Business Thoughts

In my life right now I am learning all about business. I am currently trying to earn money to buy a car. gas money, service trips, and college. I have checked out getting a job, but i saw that there was a very low potential for earning a lot of money as a teenager.

In the past I have started a few mini businesses that have earned me a few hundred in just one day. So I will be starting a business and hope to earn money while learning some deep life lessons.

Today’s thought on business is looking into why a customer buys something. If you are aware of why a customer is doing something, then you can use it to your advantage.

If you know me, you know that I love mental models when looking at human behavior. So I found one on why a customer spends money.

In this mental model their are 3 options:

1. NEED. Something (it is important to daily existence)

2. DESIRE Something (it’s not critical to existence, but makes them happy)

3. IDENTITY. It says something about IDENTITY (who they are or who they are becoming)

So as a business owner, I would want to reflect on what my product fills. Is it a human need? (like a toothbrush or underwear) Or is it a social status thing? (like an Apple phone or a Porsche) Or is it bc it has their identity attached? (like therapy, or wellness stuff).

As a customer I want to reflect on what purchases I make are in what category and have that help me decide if they are necessary.

Personally I usually buy something if it is a need or a part of my identity or health. I prioritise and value myself and staying healthy. I believe that if you stay healthy, then so many other things in life come together, but I’m not just talking about physically healthy im talking about emotionally, spiritually, and socially healthy. It is a very hard task that I won’t compete for a very long time.Thank you so much for going on this journey with me. I learned so much writing this, and I hope you learned just as much watching me think through it!