 The one secret that will make your business succeed very fast. In the year 2007, as I was preparing to go into the business world, I borrowed a book from one of my friends. The book is titled, What the Reach Know and Desperately Want to Keep Secret. Like most books I've read, this book only left me with one business lesson and that's how to answer the simple question every buyer asks. If you're an entrepreneur, your success can be guaranteed if you can answer this simple question. Now in this video, I'll share with you what the question is and how to answer that question and build a business that grows fast and makes a lot of money. If you're new here, consider subscribing so you won't miss other interesting videos like this. Now, let's start from you. Why do you spend $1,000 on iPhone? Well, you could buy some other brands that could do similar things your iPhone does for half of the money. Why do people spend $100,000 on Rolex watches when they can buy any watch that gives them time for $100? Why do we choose a brand and not others? Most of us will think that our decision was based on some rational thinking. Well, that's how consumers think. I believe for you to be watching this video, you're an entrepreneur, so let's bury how consumers think. Let's think like rational people we are as entrepreneurs. You see, several studies have proved that consumers don't choose brands based on any rational analysis. We make most of life's decisions based on emotions and that include products and companies we patronize. Now, if you agree with me that a man who buys a Rolex watch for $250,000 doesn't buy it to check time. The woman who buys $1,001 night diamond purse for $3.8 million doesn't buy that purse to carry her makeup sticks. The poor guy who borrows money to buy an iPhone and even the poor women who patronize Walmart all do it for a reason and that reason is arrived at after consumers ask the question, Why should I buy from you? Why should I buy from you? It's the simple question you must answer if you want to build a business that grows fast and makes tons of money. Humans are in tribes I really want to explain this concept very deeply so that you'll get it because when I understood this simple concept, it changed my business life forever. Now here's the thing, humans are in tribes. When I mention this, the first thing that will come to your mind is the physical tribes and races you know. Yes, we have blacks and whites, we have Americans and Indians, we have Africans and Chinese people and we usually don't tolerate each other. For example, someone watched this video and just hates me for no reason other than my accent. Such people perceive that I'm not their tribe and that's the only reason for resentment. But let's move past that. Let's think about the tribe that unites us and that's the emotional tribe. Some of us like to impress people so we won't mind buying the Ferrari with our last cash. It doesn't matter whether you are in Asia or Europe, such tribe exists. Some of us love cheap things and we'll look for coupon for everything. Some of us love things to be fast. We are everywhere. Some love it slow. They are everywhere. Some of us love to deal with experts and we will handsomely pay for such services. Some love quacks and they are also everywhere. Target Unserved Tribe Now as an entrepreneur, your primary job is to target an unserved or less-served tribe. Most entrepreneurs have brands that say, hey, come and buy. That is not motivating enough. Your marketing message should say, this is for XYZ tribe. Your branding should say, this is for people who love to impress others. This is for people who love it cheap. This is for people who love it fast. This is for women alone. This is for people of Toronto alone and other examples. Some people call this the unique selling promise. I call it choosing your tribe. Choosing your tribe in marketing works because as humans, we are proud people. We don't just love to belong, we love to be proud of our tribes. Why do you think people post the photos of their cars and watches on social media? Why do people use the most expensive phones? Why do we buy things we don't even need? It doesn't matter as long as our tribes buy them, we will. The way it works is this. As an entrepreneur, you must answer this question, who are my tribes and why should they buy from me? Deferentiate or die? This brings us to an important step in the process of building a great business and that's the concept of differentiation. As Peter Tell said, business is not about competition. Business is about monopoly. The true businesses don't compete because competition kills. When Apple first released iPhone in June 2007, Steve Ballmer made a joke about the Apple's dream of selling a phone for $500. Steve laughed and called Apple a joke. Today, Apple sells phones for as high as $1,500 and people line up to buy one. The reason is because Apple isn't competing. Apple is a monopoly. Someone watching this will say, but Apple is obviously not a monopoly. Well, Apple isn't a monopoly for the entire world but for the tribe that worships Apple's products. Apple is the only company that exists. Haven't you seen people who cannot use any other phone or laptop except that Apple's logo is on it? Those are the tribe I'm talking about. Your goal is to create something similar in your business. The starting point is to avoid competition. Instead, choose a tribe you can lead. Differentiate yourself from everyone so that you will stand out and appeal to the tribe you care about. Here are some tips. 1. Study to know every business you are competing with Whenever I want to start a new business, my first job is to spend tons of hours to study every single person I can study in that industry. Oftentimes, after spending several hours on these businesses, I usually see a loophole, an underserved tribe, a world I can dominate. When I see this loophole, the job is half done. 2. Forget competition I'm an entrepreneur but I hate competition. I hate competition because it's poisonous to every party involved. When we compete, we often reduce our prices. When we reduce our prices, we have little margin. When we don't have good margin, we can't make the money to serve our tribes or make ourselves happy. Forget competition. Don't fight with the Goliaths in the marketplace. Create your own kingdom instead. You can do this by differentiating yourself from everyone else. 3. Reject some people When you exclude some people intentionally in your branding effort, the people you include will see it as a great honor and it will become your devoted fans. I started my first online business by targeting certain groups of people. By saying no to others, the people I say yes to are much likely to become my devoted customer. Example of this is a product that is targeted at people between the ages of 15-35 or a product targeted at women, men, or aged people. For us as entrepreneurs, the game we are playing is the game of tribe-leading. We are not building businesses to compete. We build businesses to lead a tribe. You must first identify your tribe and customize your business for their needs. You must differentiate yourself and reject the temptation of pleasing everyone. You must be able to answer this question, why should they buy from me? And you must understand that they will only buy from you if you speak their language because if you don't speak their language, they will know that you don't belong to their tribe. I hope this video helps someone to become a better entrepreneur but if you need me to explain more on this, you can let me know in the comment. Thank you so much for watching our videos. Are you between the ages of 15 and 40? Then we invite you to join our new channel which we specially created to share with you inspiration and life lessons to succeed in life. We call it Under40 TV. Kindly look at the description box to join the Under40 TV.