In my country, when people want to become a doctor, they go to university to study medicine for as long as 7 years. When they want to become lawyers, they spend about 5 years. Even when they want to be a secretary, to learn how to answer calls and arrange for meetings, they spend as much as 4 years.
The only thing nobody learns anything about before they start is business. I don’t know about your country but in my country, everybody believes that the reason why they can’t start a business is that they don’t have money. I never got to know any single individual who says that the reason why he didn’t start or make a business succeed is that he doesn’t know what he ought to know.
The reason why people don’t point at knowledge is because it will make them feel responsible for their failure and that’s the reason why most people can never build a successful business.
Now if you want to build a successful business, pay attention to this article as I’ll share with you the 3 important questions you must answer before ever starting a business. If you’re new here, consider subscribing so that you won’t miss other interesting article like this.
How is your product different?
Again, in my country, I see so many people who claim to have a business. When I look at what they call a business and ask, how is this different from what 1,000 other people are doing? I can’t get the answer in 30 seconds and if I can’t see how your business is different from every other business, you don’t have a business.
This is not rocket science so don’t pretend that you don’t know it. Why do you like a product more than others? Why are you willing to pay extra dollars for a certain brand and not another? It’s usually because those brands have won your heart and how do they do it? They did it by their differences.
Again, this is very simple; you need attention for your product and the best way to get it, is by being different from other people you’re competing with. Now, how can you be different?
First, you can be different by targeting a specific demographic, age or culture. In the year 2014 when I wanted to create a blog, I knew I came late to the blogosphere so there was no way I could compete with other giant blogs who have been in existence 7-10 years.
What I did was simple. I created a blog that targeted only my country. While this seemed as if I left some food on the table, it means that I am different from other people.
Secondly, you can be different by targeting a certain gender.
Creating a product specifically for women in the market where everyone creates such product can win you a lot of loyal customers. An example of this could be a phone that was designed only for women.
This seems like a crazy idea when you consider the fact that men and women essentially use the phone for the same things but if you look at it from the perspective of tribes, then, you might see a better picture. Human beings love to belong and we take pride in using what other people in our tribe are using and it won’t surprise me if I see a company making cars specifically for women. You can also target a certain age group.
Another way you can be different is by having a superior service.
There’s a grocery store in my city that sell things at a higher price than other people. Though the store is selling the same thing with every other store, I still prefer to shop there even though they are selling at a higher price.
Well, the experience is superb. I love being in that store and I don’t mind paying extra dollars for what I buy there. Warren Buffet had discovered this truth long ago. He said, “you can charge a higher price if you can create a superior service,” so if you don’t have any other thing to differentiate yourself or your product, try to create a great environment with superior service. You can also be different by knowing what your competitors don’t know about your customers, technologies and the market.
One of the secrets of Henry Ford was that he discovered the source of the raw materials most of his competitors could not and he capitalized on that advantage.
Knowing what your competitors don’t know can make you succeed faster but this is expensive. Knowledge is expensive because it requires a lot of discipline. You have to be curious. You have to study and read. You have to search and knock doors to look for knowledge. Most people cannot do this and that’s the reason why their businesses fail. How is your product, book or creative art different from that of everyone?
Can I work with people and lead? A few weeks ago I heard a speaker saying, “You cannot build a business. You can only build people who build a business.” I think this is completely true. You cannot build a business because there are so many people involved in building a business.
No single human being can do everything that has to be done on any meaningful business. Apart from the fact that you don’t build the business, you only build people who build the business, you also work with people all the time.
The customers, your teammates, your investor, and even your haters.
If you don’t know how to handle any of these people, you won’t build a business that succeeds. So what is the way out? Learn how to deal with and manage people because that’s an important skill when building a business. Can I go through hell and still breathe? Can you fail a hundred times and still believe in yourself? Can you get rejected by everyone and still believe that you have what it takes to succeed? Can you continue fighting for your dreams, even after you have lost it all? If you can’t endure more than three failures, you were not made to be an entrepreneur. That’s just the bitter truth.
I mean, I don’t know where people get the idea of overnight success. Much overnight success you know simply happened because someone had not slept a thousand nights, so when he wakes up after a thousand sleepless nights, he becomes successful.
Can you go through hell and still breathe? Can you go through failures after failure and still stand to fight for your dream? If you can do that, you can be an entrepreneur.
Here is the summary of this article. Is your offer, service or product different in a significant way than that of your competitors? Are you a people person?
Do you like people, know a few things about the human relationship? Can you relate very well with others and lead them to accomplish the common goal? Can you go through hell and still breathe?
Can you endure a hundred failures and still wake up the next day to try again?
Thank you very much for reading our articles, please share to your friends on social media.