Entrepreneurs reallocate resources from a less valued use to a more valued uses efficiently. All businesses already create some value by converting raw material into products or by offering a service. However, value creation for successful businesses different due to their unique approach to uniqueness value proposition and convenience.
Uniqueness of you product determines how your product stand out among other successful brands. It starts with quality and appearance. Anyone can make a shirt. However, if your shirts does not last long or look great, very few people will buy them. Ecosystem and speed is also part of that unique value proposition that adds to the convenience of the costumer since they do not have to go through too much hustle or wait long to enjoy your product or service.
Lastly, efficiency and innovation is at the core entrepreneurship and resource allocation or ells you will not make profit or you competitors will out compete you with innovating better products or service and efficient production and delivery systems.
It is incredible how the entrepreneur has the ability to create value with their work, the most successful reallocating those resources to niche markets where they can be highly valued. When developing a product, service or creating a business… it is incredibly important to do your market research and validate that what you are creating is actually what your customers will want.