What are great entrepreneurs made of? Great advice and execution. That’s right. There’s nothing else that sets them on the path to success. So what are these lessons that are often forgotten?
1. Become a leader: You may be a genius in your own right but that wouldn’t get you to the top. You will have to become a leader if you intend to build a successful company. Knowledge, providing directions, managing teams, and inspiring confidence and not just knowledge will help you create a great company. Fine tune your thought process to enable you to become a leader not a follower.
2. Create a product or service that changes lives: Tons of products come and go but the ones that stay and make their companies millions are the ones that change lives. iPhone has changed the way cell phones were used; merely calling devices. It has changed the way we communicate.
3. Venture into the unexplored: History is testimony to the fact that the companies that have been around for 200 or 300 years lasted that long because they took the risk of venturing into areas that others feared to tread. Case in point; the centuries old whiskey company Jim Beam. They were the pioneers in promoting their products specifically to women at a time when spirit manufacturers focused mainly on men. Some of their brands were specifically created for women and are best sellers even today.
4. Adapt and pay attention to detail: Its a good thing to know what your audience wants and another to deliver exactly what they want. Confusing? Often, companies make the mistake of being over confident of their product and produce tons of it without doing a sample survey among the few. Microsoft carefully creates the editions of its flagship Operating system, then sends off the alpha versions to its selected segments for testing, then based on feedback, improves, then sends it again and this back and forth goes on till the final stage. In the end, they know that the final product is in league with the expectations of the market. Adaptation and paying attention to detail is the key.
Read the original article that talks about 10 branding lessons that one won’t learn in a business school that inspired me to come up with this write up. http://blog.kissmetrics.com/10-branding-lessons/