The first paragraph of this article provides a compelling summary of its content. It emphasizes the importance of understanding the true nature of your business, not just in terms of what you do, but also in terms of your core competencies and strategic assets. It highlights the potential for growth and profitability that can be unlocked by redefining your business in this way.
The most crucial question you can ask yourself if you're serious about elevating your business to new heights is this: What business are you really in? Many businesses limit themselves by defining their identity based on their activities (e.g., consulting, running a restaurant, practicing dentistry) rather than their knowledge (core competencies) and what they possess (strategic assets).
Take Disney, for instance. Contrary to popular belief, Disney does not define their business as "theme parks". Instead, they see themselves in the business of "three-dimensional entertainment". This distinction may seem subtle, but it's profound. The former definition is restrictive, while the latter is expansive, paving the way for a multitude of profit-generating opportunities. This is why Disney's success is ubiquitous, spanning theme cruise ships, Broadway shows, mini-parks, retail stores, and numerous other business ventures.
Consider another example that you're likely familiar with: McDonald's. What business do you think they're in? Selling Big Macs? Not quite. The hamburger business? Far from it. If they defined themselves as a hamburger business, they wouldn't survive. The truth is, McDonald's is in the business of real estate (they're experts in selecting the best locations) and operational systems (they're masters at highly efficient franchise systems).
So, how does all this relate to your business? In more ways than you might think. Just as we only use about 10% of our brain power, business owners often only tap into 10% of their business's potential.
As a business owner, you bring a lot more to the table - in terms of core strengths, resources, and tangible and intangible assets - than you're currently utilizing in your business. If you're defining your business by your roles, activities, or services/products, you're underperforming and severely limiting your business's profit potential.
Redefine your business not by what you do, but by what your core strengths and assets are. When you do, you'll break free from the constraints that are holding you back, guaranteed.
Over the next week, set aside 30-60 minutes to seriously assess your core competencies and assets. Ask at least five business associates to identify your three greatest strengths and assets. How can you broaden the scope and profitability of your business by incorporating more of your competencies and assets into your business focus?
EYE OF THE TIGER: Igniting Your Unstoppable Busienss Destiny
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Winning the Business Marathon: Unleashing the Power of the "Last Mile Advantage"
The business world is often compared to a race, where the finish line represents success. But what truly sets the victors apart from those who fall short? Is it intelligence, wealth, luck, or influence? While these factors can certainly boost your chances of success, there's a secret ingredient that can make or break your journey in the business world. This powerful element, which I refer to as the "Last Mile Advantage," is the key to achieving performance mastery.
The Seven Key Principles to Building a Million-Dollar Business
The most potent asset in your business isn't money, employees, credentials, or even your products or services. It's your mindset. Your business can only grow as fast as your mind and thinking do. To build a million-dollar business, you need to think like a million-dollar business owner. The following seven principles are essential to developing a million-dollar mindset. Spend 15-30 minutes each day focusing on these principles, and you'll be making the best investment towards building your million-dollar enterprise.
