Every once in a while, we stumble on something that truly resonates with our own ideas about how to run a successful small business.

I can’t remember where I found the link  for this video. Most likely, it originated in a tweet and I clicked through to find Jason Fried’s post “The Bar for Success in Our Industry is Too Low” featuring David Heinemeier Hannsson’s talk at Startup School 2008.

All I know is that I’ve watched the video several times over the last few days. Though there are many differences between our industries, the problems we face are quite similar. When it comes to working online, there are so many expectations that act as obstacles to our success. We live in a new media world of “free,” “instant success,” and the work week that’s over before lunch hour every Monday. It’s creating high expectations with little commitment from our clients and ourselves.

The most important points:

1. If you want to make money, put a price on your product. I know that right now everyone is talking about “free, free, free.” Don’t get me wrong, free is great. Sometimes it can help you get the word out and help you reach more people, but too much free will put you out of business fast. There’s nothing wrong with asking for compensation for your products or knowledge. In bankruptcy, nobody wins.
2. Be in the work for the work. Because the fairytale buy-out, partnership or government contract you are wishing for may never happen. Care about the work because you’ll be doing it every day for a long time before anyone notices. If they ever do.
3. Plan to set aside time to work on your business. If you don’t plan for specific blocks of time, they won’t happen. I know this from first hand experience. Allotting time means you’re more focused on getting the work done. If you only had 5 hours a week to work on your business instead of “in it,” what would you do?
4. Scale it down. Instead of thinking of income in thousands, millions or billions, think about how much money you need to make each month to turn a profit. How many people do you need to buy your products, or pay for your services, to make your business successful?

The bottom line – and the reason I love this video - just focus on solving people’s problems. Once you do that, you’re guaranteed to have a product people love. Stop thinking about how much it’s worth, and focus on creating a product or service that helps to make people’s lives easier. The people who are willing to pay for it are the people you want as customers.

If you have to work too hard for little money and you start resenting the work, you’re doing it wrong.

Honestly, there are so many great points in the video you should just watch it.

It’s worth it.

If you want to be successful, you have to recognize the value in what you have to offer and put in the work to make it extraordinary.

How do you create a successful business? Spend the time, do the work and create value.

What do you think?

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