I have great respect for anyone who puts their best foot forward and enters into the world of entrepreneurship. Most entrepreneur’s give up their personal happiness, their money and everyone else’s money that shares the same last name. With that said I suggest you understand one thing before you make the decision to chase down Mark Cuban in the business arena. You need to know the speed of the business that you plan to compete in. Before Usain Bolt shows up at the Olympics he clearly understands the level of competition on the track and trains at a level higher to ensure he finishes first.
Some people believe that its not important to finish first and do not want to believe they have competition but everyone does. Even when you’ve invented something completely new and original, you will face a competitor. You compete against other established name brands, premium service companies that make people feel good, fear of debt, college funds, social media trends and the list goes on. When you take your rightful seat at the top or close to it, your like will become much easier in a few areas. You will spend less money on advertising because clients will know who you are. You will attract investors and buyers who watch your business with admiration and will throw their money at you from every direction instead of you charging up your credit cards and borrowing money to maintain a spot at the bottom.
Its much less expensive to be a market leader because everyone loves a winner even more than an underdog who came in last. With that said, identify the top companies, people or brands in your industry and set a game plan that will put you on top. Start with local competitors, then look at your region and go from there. And don’t forget to add a time goal to your growth or it just becomes a dream with no end. So look at every tool, resource or advantage you have over your local competition and use it to edge them out and then reinvest your profits to separate yourself from the pack with value added benefits and reasons for your community to talk about your business.
The Daily Life Coach on Facebook and YouTube channel. Web series begins Friday, October 2, 2015