"The Purpose is Profit" Author Ed "Skip" McLaughlin Provides an Exclusive Audio

Ryan O'Bleness

Exciting things are happening here at StartupNation!

Recently, we've started to publish free book excerpts from best-selling business authors and successful entrepreneurs.

Now, we are adding audio excerpts to the mix! Ed 'Skip" McLaughlin, co-author of "The Purpose is Profit," is the first of our authors to record an audio excerpt. The book delivers direct insights about the startup process, and gives its readers the inside story from an entrepreneur's perspective.

The excerpt from “The Purpose is Profit” was selected exclusively for StartupNation readers, and introduces the emotional struggle the author faced when deciding to become an entrepreneur. Please click the link below to read and/or listen to the passage.

https://startupnation.com/books/the-purpose-is-profit/?utm_source=community&utm_medium=12154&utm_campaign=new-topic%20

SalesManCounts

That would be an interesting read! I agree that the purpose of a business is to make a profit, as that justifies its existence. But, if adopted as a mission this w/could work for the short term, but has the potential to jeopardize the long term. In my humble opinion the purpose should be defined as to create a customer.

The customer life cycle comes from the practice of CRM where it's traditionally used to map the different stages a customer goes through from considering a product, service or solution to the actual buy and, at least as important, the post-purchase stages (where customer retention, loyalty and advocacy come in). In marketing, customer lifetime value (CLV or often CLTV), lifetime customer value (LCV), or life-time value (LTV) is a prediction of the net profit attributed to the entire future relationship with a customer.

Based on creating a customer, profitability is easier to predict. So from a marketing perspective, and henceforth a profit perspective, the focus should be on creating a customer, and not solely on making a profit.

But then again, I haven't read the book (yet), so this may well be covered in the book. ;-)

Looking forward to your views on this.

Regards,
Henrik aka SalesManCounts

Ryan O'Bleness

Hi, Henrik!

I can definitely see where you're coming from, as the customer is what drives profit for most, if not all, businesses. In today's day and age, inbound marketing tactics, such as persona mapping, have taken lead generation to whole new levels. Placing these leads into a funnel, segmenting them into groups, and moving them through the funnel (leads to subscribers, subscribers to customers, customers to return customer, etc) is becoming easier to track. Without these customers, there would be no revenue generated.

With that said, the underlining purpose of a business is obviously to make a profit. I would recommend reading the book. I have not gotten all the way through it myself, but the author does a fantastic job of explaining how to start and grow your business from the eyes of an entrepreneur. Chapters/sections cover such things as launch and early stage, dynamic planning, entrepreneurial branding, growth stage, sales and more.

Based off of what I have read so far, I would surely recommend you read it, or at least click on the link in my previous post to read/listen to the excerpt.