3 Valuable Entrepreneurial Lessons from The Tragedy of Volkswagens Felicity Ace

1. Speedy Customer Reassurance
2. Insurance
3. Pricing Strategy

As an entrepreneur you should proactively provide reassurance to your customers and, for small businesses, it’s even easier because you are closer to your customers and can easily keep track of them. Providing reassurance to your customers reminds them that you have their best interest at heart and their money is best spent with you.

There are many people who view insurance negatively but as an entrepreneur, you should be walking in the opposite direction. Having insurance could be the difference between losing everything you own and having the shot to begin again, and this certainly proved to be the case for a lot of covid hit businesses during the pandemic.

Get yourself a good insurance deal, on your home, business, and cars.

Joe Karbo author of ‘the lazy man’s way to riches' explained in chapter five of his book that your selling price should be at least three times your total cost. This may sound astonishing but Joe says that he is personally more comfortable at 5 times his total cost and in some cases, 10 times your cost is a possibility. You should be open to dividing your market and experimenting with your prices to find the optimal one. 

The bottom line is that this strategy is what successful businesses adopt, they ‘milk their wins’.