Business decisions should not made based on assumptions and beer parlour statistics. It is totally suicidal for you to take decisions based on your perceptions and not based on real data.
You need to remember that we do not things as they are, rather we see things based on how we are. We always see ourselves mirrored back to us whenever we peep into the world. A proud owner of a Toyota Camry will look at the road and see ONLY Toyota Camry vehicles all over the place! A BlackBerry user will only see BlackBerry users all over the place even though the hard data says the BlackBerry is dead.
Your task therefore as a Business man is to find the data and let the data guide your decisions. Do not assume everyone is rich enough to send their kids to your new 5 star school, do a survey first and get a breakdown of the income level of parents in the neighbourhood.
Except you are building a lifestyle business, you should not build a business around your own personality; it will only attract people just like you and if there are few people just like you, you lose out. Not everyone has 3 mobile devices, a car, a house and $1 million cash in the bank; your purchasing powers and priorities are completely different.
If you are one of my few readers I’ve managed to convince to cash in on the fast approaching holiday season, then I hope you take these things to heart. Do not make your selections based on things you like. Make them based on what the people like.
Nobody runs a real business for herself, it is always about what the market wants. It is always about finding the data and taking decisions based on what the data says.
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