I’ve been practicing Entrepreneurship for the last 15 years. In that time I’ve learned a lot of lessons, experienced a number of failures and achieved some pretty great accomplishments. I can testify that success in business is always relative and that it takes guts, failure, faith and tenacity to experience the full reward of the work.
Today I have the experience, resources and support network to get a lot done in short order. That’s why I’m able to share my experience and network, with you, online, on the radio and on TV while I continue to change the market with my own companies and those that I help.
If you’ve hit a revenue ceiling or personally dominated by the business you started, just deploy these 5 concepts and everything will change:
#1 – If you want to lead your market, change it.
Every successful company I’ve started or worked with using the Formula for Market Change is leading their market today. Consider market leaders like Nike and Apple. They continue to look for, and solve, the highest level problems in the market by creating and successfully promoting innovative solutions that continue to change their markets – hence they maintain the lead. If you think markets are shaped by consumer demand, you are wrong. Businesses create it. The truth is; most consumers don’t know their biggest problem, until after it’s been solved.
#2 – Brand before company.
Most business owners start off with the intent to build a business and don’t see the value of investing in brand. As a result, it doesn’t take long before the first (seemingly) insurmountable revenue ceiling is hit. That’s because they skipped, what I believe to be the most important (most fundamental) aspect of any business, its brand. Attraction and loyalty is created by authenticity – it comes down to values. Look at Nike and Apple once again and ask yourself: are their values aspirational or intrinsic? Now, put your company to that test. People don’t align to someone else’s aspirations, but they do support those who share their own values.
#3 – Vision is a decision
Vision can be defined as “the act or power of anticipating that which will or may come to be.” As entrepreneurs, we are in a position to not only imagine what the future market will look like, but actually shape it by deciding what market problem gets solved and how to go about solving it. Competitive advantage is gained by those with the right formula, rather than by those currently residing in the dominant position. Just look at Uber, for example.
#4 – Get out of the way
Can’t figure out what’s holding your company back from growing and making a bigger impact in the market? That’s because the problem is likely you. My friend Scott Belt always says: “you may be able to build a house, but you can’t build 100 houses at the same time.” Every process you control at your company is limited by your ability to do it. A business stops growing when its operational capacity is reached. Let go of the control and your company will scale. Structure those repeating processes, give power to your people and get out of the way. Trust me here, great things will soon happen.
#5 – Live fearless
One day I wrote down all my fears – fear of heights, fear of flying, fear of failing, etc. and shared them with my spiritual mentor. He told me that all my fears come down to one thing: a fear of not living. It wasn’t about death, it was about failing to experience the kind of life I really want to have. If I wanted to live, truly live, I had to outgrow fear. For me living fearless is a daily challenge. Many of us have dreams and aspirations that we’ll never get to experience simply because we’re too afraid to try.
So be fearless, listen to and trust the voice from within. Life will take on new meaning and new adventures will soon come to pass.
Ben Edtl is a Serial Entrepreneur and small business turnaround expert. He created the Formula for Market Change and hosts the Ben Edtl Show on Portland’s Freedom 970. His podcast is digitally syndicated on iTunes, Google Play and Soundcloud. Visit http://benedtl.com for more information.