Economic success is a three step process, not a one trick pony. Discover what Adam Smith knew centuries ago and is still relevant today.

1. Economics 101
colinmyles.blogspot.ie /2015/09/economics-101.html
Recently I read an article which referenced
Adam Smith. It made me decide to go back and
re-read " The Wealth of Nations ". A couple of
chapters in there was the line that sparked this
post.
Words so simple, that they should be the first
words every student of economics hears and
learns
" The propensity to truck, barter and exchange
one thing for another ".
The economic success of each individual or
company is their ability to make a
product/service. Combined with their ability to
strike a fair price for said product/service and
then exchange it for money. This is how it has
worked for centuries and continues to do so
into this new century. Couldn't be simpler ?
This is the fundamental foundation of all business. From the mom and pop stores to the global giants.
Have you made a product/service that people desire and are willing to pay a price that will allow you to
make a profit. This is your starting point, everything else is just icing on the cake.
Why do some fail and others succeed.
Failure is making a product/service nobody desires.
Failure is setting your price too high or low. Too high and not enough people buy. Too low and you don't
make enough profits to sustain the business.
Failure is not making sure that the money people exchange is flowing into your business fast enough
and you get caught in a cash flow crisis.
Succeed is creating the right product/service people desire and want.
Succeed when people are willing to pay the price you charge
Succeed when you have positive cash flow and a good handle and your aged debtors list.
Simple; yes. Easy ; no.
Economic success is a three step process, not a one trick pony.
Colin Myles
Author
G.R.I.T Spirit of an entrepreneur
How to Avoid Business Failure
5 Keys to Doing Business with The Right People
67 Uplifting Quotes
P.S.
" Consumers have a right to spend their money as they see fit "
P.P.S.

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