Today’s guest blog is by Adam Hoeksema, Founder and CEO of the ExecutivePlan. Adam is the author of a blog which assists entrepreneurs in the process of writing powerful business plan executive summaries, preparing stand-out elevator pitches, and hurdling the many obstacles encountered during the startup phase of a business. His blog is http://www.theexecutiveplan.com
So many entrepreneurs start a business with what may be called the “Field of Dreams Mentality.” The movie Field of Dreams may be most popular for the phrase, “If you build it they will come.” Many entrepreneurs believe that if they build a great product or service, customers will beat down their door to purchase. This is flawed thinking. Not only will you need to market and promote your product, service and brand, your business must solve a problem. In the most simplistic form, all successful businesses are built on two basic premises.
1. There is a Big Problem – Take something as simple as a coaster. If you take a glass of ice water and set it on a wood table for any length of time, you will undoubtedly leave terrible water damage marks on the table. This seems so simple, and yet, it is a big problem. You can effectively ruin the finish on a table worth thousands of dollars simply by failing to use a coaster. So called “big” problems such as this provide great opportunities for entrepreneurs to create successful and sustainable businesses.
2. You Provide a Unique Solution – The second key to building a profitable and sustainable business model is providing a unique solution to that big problem. Unique is the key word here because if your solution is not cheaper, or better quality, or more aesthetically pleasing, or faster than the competition, you might as well close your doors. You may be able to limp along with a poor solution for months or even years, but ultimately, if you have no unique selling proposition, your business will fail.
So there you have it, the two simple keys to success in any business. If your product or service does not solve a problem, then please don’t waste a penny on attempting to launch your business. If you do solve a problem, good. Now you have to worry about everything else that goes into running a successful small business. Good luck!