In a thought-provoking conversation with Sanjeev Loomba, Founder and President of Valuepreneurship®, we got into the essence of value and its significance for entrepreneurs.
He shared profound insights on how valuepreneurs are not just born, but made through a deep understanding of customer value and the ability to create products and ideas that truly matter.
Distinguishing value from perceived value, Sanjeev emphasized that perceived value is based on a customer's perception of a product or service's merit and desirability compared to competitors. It encompasses factors like aesthetics, usability, and packaging. However, true value goes beyond perception.
Value, as defined by Sanjeev, is the importance, worth, and usefulness of something. It reflects an individual's principles, standards of behavior, and judgment of what truly matters in life. To illustrate this, he shared a striking comparison between entrepreneurs and valuepreneurs.
Entrepreneurs focus on what products they can create, whom they can sell them to, and how much profit they can generate. Their self-motivation is at the forefront. In contrast, valuepreneurs seek to understand the real value of their customers. They develop products and services that directly address and serve that value, placing profit as a byproduct rather than the primary goal.
Imagine being a customer. Would you prefer buying from an entrepreneur trying to sell to you or a valuepreneur who genuinely understands and addresses your value?
The answer is clear. Valuepreneurs, despite not chasing profit as their primary aim, tend to generate more of it than entrepreneurs. Moreover, they experience greater fulfillment, recognition, respect, and advocacy from others.
To exemplify the transformational power of value, Sanjeev shared a story about Klara, a young professional working on digital apps for a global IT corporation. Initially focused on the technical aspects, Klara couldn't grasp the true impact of her work.
However, through a conversation with her senior director, she discovered that her apps were improving the livelihoods of poor farmers and traders in rural areas of South Africa. This realization transformed her perspective and reinvigorated her enthusiasm for her work.
Value is not solely associated with social or charitable effects. It encompasses the net impact on those we serve, including commercial growth, market share, brand strengthening, and profitability.
By understanding the value we bring, our skills, talents, and knowledge take on a greater meaning and application, infusing our work with purpose and eliminating the mundane.
Sanjeev dispels the notion that entrepreneurs are solely born, highlighting that valuepreneurs can be made. By embracing the principles of value and striving to bring true value to customers, entrepreneurs can transform into valuepreneurs and experience a profound shift in their professional journey.
To embark on your own valuepreneurship journey, visit https://valuepreneurship.com/ and discover the power of creating genuine value that transcends perception and leaves a lasting impact on the world.