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Start with WHY by Mind Map: Start with WHY
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Start with WHY

What drives the "inspirational" company

WHY

Not purely profit like most companies.

The Golden Circle

What<How<Why

What: Product you sell

How: Why product is unique

Why: The purpose that drives How and What

Basis for successful company

Manipulation vs. Inspiration

Inspiration: A novel product that consumers want to buy

Apple's success can be attributed to their unique products.

Wal-Mart's initial WHY- helping community prosper so community can help Wal-Mart prosper.

Manipulation: Using techniques to convince consumer they want product

price, Walmart after Walton's death became focused on cheap prices rather than consumers

promotions

fear

peer pressure

aspirations

Establishing a Following

Reaching out to people with similar WHY/ views as you

People with similar views will pay for goods they believe in.

Apple

Sells goods with a cult like following, 47% of people in the US own an Apple product

Does not need to use manipulation because goods are unique and backed by drive.

WHY: Make technology accessible, easy to use, affordable, while introducing innovative new ideas.

Define a Clear WHY

Defining a clear WHY is like defining a mission statement

A clear WHY keeps company on the same page

Wal-Mart was no longer a clear WHY after death of founder., Why was defined by founder and misinterpeted by the company after., Company became about profit and cheap prices, No longer created value for the community rather it exploited its employees to maintain low prices.

7 Components of Entrepreneurial Marketing

proactive

taking advantage of a gap in the market and using your WHY to drive you to make a change that your costumer desires

indentification and explotation of opportunity

establishing a drive for company- WHY

acquire and retain profitable costumers

establishing costumers with similar beliefs so that they will invest in it and spread positive feedback to the second generation of costumers that were either hesitant or encouraged by peers

innovative

creating a product or service that consumers desire because it relates to their personal beliefs and their WHY

risk management

By defining a clear why the company prevents misinterpretation amongst the company.

Prevents Wal-Mart fiasco

resource leveraging

value creation

Sinek calls this WHY- the drive behind a company that ultimate creates value beyond profit