The GEM Principle
In business, there is this principle of GEM. This stands for gather, enhance, and market. Stephen W. Gibson who is the founder of this idea - and what a great entrepreneur he is - gives great insight as to how our business can become successful after only a few simple steps have been taken.
First, we must gather. This includes any money, people, and/or materials we may need in order to get our business idea started. If you had the idea to start a window-washing business, you would need to gather a truck, ladder, bucket, squeegee, rags, and other cleaning materials that are required in order to wash windows properly and effectively.
Second, we must enhance. In regards to business, enhance means to improve what you already have going for you. This could mean that you fine-tune your existing business plan, hire people that will improve your company, and invest in better materials and other resources that will help your business move forward.
Lastly, we must market. To market simply means to advertise your product. Things that you must consider during this process is who your target market is, what's their age range, where is your business located, and what does your business have to offer this target market. Once you have identified these things, you can better market your product in such a way that people can't help but invest in what you have to sell.
As I go forward in my $100 Challenge idea, I hope to apply the GEM principle to my company. As such, I have decided to go forward with the Nanny Business. I created a simplified business plan for this company, and now I get to wait for approval.
First, we must gather. This includes any money, people, and/or materials we may need in order to get our business idea started. If you had the idea to start a window-washing business, you would need to gather a truck, ladder, bucket, squeegee, rags, and other cleaning materials that are required in order to wash windows properly and effectively.
Second, we must enhance. In regards to business, enhance means to improve what you already have going for you. This could mean that you fine-tune your existing business plan, hire people that will improve your company, and invest in better materials and other resources that will help your business move forward.
Lastly, we must market. To market simply means to advertise your product. Things that you must consider during this process is who your target market is, what's their age range, where is your business located, and what does your business have to offer this target market. Once you have identified these things, you can better market your product in such a way that people can't help but invest in what you have to sell.
As I go forward in my $100 Challenge idea, I hope to apply the GEM principle to my company. As such, I have decided to go forward with the Nanny Business. I created a simplified business plan for this company, and now I get to wait for approval.
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