Known for his innovative ideas and loyalty to those around him, Jack Rochel, the president of Epsilon Electronics has started sharing his secrets as to how he became successful. After applying his abilities to Epsilon, Jack wants to contribute to the next generation of entrepreneurs by share his keys to success. He continuously chooses to learn to expand his and his company’s capabilities.
Before writing up a business plan and stepping forward with ideas, Jack Rochel advises all entrepreneurs to use Maslow’s Hierarchy of Needs to understand if their idea will be attractive to consumers of not. Often times, entrepreneurs will get caught up in the passion and excitement of their idea(s) without analyzing if others are just as excited. If they go ahead with the idea, it could result in poorly invested time and money concluding in loss of money or minimized profits.
A human’s basic needs are physiological or survival essentials like food, water, and sleep. Following, humans look for security. This is apparent at any level in society. For example, young kids look for friendship at school and come home to family, young adults and adults search for employment, property (land or belongings), and most hope and work towards being in good health. These are all things that are security blankets to humans. In Jack Rochel’s field, automotive audio and visual products, companies rarely market on these two levels.
The last two are as follows: esteem and self-actualization. Esteem, according to Maslow is one’s sense of belonging and how one compares oneself to others like how confident or respected and individual is. Self-actualization is at the top. It is the ideal image one has of himself and how close one is to achieving it. Jack Rochel and his team market to these two categories more than anything. This is where consumers will value themselves based off of the products they purchase. For that reason, Jack Rochel advises new entrepreneurs to stay competitive by staying innovative and loyal to all customers.