Focus your energy on your niche
Take it from the experts: entrepreneurs who succeed are those who have a solution to a specific problem.
By: Aileen Santos, CPC MAC | May 24, 2012 15:00 pm
For big corporations it's called "branding," but for currently small- and medium- sized businesses it's called "nichefying." Either way, we're talking about the same thing: the process of building a reputation for having the best product or being the best company to go to if you want a solution to a specific problem.
A recent survey of entrepreneurs found that the most successful ones are those who embrace an important truth: Entrepreneurship is about solving the problems of society, not just starting a business for one's own sake.
What problems do YOU solve?
In his seminars, entrepreneurial coach and author Mike Litman often tells his audiences that "You are all problem solvers!" and points out that everything in this world was created as a solution to a problem.
The telephone (and all its descendants), for example, was created to solve a communication problem. The razor solves a grooming problem, specific medications solve specific health problems, and games or gadgets solve the problem of boredom.
Litman recommends that, when thinking about which specific problem you solve through your product, service, or business, you become as focused and as concise as possible. "The narrower you go," says Litman, "the more uniform the challenges get, and the more easily you become an expert in the specific field versus a generalist in several [fields]."
Jack of all trades, master of none
It now actually seems like a compliment when you say that someone is a Jack (or Jill) of All Trades. There's nothing wrong about this for most people. But if you want to become a success at the business that you're in, being a Jack means people can't tell you apart from every other business out there; while being a Master could mean people talk about your business to their family and friends, AND remember you for a long time.