Admittedly, finances are essential for survival, but Richard Yu believes that creating an impact is far more important than making profits. Most entrepreneurs get so lost in chasing revenue that they forget to focus on the impact of their ventures on consumers. However, successful business people understand the value of creating a reputation that precedes you to grow financially.
Richard Yu is an entrepreneur and a strong advocate of ‘impact over income.’ Yu runs an educational institution for entrepreneurs, coaches, and consultants. The online space can get challenging to navigate–Yu helps people glide through these challenges by guiding them in creating their consulting and coaching businesses from scratch. His programs also offer information and tips to scale established businesses.
Richard Yu believes that knowledge is power and focuses on arming entrepreneurs with the knowledge necessary to survive and thrive in their respective industries. Yu has firmly stated his position when it comes to income. He says that income is a reflection of impact; that is why his focus is primarily on leaving a tangible and positive influence.
Being the best at building organic strategies that don’t rely on paid methods, Richard Yu imparts his knowledge and expertise to other entrepreneurs. His programs highlight the value of creating a strong and memorable impact with audiences. This impact, in turn, translates to future business, referrals, and recommendations. “The people whose lives you’ve touched become walking testimonials for your business,” explains Yu.
Richard Yu further explains that impact builds your business far better than income ever would. The best way for companies to stand out is by differentiating themselves with their influence on people.
Lastly, Richard Yu argues in favour of a human-centric approach to any business you pursue. He urges entrepreneurs to avoid treating consumers as money-making objects. “It is significantly more important to establish lasting relationships by humanizing your approach to sales, marketing, and research strategies,” says Yu.
As per Richard Yu, your impact is infinitely more important than the income or profit you make. While your finances may run dry, your legacy and influence will live on forever.
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