You don’t have to be smarter than everyone else to succeed in business. (The world is full of people who flunked school and still made millions of dollars).
But you do need 3 types of knowledge.
Each of these is not difficult to acquire, yet almost no entrepreneur has all three.
As I go through them, give yourself a mark out of ten for each area.
1. SPECIALISED INDUSTRY KNOWLEDGE
You can’t make a fortune in an industry unless you really understand that particular industry.
You need to know who the top companies are (so you can take their best ideas and benchmark your quality against them). You need to know what they are selling (so you can design a product that’s different). It also pays to know how they are positioning themselves to customers (you must seek to have a different positioning to them). And you should strive to know who the most respected people are in that industry (you should model them as much as you can).
Not one entrepreneur in a hundred has this level of industry knowledge, yet none of it is difficult to obtain.
2. BUSINESS BUILDING KNOWLEDGE
Talent alone will not make you rich in business. You need to have specific knowledge on how to grow a business.
How to market. How to win a sale. How to get repeat customers. How to correctly price your products and services. How to run the books. And as you grow, how to effectively manage your staff.
At The Fortune Institute, we teach this in detail. But the harsh reality is that the people who come to business courses like ours are the tiny minority, most business owners never bother to learn how to grow their business, they just rely on their limited knowledge and hope they can wing it.
3. PRODUCTIVITY KNOWLEDGE
You can understand an industry and know how to build a business yet still fail miserably in becoming financially successful – if you haven’t mastered one last area of knowledge – the art of getting things done. We all know business is chaotically busy and ridiculously fast moving. Workloads have become so gigantic for most of us that it’s well near impossible to get the day’s To Do List actually done.
So now more than ever we need to learn the science of personal productivity, so we can focus on getting the crucial tasks done that make all the difference to our success. Rather than getting caught up in the urgent but not important stuff that relentlessly attacks us each and every day.
So those are the the key arenas you need to be super at: industry knowledge, business growth knowledge and productivity knowledge.
So how did you rate yourself in these areas?
Which area are you strongest on and where are you weakest?
In best Business Coaching a business success is not a matter of luck. It’s dependent on getting better in the areas that count.
And it’s hard to find areas that matter more than these three.