6 Strategies To Maintain A Spotlight In Your Business - Printable Version +- Sup Startup (https://supstartup.com) +-- Forum: Startup Forum (https://supstartup.com/forumdisplay.php?fid=3) +--- Forum: Web Talk (https://supstartup.com/forumdisplay.php?fid=8) +--- Thread: 6 Strategies To Maintain A Spotlight In Your Business (/showthread.php?tid=7351) |
6 Strategies To Maintain A Spotlight In Your Business - AnthonyKic - 07-26-2021 6 Strategies To Maintain A Spotlight In Your Business Intuitively, many entrepreneurs and businesses believe that the key to faster growth and success is more products, features, and markets. Since we all have limited resources, and can’t add more hours to the day, the result is usually more things done poorly, rather than a few key things done better than anyone else. Every advisor and investor will tell you to keep your focus or spotlight. Good examples of startup focus before success include Google with their search engine, Facebook with friends networking, and Apple with personal computers. Later, after that initial success builds resources, and your penetration of the target market approaches 30 percent, it’s time to expand your horizons and make anticipatory changes to your focus. Don’t wait for a crisis. For larger and mature companies, the hard part seems to be giving up the familiar space that isn’t working so well anymore, so that you can focus on a new segment or opportunity. This was highlighted in the classic book “Do Less Better,” by John R. Bell, an experienced business expert, who highlights the power of strategic sacrifice in today’s complex business world. Bell calls this change hesitation the failure to kill your darlings, or the fall from a specialist to a generalist. All entrepreneurs must succeed first as specialists, using pivots as required to zero in on the real and current market. It’s a tough world even for big-company generalists, who take on the complexities of product diversification. Just ask J.C. Penny, Radio Shack, and many others. I particularly like Bell’s discussion of business culture characteristics that create the necessary focus and being the best in any business environment. This culture must be maintained by every company at every stage of maturity. I’ll paraphrase several of the key elements here in the context of entrepreneurs and startups:
In the long run, to have a long run, your company needs a narrow and memorable focus that is constantly being updated in innovative ways. It’s easy to think that doing less as a company means you’re slacking, but results and longevity are all that count. Every entrepreneur and executive must learn how to build and maintain a culture of doing fewer things better. Marty Zwilling https://blog.startupprofessionals.com/2021/07/6-strategies-to-maintain-spotlight-in.html |