Business Mastery is a process that each and every entrepreneur needs to understand in order to succeed in his or her business. If you don’t learn to master your business, your business will fail. Did you know that 96% of businesses fail within 10 years? Only 4% that will make it. How could this be?
Most people when they decide to start their business, they are all hungry and eager to learn everything they could to grow their business. They all start with a dream to be their own boss and control their own destiny. Why would the majority of these people fail?
I would like to share with you some of the business lessons that I learn from many successful entrepreneurs that could be the vital difference between you going out of business or achieving the goals and visions you set for yourself.
What Business Are You In?
When being asked this question, most people will say they are in the business of selling whatever products or services that they are selling. So if you sell pies, you will say you are in the pie business. This is not correct. It goes deeper than this. Why? Because people buy feeling, not products. How does your product/service make people feel?
Here’s the story about McDonald.
In 1974, the founder of McDonald’s, Ray Kroc, was asked to speak at the University of Texas. He asked every one in the MBA room what business they thought he was in. Every said Ray was in the hamburger business. Ray laughed and said, “Ladies and gentlemen, I’m not in the hamburger business. My business is real estate.” The primary business focus of McDonald was to sell their hamburger franchises and the franchisees buy the land under the franchise for McDonald.
What business do you think Uber in? Now many people would say they are in the taxi business. But in my opinion, they are in the business of selling time or the perception of time. Every time I use Uber, I feel like I am in control of my time and I know exactly how long it would take my driver to come and pick me up.
Marketing and Innovation
At Business Mastery event, one of the many business seminars that I go to, Tony Robbins shared that business is about two things: innovation and marketing. If you are not doing these two things well, your business will suffer and die. You must consistently innovate and meet your customer needs more than any other people or your customers will find someone else to do business with. Marketing is about finding ways to meet their needs and adding massive value into their life.
One key point to understand is that the attention span of your customer in the world today is very short. If you don’t add value in your marketing to keep the audience engaged, they will leave.
Here’s a brief summary of Tony Robbins Business Mastery event:
Create Raving Fans and Loyal Customers
There are many coffee brands other, but every time I go out, I always choose Starbucks. There are many types of smart phone, but I always get an iPhone. Why? It’s the power of branding.
These companies know branding so well that they create raving fan customers for their business. Every time their new products come out, their customers can’t wait to get inline and buy it.
Finally, always remember that success leaves clues. If you want to succeed in business, learn from the top companies in the world.