The Value of Scarcity and Uniqueness in Business

Auctions can bring hefty prices for unique, rare items. Recently, a manual typewriter fetched the amount of $254,000.

Why the astronomical price? You may wonder about this because living in the digital age, who needs a typewriter?

Possibly similar to the sale of one of Michael Jackson’s glove, this memorabilia belonged to Cormac McCarthy, American fiction writer. From this humble looking typewriter, McCarthy typed more than 5 million words over a period of 50 years.

Cormac McCarthy, born in 1933, is an American novelist and playwright sometimes compared to Faulkner. Six of his novels were made into films. Well known for his 2007, Pulitzer prize winning, work of fiction called, “The Road.”

In 2008, McCarthy was awarded the Pen/Saul Bellow Award for Achievement in American Fiction. His work was recognized for qualities of excellence, ambition and scale of achievement during his writing career. This places him in the highest ranks of American literature.

People predicted his typewriter may go for $18K or so. Those predictions were far below the price it received. The large sum of money was donated to a scientific research organization, the Santa Fe Institute.

The qualities of uniqueness combined with scarcity can drive up the value of an item exponentially. With many competing businesses in similar niches popping up all over the web, thousands will collapse and a few will prosper. It seems to be a natural cycle of business.

If you want your Internet business to prosper, ask yourself if you have something to offer people that is both unique and scarce. The more you can meet this criteria, the better your business will do. What can you bring to the table that is different from every other company? Opportunities to create new, unique products are endless.

The entrepreneur in us sees opportunities everywhere we look, but many people see only problems everywhere they look. The entrepreneur in us is more concerned with discriminating between opportunities than he or she is with failing to see the opportunities. ~Michael Gerber

Developing Strong Leadership Skills

Having good leadership skills does not come easy. It is a long, ongoing process that consists of research and internalizing what was read and learned.  Training an individual to become a leader by learning from past and present leaders is one of the best methods. One can learn from or even acquire the good qualities of those great leaders.

There are several qualities present in a great leader and businessman. An individual running a business must have both in order to become successful. Here are a few tips:

Think and Act Like a Businessman/Businesswoman

In order to be a great businessman or businesswoman for that matter, you must think and act like one. Connect yourself to other individuals that share the same passion as you and those who can motivate you further.

Finances Inside and Out

Understanding how the finances work in the business and how to make the business grow differentiates the entrepreneur from the common employee. If you do not know what profit you made this month, you are in very big trouble.

Ads, Ads, Ads

A great business does not solely rely on the performance of its product alone, but relies heavily in its marketing. Research who the target market for the business is and how to effectively present your product or service to them.

Know Your Enemies

Like in the Art of War, it is also important to know and understand about the existing competition in order to build a successful business.

A Leader with a Mission

Have a clear mission and vision for the business. Motivate your employees to join you in attaining this mission and vision.

R-E-S-P-E-C-T

To be able to lead you would need to respect your employees and your clients. Respecting the people around you will be reciprocated with respect as well.

Passion

An exceptional leader is passionate in what he or she does. The best leaders are dedicated to their work and motivate other people to follow them.

Lead by Example

A great leader leads by example and is confident in what he or she does. By knowing every single detail about your business and doing what your employees do will encourage others to put their best efforts as well.

Confidence

The confidence a leader displays during times of uncertainty and doubt affects that of his peers and followers. Great leaders are calm even in disastrous situations and have the ability to direct or redirect attention to follow the key vision for the business.

Team Worker

Exemplary leaders also have the ability to work well with a group. In order to achieve a common goal, a great leader has the capacity and willingness to work with a team. A great leader sets the goal and makes appropriate steps in going towards that goal.

Excellence

Lastly, an excellent leader is dedicated to giving excellence in all aspects of the business. Great leaders do not waiver in terms of values and is passionate in setting the standards in the business higher.

These are some of the most important characteristics demonstrated by outstanding leaders and entrepreneurs. As previously mentioned, these are not often present in every individual and must be constantly learned, improved on and reinforced. Outstanding leaders and entrepreneurs have the capacity and willingness to adapt and learn to be better in their respective roles.