Posted by Dave Lorenzo - Business Coach
There are three aspects that are critical to entrepreneurial success . To be successful you must:
Understand yourself, your competition and your role in the individual economy. This is the same type of thinking that successful companies use all the time. It is called a situation analysis.
To move your business forward you must complete your own personal situation analysis. This involves realistically assessing your strengths and weaknesses as well as understanding who your competition may be.
It is critical that we all understand the current business environment and we are realistic about potential opportunities for our business.
Create value. Once we know where we are strong and where our competition is weak we must use that leverage to create value as quickly as possible. Excelling in areas where our competitors have difficulty is only half of the equation. We must also create value in the area of greatest pain for our customers.
Creating value (often by solving problems) is the most important activity for the successful individual. The person who takes the pain away or brings in new business will always be highly regarded.
Demonstrate your value. Creating value is useless unless people know about our ability to do so. Perception is reality. We must find ways to promote our ability to create value. Letting the world know about our capabilities is the way to create a viable market for what we have to offer.
These three keys are at the foundation of business success. Successful individuals spend their entire careers working through this cycle of continuous improvement. Assess our current career situation, create value for others and demonstrate that value – over and over again.