to cook pepper soup, you know how to cook, you know, something that fall under education. Maybe a cookbook. Books fall under this. Why do we read? Why? Because we need to solve a problem. We need to answer the problem of lack of knowledge. What else could you purchase? Training, seminar. So training, for example, it falls under this education. You're going to learn how to do something. School. Right? What else? What if— you can think about it. Whatever— what do you know or what do you know how to do that you can actually show other people how to do it? So it falls under this. That's— remember, again, this is a way to solve problem. And we all actually use this method to solve our problem all the time. Think about it. If you want to start a business, you learn how to start a business. You learn how to run the business. You learn how to scale your business. You learn how to do a Facebook ad. You learn how to— How to do a website. Do customer service. You learn how to— so you can make a product, how to create a robot and sell it to company. So it falls under education. That's number 1. I hope this, you know, it makes you see. So there's so many ways you can develop a product or you can create something, right?
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