Are there any economics majors out there?
You guys will love this post as I will be sharing an economic principle that you’ll be very familiar with. For those who haven’t studied economics, you may be unfamiliar with the principle I’m about to share. In economics, it’s widely understood that:
“Human wants exceed the capacity of available resources to satisfy those wants”
That is the basic definition of the term scarcity. While I am against the concept of scarcity, it is actually something that we can all relate to. We want so many things, yet face a lack of capital to achieve those things.
Maybe you’re asking yourself, “Why is John teaching me economics?”. Allow me to now talk about a powerful concept called the Win Win. This scenario is what allows you to overcome the scarcity problem. Rather than feeling doomed and frustrated because you can’t get what you want, it will be wise to create Win Wins with other entrepreneurs around you.
Everyone has a differing level of resources. Tapping into the Win Win will allow you to access those deep resource pockets. How exactly do you create a Win Win situation with another entrepreneur?
Let’s use an example:
Want: You want to generate some leads and signups using Facebook ads
Problem: You don’t have a marketing budget to do so
Solution: Create a Win Win with someone who is willing to pay you for a service that you can provide.
How do you create a Win Win?
Remember that you’re not the only one with the scarcity problem. Other entrepreneurs have needs and it’s your job to network properly enough to know what they need. Let’s build on the previous example.
After getting into a skype call with a fellow entrepreneur, you explain to them your situation. Then, you want to find out what they need. Create a Win Win by offering your services in return for a small amount of money. (You want to do it for cheap, as they can find outsourcers that will do it for cheap.)
Let’s say you find out that the entrepreneur needs someone to make power point presentations for him. It happens to be your specialty and you offer him your power point creation services for cheap. It’s not a Win Win if it’s not something that they need. You’ve got to pound in the value.
If you were in this example, then you would easily find some money to put into your Facebook ads. See how that’s powerful? You’re using your creative mind, rather than succumbing to scarcity and giving up because you cannot come up with an advertising budget.
Harness the power of the Win Win with fellow entrepreneurs to gain the resources you need to carry on your marketing. It’s powerful. Are you harnessing this power? I’d love to hear below in the comments.