The Four C’s of Business Gems
Posted on 30. Apr, 2010 by Matthew Toren in Business, Entrepreneurship
If you’re familiar with the jewelry business at all, you know the four C’s of choosing a diamond are Color, Clarity, Cut, and Carat weight. When looking at starting a business, there are also four C’s to consider. They are Company, Customers, Competitors, and Collaborators. If you evaluate each of these areas properly, you’ll get a good idea of whether your business idea is a good one, and more importantly, whether or not it’s the right idea for you. If you’re going to create a formal business plan, these steps will help to clarify the components of your plan as well.
Company - Consider what your company will look like. What form will it take? Will you need employees to make your idea fly? If so, how do you feel about that? (Having employees can be a big challenge.) How will you provide your products and/or services, and what will your day look like running this business? Also consider what you want your company to represent and how you’ll communicate your brand to the public. If you do plan to have employees, think about what you want your company culture to be like, how you will find and train quality employees, and what you will offer them in terms of benefits and working environment.
Customers - Who will your target market be? It’s important to look at the demographics of your potential customers. Are they men, women, young, old, etc.? Also consider how you will market to this group. Depending on the makeup of your target audience, you might use Internet marketing, networking, or traditional advertising. It’s important to think about influencers too. In other words, your purchasers might be women aged 28-36, but their pre-teen children might have influence over their buying decision, so how will you reach both groups effectively? Once you have customers, it’s important to know how you’ll treat them – what your customer service philosophy will be, including your return policies. It’s important to look at the whole picture – from your customer’s point of view.
Competitors - Chances are slim to none that you have no competition in your industry. So it’s important to know who your competitors are. Most importantly, you’ll want to know as much as you can about their strengths and weaknesses. Why do their customers go to them? What do they offer that appeals to consumers, and where can they improve? Again, put yourself in the shoes of a customer and ask yourself why you would or would not use each competitor. Then use this information to improve upon your idea to capitalize on the weaknesses of the competition.
Collaborators - This might be the most overlooked piece of the business startup puzzle. You might not want to bring on partners, but that doesn’t mean you shouldn’t consider collaborators. Collaborators are people who can help you build your business, and often you don’t have to pay them anything. Organizations like S.C.O.R.E. (Service Corps of Retired Executives) and the SBA are there to help you with your new businesses, and they don’t want a dime. Additionally, many new businesses can benefit from forming a board of advisors. These are people with specific skills and experience who can advise you on important business decisions, and again, you don’t have to pay them. The benefit to them is that they get to help a fledgling business succeed, and it’s prestigious to serve on an advisory board too, so that doesn’t hurt!
So, if you have a gem of an idea, remember to use the four C’s to evaluate it, and progress from inspiration to functioning business, armed with the knowledge that your idea is sound and it’s a good fit for you.
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22 Responses to “The Four C’s of Business Gems”
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pandora jewelry
30. Apr, 2010
Great article. The proper analysis of market is very important. Before starting any biz, we must know that what is the demand of the products, how much is the competition and how much are our resources. After proper analysis, it will not be difficult to achieve good results in shorter period of time.
Credit Girl
30. Apr, 2010
Great analogy! You list some great points here and when I start my business later on in life- I’d definitely follow the 4 C’s. There are so many things to consider when starting a business that it’s just hard to know where to begin!
Komodo Dragon
01. May, 2010
In my opinion often times the customers are the most important aspect of the business, because really without them it will fail. The customers can make the job of the business owner a whole lot easier… or a whole lot harder, depending on how the customers perceive the business to be. So making sure the customers have a great image of business is always great.
Kelvin Forex Indicator
01. May, 2010
The first 3C constitute the basis of success of a company but it is the last C that create the growth for a company.
I love the way you break these 3 C down and the clarity of this article.
Wedding Planning Checklist
01. May, 2010
Don’t forget Donal Trump’s favorite. Location, Location, Location!
Samantha Milner
01. May, 2010
Hi guys,
Great information. Thanks for sharing.
Kind regards,
Sam
X
David Walker
01. May, 2010
Great post! I would definitely have to agree with Komodo about customers being the most important part of your business. Without them you simply would not have a business in the first place. Granted, company, collaborators, and competitors are also very important. When starting the business those three are really important. At the end of the day customers are what makes your world go around!
Also…I love the analogy!
used tires
02. May, 2010
Customers and Competitors are the main meat you have to bite through. The rest fall into place easily if you can deal with these two the best. As ruthless as you are against your competitors, you have to be equally empathetic toward your customers and treat them as important as close friends or family.
Till then,
Jean
sell used textbooks
02. May, 2010
Wow, I have never heard it put that way and what a great analogy to use. Good stuff.
Laptop Briefcases
03. May, 2010
I like your point about collaborators. Many people overlook things that they can get done for free. I had not thought about trying to get help from SCORE or SBA. It does sound worth a shot though.
Samir
03. May, 2010
Great Article… I love it…
Payday Loan Lenders
04. May, 2010
very famous C’s, I first heard them when I was doing my MBA
Residual Income
04. May, 2010
Thanks for a high quality article. Of the four ‘Cs’ Customers strikes me as being the place to start your business, with market research. Finding that thirsty group. Company, competitors, collaborators. I’ve learned that on The Internet you implement something fast, then test and adapt and modify it as you get feedback in from users. Even Google uses this approach. I like your line: ‘put yourself in the shoes of a customer and ask yourself why you would or would not use each competitor..’ GD.
sell your property
05. May, 2010
I think Twittelator PRO is the best twitter client. Twittelator PRO is updated to newer version, its easy to use and not user unfriendly as tweetie2… I mean tweetie2 is great, but I bought it and pay for it $3 and they announced free version for all iphone users in couple of days. And they have kind of adds even if i have paid for it. Twittelator PRO is far better!
Karthick
06. May, 2010
Good analysis
PHP Tutorial
06. May, 2010
The customers can make the job of the business owner a whole lot easier… or a whole lot harder, depending on how the customers perceive the business to be.
ankara temizlik
06. May, 2010
I’ve learned that on The Internet you implement something fast, then test and adapt and modify it as you get feedback in from users. Even Google uses this approach.
Wealth Creation
07. May, 2010
Give more thoughts in Competitors. I started a small business the other year and it was good at first. But when competitors sprouted from else where, my business literally didn’t last the competition and I was forced to close shop.
This is also true to online business. Size up the competition first before plunging into a certain niche or business.
teknoloji
07. May, 2010
Another C – Care.
Game Critic
11. May, 2010
Another C – Control
Savannah Fence Company
12. May, 2010
Collaborators are too often overlooked.
How about for the next one – Coffee :)
M.Akif
19. Feb, 2011
Nice analysis thnx Adam