Almost everyone you come across in today’s world is interested in ruling their own world, at least. Businesses want to do significant things and leave their mark on the world. While there is nothing wrong with this, many business owners lack a clear path to achieving this desire.
For many, the best case scenario is that they will keep working, remaining faithful to what they do, and then one day, through a series of fortunate events, they will land in their dream future. There is only one problem with this, it is based on hope and like they say, hope is not a strategy.
So how can you build something truly great and enduring? I believe the following 4 stages are critical:
Be great at what you do: Any business person who dreams of his business achieving global dominance must first have a product and/or service that works. Without this, it is impossible to rule your world. I am less concerned about what you do but more concerned about how good you are at it. There must first be something about your product and/or service that works and meets needs. Examples abound like Microsoft, Uber, Apple etc. The very first thing must be the ability of a product or service to deliver consistent results.
Replicate it: The next step will be for the product and/or service to demonstrate its ability to produce the same result in multiple places. Any product and/or service that cannot multiply cannot rule the world. To achieve this, the product and/or service must function as an independent unit without its creator. The location where you have sex with someone doesn’t matter, the outcome is often the same. Just imagine you needed the help of Mr. Honda every time you needed to start a Honda car?
Scale it: When your product/ service passes the multiplicity test, it must then find its way into as many locations as possible around the world. To do this, it is very likely that your business will need to raise money. So think of Uber, a company that has raised tonnes of money to replenish itself around the earth and provide convenient transport services to millions across the world.
Brand it: This refers to building a solid brand with your target audience such that presents your product and/or service as the first and/or the best in the world. It’s no coincidence that you associate certain brand names with certain activities. For example, most people don’t ask you to search for something online, they simply just google it. They key thing however, is you can only build a solid brand for something that works.
Sadly, 99% of the world will never make it past the first phase. The reason is because it’s tough to do, but with the right partners to guide you, it can be done. And if anyone can do it, why not you?
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Stay inspired and I’ll see you back here next week!
P.S. Remember that building a great business is possible with the right help