That is the definition of the french verb entreprendre…the root word from which the word entrepreneur is derived.
In other words, you, as an entrepreneur, are a starter.
What have you started lately? Or do we need to strip you of the title?
I recently had breakfast with two aspiring entrepreneurs. They want to start a pressure washing business.
At first, I was inclined to dissuade them from this business. Why? Because the barriers to entry are low and the competition is fierce. But these guys had done a bunch of research and had some pretty good marketing ideas. So I listened to what they had in mind.
But, their marketing plan ultimately was to compete on price. To do the work cheaper than their competitors. I told them that was a fools game and a race to the bottom is only won by bankruptcy.
A better solution for them will be to give their potential customers a real reason to choose them at a higher price point than their competition. This ability to charge more comes from giving the client something more than just the basic service or product. The client needs to have a reason to pay more. Being unique in a compelling way can be such a reason. We discussed a few ideas, like using only “green” cleaning chemicals, etc. But then I told them about the Marketing Power of a List.
What is this you ask?
Imagine a homeowner getting three bids for cleaning her house. One bid from you and two more from your competition. All three companies have similar equipment, insurance, offer free estimates, etc. What is the easiest way to differentiate your company from the other two? With a list of course.
Imagine during your conversation with the homeowner, you say something along the lines of “Ms Homeowner, I know there are a lot of folks out there that can clean your home. And it must be tough to decide between them. But I want to tell you why we are different and you can be the judge as to whether what makes us different is important to you”
You continue…”You see, we have a checklist called “The 21 Points of Clean”. It is a checklist we have developed that is exclusive to our company that guarantees your home will be cleaned thoroughly and safely. Each member of our team uses this checklist and when done, reviews it with you to make sure you are satisfied. It is your way of knowing that the job was done well and it is what makes us unique in this market.”
Of the three bids she received, provided you were in the ballpark on price, who do you think is going to get the business?
Now, in your business, can you think of a list you can create that can be wrapped in a compelling story to differentiate you in the eyes of potential customers? It doesn’t cost much (if anything) and it can make all the difference in the world.
Out in the cornfields of Iowa, there was a rather strange contest.
Two young men were chosen for the contest which required the participants to walk through a twenty acre cornfield without delay and pick the biggest and best ear of corn. The contestant that exited the cornfield with the prize ear would win the event.
Both contestants entered the cornfield at the same time to begin their journey.
The first contestant was immediately overwhelmed with the choices that lay before him. He literally saw tens of thousands of ears of corn and couldn’t make up his mind which one to pick. As soon as he eyed a gool looking ear of corn, he would see another one ahead that looked a little bigger and better. And each time he approached a new ear, an even better one looked to be just a little further in the field. Before he knew it, he could see the end of the corn field. It dawned on him that the contest was about to end and yet he hadn’t picked a single ear of corn. In a moment of panic he settled on an ear of corn and exited the field.
The next contestant had a different strategy. As soon as he walked into the field, he grabbed an ear of corn without too much thought. As he walked through the field, he would compare the ear of corn he had picked with each one he saw. When he saw an ear larger and better than the one in his hand, he would pick that one and discard the other on the ground. He continued through the cornfield comparing, choosing and discarding. Eventually he made his way to the end and emerged from the field.
Can you guess which contestant had the biggest and best ear of corn, winning the contest with ease?
If you are waiting for the right business, right time, or right anything you are going to lose the contest. Do not get stuck by failing to choose. The strategy is simple…pick something and go do it. Get started. Then, as you continue the journey, compare what you have with what is now before you. Then choose the better of the two and discard the loser.
It is a simple way of living isn’t it. Compare, choose and discard. There is an abundance of opportunity out there in the market place. Don’t let the abundance of choice be an excuse for not choosing. The key is to get started…as in right now. Choose something and then move on. You can always discard it later if something better comes along. Nothing is permanent.
Lot’s of folks dream about owning their own business. Few ever make it a reality. Why not?
I think the number one reason is fear of failure. But as long as you persevere, you really haven’t failed. If your first venture isn’t a great success then you have learned some valuable lessons that hopefully you won’t repeat as you work on phase two. As long as you don’t quit, you have not failed.
The second reason people don’t get started is that they are waiting for the perfect opportunity. The perfect idea for a business that will propel them to the ranks of the billionaire club. If they are not careful, they will wait their whole life.
You see, no billion dollar business in existence today was started out with the intention of being a billion dollar business. Every one of them was started by someone doing something interesting that created a small amount of value in a marketplace by solving a problem.
You can do the same right now. Think of one thing (no matter how small) that you can do to make a really tiny dent in the world and go do it. Find someone to write you a check for it. Congratulations…you just started a business.
(It really is that easy!)
What is the obsession with growth in a business? By growth, I mean growth for growths sake. One of my companies has about 14 employees and sales have been flat for years. I used to be embarrassed by this but no more. It is a cool little company that has a loyal fan base and is profitable. The systems are well established and it is consistently profitable…very profitable.
An obsession with growth to satisfy an ego urge is a pathway to self destruction. I should know. I bankrupted two companies at the same time (long story) because of my obsession with growth for growths sake. Now I am older and wiser (well definitely older anyway) and no longer feel a compulsion to grow just to grow. There is beauty in smallness and simplicity. Don’t overlook this. As I mentioned in another post, every business has a DNA that determines how big it will be. Don’t miss the subtle signals when you have reached that point.
