Over the next week, I will be doing a series on The Five Laws Of Stratospheric Success from the bestselling book, The Go-Giver. This will continue from Part 1: The Secret To Success Is Giving. I believe that if we intentionally apply these laws to our social entrepreneurship, we can create a culture of success based on giving, excellence and serving and in doing this we will thrive in our business. In the book, Pindar tells Joe ” All the great fortunes in the world have been created by men and women who had a greater passion for what they were giving – their product, service or idea – than what they were getting”.
The first law is “The Law Of Value: Your true worth is determined by how much more you give in value than you take in payment”. Now, this may seem like a paradox, you may be thinking that this is a recipe for bankruptcy, but the key to this law is really understanding what value is. Price is not the same thing as value. We are not giving more than we receive in payment, but we are adding more value to people that we serve.
It is not a strategy to in turn get more from the people we serve but it is the opposite because it comes from a deep desire to really make a difference in the lives of those around us. We can not view it as a formula for success but instead a way of life.
Let me give you an example from when I had my retail businesses:
I had two successful Oshkosh B’Gosh children’s clothing stores in major shopping centres in Sydney. The success of these stores was based on this law because we actually had a lot of competition. There was a major retail outlet that also stocked the same clothing that we had in our store. The payment that we took for our clothing was the same payment that the large store took but the key was in the value that we gave to our customers. Every customer and their children were treated like VIP’s, we went out of our way to get to know them and make their shopping experience enjoyable. We helped the mothers with their children, by playing with them or holding a baby so the mum could shop. Sometimes we would even do home-delivery if a mum couldn’t make it to the store. We gave balloons to each child and little free gifts. Plus many other value adding things. This did not always result in a sale that day but it created a culture of belonging. So as a result customers returned and told their friends about us. That’s the Golden Rule of Business – “All things being equal, people will do business with and refer business to those people they know, like and trust.”
In the book, Joe had a condition in place to continue to learn the rest of the 5 laws. He had to find a way to apply the law on the day he would learn it. I would like to invite you to join me in applying this law today…let me know how you go.
You can grab your free first chapter to The Go-Giver here .