5 Things That a Businessman Should Know
Working in a high profile company can be tough, but it can teach potential business owners a few things. When the pressure is on, good business people rise to the challenge. The best way to learn is through experience, but it is possible to pass along some lessons so they don’t have to be learned the hard way. Being a successful business person is about handling pressure, coming up with new ideas, managing pressure and understanding some of the basics of entrepreneurship. For people who are thinking about taking the leap into running a business, there are some things you need to know. Here are five things that every businessman in Houston or elsewhere should understand. They will help you as you go through your professional life.
1. Focus on solving the problems of your clients
Too many businesses focus on products. They like to sell the thing they have made or the service they are providing. The reality is that consumers are not really thinking about your product. In reality, they are thinking about themselves and their problems. They are thinking about why their house isn’t clean, why their legal issue hasn’t been taken care of or why the airline they have used has stopped providing them with good service. If you want to be successful, you have to think about the problems you solve. Consider who your customers are and what they are facing. Once you do that, you will be able to show better empathy for them while also helping to create useful products and services.
In reality, close to half of all products end up failing because the market is too thin for their product. What this means is that they have come up with some great idea before first thinking about whether someone is clamoring for that idea. The smart business owner will think about problems and whether a potential idea solves one. If the business starts with a problem first orientation, it will end up with more satisfied customers over the long run.
2. Success takes time
The best people in business understand that when they are running a business, they are building something from the ground up. Even if one looks at those companies that stormed onto the scene, one will see that there was a lot going on under the surface before you ever learned about them. Apple, Amazon or Google didn’t become successful overnight. Their founders put in years of hard work to build up those businesses. You have to set your expectations accordingly. Know that it could take years for all of the hard work you’re doing right now to pay off. If you’re not prepared for this, then you will get impatient and end up making mistakes that could cost you money.
As you go along your way as a business owner, know that you may have to make investments now that will not pay off for years. In Houston, for instance, there is a significant opportunity. People move into the city constantly, and restaurants can tap into this potential. Many business people find that business lawyers help business owners harness the city’s potential by helping them choose the right structure and by anticipating potential problems. Finding success, then, might mean hiring a good Houston business lawyer to solve some existential problem. On top of getting a good lawyer, building up success might mean investing in good people who can help you grow your sales team. This long-term thinking will require a business owner to know his values and stick to them.
3. No good can come from focusing on your weaknesses
You may look out into the business world and think that all of the successful people have it all figured out. Wasn’t Steve Jobs some kind of wizard with all of the knowledge in the world? In reality, some people claim he was a neurotic man who was hard to work for. Every person has strengths and weaknesses. Get this into your mind at the beginning so you can begin to focus not on what you and your company struggle with, but what you are doing well. When you focus on your weaknesses, you are taking away from the things you are good at. It is an impractical use of your very valuable time.
Some of the best companies focus on one thing. They find out what they are good at and exploit that edge into oblivion until they are successful. They don’t try to do it all. For lawyers, this might mean focusing on one type of law. For restaurants, it might mean doing just one type of food. Don’t be afraid to focus your important energy on those things you do well. This will bring about the best return on your time investment.
4. Focus on building a team
No good business person does it on his own. Every person who has success will have had a team in place that can help fill in the gaps. You should have people around you who complement your strengths. This means finding a person who can help you do creative things if you struggle with that. It means finding a good administrator if you have the creativity covered. You must have people with you who you can trust as you grow the company. Importantly, you’ll want to find people who share your core values. If you can do that, then you’ll have a much easier time dealing with them as the company grows.
5. What is it that your company offers customers?
The best business people know their value proposition. This means knowing precisely what makes you stand out in the market to consumers. If you can figure this out, you will be ahead of the game. The clearer you can make it, the better it will be for your processes and for your marketing. Customers respond well to simple propositions.
Ultimately the best business people in the world are those who learn from their mistakes. They are people who come to figure out how to build a team and market to their customers. Don’t freak out if your company doesn’t do everything well. If you can figure out what you do well, you’ll end up with a much better chance at success.