Today’s advice comes from Reuters’ interview with J. Christopher Burch, CEO of J. Christopher Capital and co-founder of Tory Burch:“It’s not about how much you sell your business for; it’s how you provide a service or product that’s extra and do it in a unique and amazing way.”
Many young entrepreneurs today don’t think enough about the customer experience, Burch says, and instead focus on themselves. But without satisfied customers, a business isn’t worth much.
Just starting out building a women’s clothing line with his brother, Burch opened an order of sweaters to find that the sweaters weren’t what he’d ordered. They were oddly sized — “every single sweater was small enough to fit a monkey,” he told Reuters.
But Burch didn’t throw away the inventory or even send it back. Instead, he got inventive and somehow managed to present the sweaters to right consumers in an innovative way. He sold them all.
Thanks to his flair for adroit thinking and resourcefulness, and always keeping his customers in mind, Burch became an empire-builder in the business world.
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