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To Achieve Entrepreneurial Success, You Can Never Know Too Much!

small-business-blog-knowelege-powerKnowledge is at the foundation of real entrepreneurial success. The popular old saying, "you can never be too rich or too thin" has a corollary in small business - "you can never know too much!" Further backed up by that old saw, "knowledge is power!" That is, you can never have too much knowledge about your market, your competition and your current and prospective customers and having it is provides the power to move your enterprise from the ordinary to the extraordinary.

To me, that seems self-evident. Yet, many entrepreneurs either downplay it or flat out overlook it. Knowledge, data, information, call it what you will, should be at the foundation of everything you do in your business. The more you know, the better off you are.

In the old days when Master Yoda was but a young business warrior, you would have to spend days in the library poring over reference books or scanning microfiche. Today, the same and more information is available at your fingertips, a couple of Google searches away. There is almost no information, no data that you can't find. Yet few companies really put a high value or devote enough time or resources to gathering and developing the knowledge base that could make a huge difference for them in helping them grow and prosper.

First and foremost, market and competitive knowledge helps you make better decisions about what products and services to develop, how to price and package them. Not just "gut feelings" or "me too" rationalizations. A product should never see the "light of day," without this kind of information as a background and basis for direction.

This means gathering as much data as possible about the problem and associated market your product or service addresses. How big is the market/problem today? How is it being addressed and how well by competitors or other related products or services? Visit competitors' websites. See how they package and position (and price) their products. Scour their social media. Learn how they think, so you understand how they might be selling. Visit relevant trade associations' sites. Understand what issues they believe are driving the market. Plan your product and marketing strategy accordingly.

Customer and prospect knowledge helps you better understand their business, their specific requirements BEFORE you ever walk in the door. Go to their website. Look at their social media, if they have any. Learn their "personality" (every company has one). Understand their organization, their key executives, helping you determine a little bit about their organizational dynamics and who the key "movers and shakers" might be within it. This will help you better prepare and target your sales campaigns; calling on the right people, framing better questions to gather even more knowledge when you are in front of them. All to better help you drive revenue.

There is no such thing as too much knowledge. Respect it, build on it and leverage it to create your success. Drive its importance down through your enterprise. Make it become part of the way you do business.

Master Yoda knows these things. His job it is. May success be with you!

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