Sabtu, 12 Januari 2013

Sameness Kills Your Business !

The number one reason why most businesses get killed by the competition and fail is because of 'sameness.' 

The tuition centre that the new entrepreneur starts is just like hundreds of other tuition centres. The electronics store that the new entrepreneur opens is just like all the others in the neighbourhood. The hairdressing salon that the new entrepreneur opens is just like any other. And so on...

When your business is no different from anybody else's (the only thing different being the name of your company), then you will find that your chances of success is just like everybody else...very low! 

Remember that only 10% of businesses succeed and 90% fail. So, if you do business the same as everybody else, you can bet that you are going to be among the 90% that will fold up.

Wherever I conduct my entrepreneurship workshops, people tell me the same thing. Competition is tough, very tough. They tell me that business used to be good, but when all the competition came in, prices fell and profits disappeared. 

So they ask me what kind of business they can get into which has less competition and more opportunities? This is a story I hear all too often.

My reply to them is that every industry is competitive if you do business like everybody else. However, if you do your business in a totally different way, you will find that you will have NO DIRECT COMPETITION.

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