The most important business question ever for entrepreneurs
What is your business?
When asked what the most important business question ever, management guru Peter Drucker answered; “What is our business?” Defining your business is the most important task all entrepreneurs need to do in order to succeed in their venture. Your business is not the product/service you offer. Your business is not the industry you are in. That you sell dogs is not your business; so do many others like you. That you make clothes is not your business; so do many others like you. That you manage events is not your business; so do many others like you.
Your business is the difference your company sets out to make in the world. Your business is the difference your dogs make in the life of the customer. Your business is the difference your clothes make in the life of the customer. Your business is the difference made in the life of the customer as a result of your managing their event. Your business is the PLUS FACTOR you bring into the life of the customer as a result of coming in contact with your products/services. Your business is the problem you’re helping your customers solve; the need you are meeting and the change you are creating.
Start with why
Too often companies start their branding journey by building a product they hope will change people’s lives. They’ve spent thousands of hours in research and development on an idea, but when they ship, the product flops. Let’s look at Apple to learn why that is. Instead of the typical what-how-why advertising message, Apple has always promoted the why first. They’ve promoted the reason behind why they exist. You can imagine them saying this: “Apple exists to challenge the status quo. We emphasize beautiful design. And we make computer devices.” That’s totally different than if they said, “Apple makes computer devices. They are beautifully designed. We exist to challenge the status quo.”
The plus factor is your purpose! What are you in this world to change? Remember, you are the driver of your business; if you find your purpose –a greater reason for living beyond survival, what your business is will become much clearer.
I have written the greatest manifesto on earth for unusual entrepreneurs titled “The Entrepreneur’s Journey”. It’s loaded with so much unusual information that will show you how to discover your purpose as an entrepreneur, awaken the spirit of business within you and teach you how to build a SIGNIFICANT company that is profiting from purpose by changing the world!
Tito Philips is a young Nigerian that is M.A.D – Making A Difference