“Form of Value #2: Service”

This is a preview of a concept contained in The Personal MBA by Josh Kaufman, a book that will help you master the fundamentals of business, hone your business instincts, and save a fortune in tuition. The Personal MBA distills the most powerful principles of business and delivers them quickly and concisely. Order your copy now…

What is a “Service”? (Form of Value #2 of 12)

“Everyone can be great because everyone can serve.” — Martin Luther King, Jr., human rights activist

Key Points:

• A service is a form of value where you help and provide some type of benefit to someone, in exchange of a fee.
• Service-oriented business need you to:
  
  
  
  • Provide a skill (either yourself or through employees) other people require but can’t or don’t want to do by themselves.
  • Make sure that you are providing the service with consistent high quality.
  • Attract and retain paying customers.
• Services can be very lucrative but hard to duplicate, because your time and energy is finite.
• It’s critical to charge enough to compensate the work put into it day after day.

Questions for Consideration:

• Does delivering value as a service make sense for your business idea?
• If so, what do you need to plan for to make it successful?

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