Hello and welcome to the fourth installment of:
The “-5- Reasons Why Most Entrepreneurs Fail”
(Note: If you haven’t read the first, second, or third installment yet, be sure to sink your teeth into them today by clicking either of the previous three hyperlinks that I’ve shared with you today.)
In today’s blog post we’re going to evaluate another destructive business practice that can slowly kill both your business and your entrepreneurial spirit.
Don’t worry though… this “double-headed business destroying dragon” doesn’t have to harm you ever again because this blog post will arm you with some highly effective business defense strategies that can help you minimize risk, and maximize the longevity of your venture as long as you make the smart decision to get off your butt and implement them.
With that being said, be sure that you read today’s blog post!
This way you can re-evaluate your business, make the proper adjustments and turn this deadly business blunder into a massive business breakthrough.
On that note, let’s rock my friend…
Winning Starts In Your Preparation
When I was growing up and learning the ropes, my father often told me that:
“Failing to plan, is planning to fail“.
Despite how repetitive the message was, (and how much I often disliked listening to him) I must say that dear old dad was 100% accurate and I’m glad that he shared this principle with me!
With that being said – it’s my hope that today’s blog post based action plan will allow you to discover an equally important nugget of business knowledge that you can implement for the rest of your life.
I’ll tell you ALL about it in just a moment…
Are You Forgetting This Crucial Action Step?
In terms of your business success, proper planning is not only immensely important, but extremely necessary to minimize risk and maximize their return of investment.
Here’s the problem though…
Most entrepreneurs forget a very crucial action step in their overall planning called identifying and clearly defining their “competitive advantage”.
Don’t you be one of those knuckle heads!
-3- Reasons Why Your Competitive Advantage Is So Important
In terms of differentiating yourself from other businesses in your marketplace, it’s crucial that you clearly and accurately define your “competitive advantage”.
Here’s three strategies to help you do just that:
*Step #1: Identify What’s Unique With Your Product/Service
MJ’s Note: With the endless array of consumer products available in any different marketplace, it’s absolutely crucial that you know what’s unique and innovative about the product/service that your company is offering.
I can’t stress this enough…
If you haven’t done this yet, be sure to take some time to integrate this strategy into your vision because it will allow you to connect with your customers on a deeper level and allow them to see your business as the authority in your marketplace.
*Step #2: Clearly Define What Makes Your Product Superior
MJ’s Note: If your product has something that it does better than your marketplace competitors, it’s essential that you open up your marketing mouth and spread the word!
There are desperate consumers out there who are in need of what you’re selling, and if they don’t hear about what your unique solution can offer them (better than the rest), they’ll settle for your competitors solution even if it can’t hold a candle to what you’re offering.
Remember this my dear blog reading friend – I’m not telling you this to criticize you…
…On the contrary, I’m telling you this to emphasize just how much room there is in your marketplace to dominate if you’ll just take some extra time to plan.
With that in mind, be sure to plan on implementing step #2 into your overall marketing strategy.
Both you and your bank account will be glad you did!
*Step #3: Establish Your Hook To Catch The Biggest Fish That You Can
MJ’s Note: Once you’ve implemented the first two steps, it’s high-time that you develop your hook.
Creating the right hook to illustrate your competitive-advantage will catch you the “BIG FISH” that you’re looking for, and it will allow you to focus on creating the right bait (aka marketing materials) to get in front of your audience.
When creating a great hook, please be advised that you must not toss just anything out to the sea of potential prospects you’re fishing from.
Instead, take the time to do the research and continue to test, tweak, and perfect your hook until you get it right.
This way your business will repeatedly catch plenty of large fish, and your customer base will be OFF THE HOOK!
Will You Beat The Entrepreneurial Odds?
When the smoke clears, and the fat lady sings, you must look yourself dead in the eyes and ask yourself the following question:
Will I beat the entrepreneurial odds???
If you don’t answer this honestly, I can honestly and accurately say that chances are you won’t.
You’re holding onto a limiting belief and until you let it go, you’ll probably never have the faith or the confidence that you’ll need to overcome it to create your competitive-advantage that your business desperately needs.
Remember though –
Only you have the power to embrace positive change…
Only you can take the initiative to beat the entreprenearial odds!
With that in mind, stop procrastinating and TAKE MASSIVE ACTION MY FRIEND.
This way, you’ll stay in the loop, and you’ll have all that you need to be at the top of your marketing game!