2. Creating value

Identifying the value in a product or service is key to being innovative and thinking like an entrepreneur.

  • Case Study: Black socks

    Think about a pair of socks – most people have many pairs. So how did one sock business go on to reinvent sock purchasing? And create a profitable easy to run business?

Top tip

Understanding what people really value can help you to create a business. The owners of the black sock business quickly realised that the value of their business lay not in how their black socks reached their customers, but in the removal of customers having to think about buying socks.

This approach can be expanded into many other areas, for example razor blades for shaving and ink cartridges for your printer.

Learning activity

Can you think of other products or services that you need to buy and to have but which are perhaps aren’t so enjoyable to think or spend time and energy purchasing? How can you create value from an everyday product or service? Share your thoughts on the Creating Value Weibo group and see what other people think!

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