When asked what was the most important business question ever, management guru Peter Drucker answered;
“What is our business?”
Defining your business is the most important task all entrepreneurs need to do in order to succeed in their venture.
Your business is not the product/service you offer. Your business is not the industry you are in.
That you sell dogs, is not your business; so do many others like you. That you make clothes, is not your business; so do many others like you. That you manage events, is not your business; so do many others like you.
Your business is the difference your company sets out to make in the world!
Your business is the difference your dogs make in the life of the customer. Your business is the difference your clothes make in the life of the customer. Your business is the difference made in the life of the customer as a result of your managing their event.
“What is your business?”
Your business is the PLUS FACTOR you bring into the life of the customer as a result of coming in contact with your products/services.
Your business is the problem you’re helping your customers solve; the need you are meeting and the change you are creating.
Your business is the value you are adding!
Here’s a perfect example of what Apple’s business is as described by Neil Patel, one of my favourite unusual entrepreneurs in his recent article on branding.
“Start with why
Too often companies start their branding journey by building a product they hope will change people’s lives. They’ve spent thousands of hours in research and development on an idea, but when they ship, the product flops.
Let’s look at Apple to learn why that is. Instead of the typical what-how-why advertising message, Apple has always promoted the why first. They’ve promoted the reason behind why they exist. You can imagine them saying this:
“Apple exists to challenge the status quo. We emphasize beautiful design. And we make computer devices.”
That’s totally different than if they said, “Apple makes computer devices. They are beautifully designed. We exist to challenge the status quo.”
One starts with the why…the other one ends with the why. This is one of the reasons that Apple is innovative year-after-year and is one of the biggest companies in the world.
Apple established a movement based on their why and created a following. They enhance the deal by creating beautiful and useful products… so sales rush in year after year.
The lesson is that when everyone involved… from the founder all the way down to the customer… knows exactly why your company exists, then you create a meaningful way for people to see your brand, instead of just another company wanting to make millions.”
Apple’s business is challenging the status quo!
Not making computer devices as many think. That comes second. The difference they are in business to make is to challenge the status quo and to help their customers do the same through the unusual products/services they create.
So again, what is your business?
Or put another way, what is your company’s why?
To answer this question, you have to go back to the very beginning –why did you become an entrepreneur? Why are you in business? Why do you exist?
The PLUS FACTOR is your purpose!
What are you in this world to change?
Remember, you are the driver of your business; if you find your purpose –a greater reason for living beyond survival, what your business is will become much clearer.
I have written the greatest manifesto on earth for unusual entrepreneurs titled “The Entrepreneur’s Journey”. It’s loaded with so much unusual information that will show you how to discover your purpose as an entrepreneur, awaken the spirit of business within you and teach you how to build a SIGNIFICANT company that is profiting from purpose by changing the world!
It’s completely FREE, all you need do is enter your full name and email address in the box at the end of this unusual article and I will send you the download link.
What is your business?
I really want to hear from you, so use the comment box below to answer this greatest business question of all time. If you need further assistance in answering this question, I suggest you first read the FREE manifesto and then shoot me an email.
ONE LAST THING!
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Thank you for your time!
Tito, nice one.please, keep it up and God will help you, In Jesus’ Name.
Thanks Olakunle for the encouraging words. Really appreciate your feedback. God Bless you too 🙂
So great Tito, when you are planning to build a business the first question is “What is your business”? that is apparently to be plan with. Anyway thanks for this great post Tito, I like it and keep it up!
It’s nice to have you here and thank you very much for the comment. The plan begins with the difference you are in business to make or the problem you want to solve or the need you want to meet. Without a clear cut answer to these questions, defining what your business is becomes so vague. And when you start out with a vague idea, it becomes hard to differentiate yourself from the competition.
Thank you Tito you are indeed causing a change, you are adding value to my life.please keep it up.
Thank you for the very encouraging words, I am very glad to hear how helpful naijapreneur have been to your entrepreneurial development. By HIS grace, we promise to do more!
Stay Tuned. 😉
A business to me is being in the middle of something or somewhere and having something needed to grant a need thereby making a huge difference. Am a social entrepreneur that wants to bring social change, please can you assist me on doing something even in the absence of certain resources.
Thank you for your comment. Your definition of a business is correct, the need you are meeting is the difference you are making in the lives of your customers. Clearly defining and meeting these needs is what your business should be all about.
About your project, shoot me a mail using the contact us page and let me see where we can go from there ok?
Thank you for stopping by and sharing your thoughts with the community.
Nice post Tito! This is my first time here. I have not launched my business yet, but I am looking to launch one, one of these days. What I gathered from this post is all people should be in business to make a difference! If you are in business to make a difference, the better chances you have of your business succeeding. Thanks Tito.
Thank You for stopping by here Aaron, I appreciate your presence. That’s right Aaron, businesses that start out to make a difference are the ones who really achieve true greatness and more profitability.
Very nicely written. I know this is problematic for me to respond to and I’ve been in business 10 years. The thing is that I offer so many different services and I promote different services to different people. That works because I like the diversity in the work, but doesn’t work because other than people I’ve done work for, others aren’t quite sure where to categorize me.
Still, I get by.
I appreciate your stopping by, been a while 🙂
I always enjoy your contrary views, helps to create balanced perspective on issues. In this case though, I would say your approach to your business is peculiar to the personalized services you offer. Only those who have worked with you can have a feel of the difference you make in their lives.
But for new prospects, this is where it gets tricky as you would have to quiz your existing clients to know specifically the difference you make happen for them. With this you can win the trust of new clients.
But in all, it does pay to figure out the why [purpose] behind the different what [services] we offer clients. It’s our business, it’s our responsibility to define it to the customer as clearly as possible.
Thank you once again Mitch, I always enjoy your views on issues.
“Your business is the difference your dogs make in the life of the customer. Your business is the difference your clothes make in the life of the customer. Your business is the difference made in the life of the customer as a result of your managing their event.” – I believed to be different you have to think different and to think different you should stay away from the normal,but the above quote and even in each and every blog written in this site i can feel a difference.Great work you are putting here mr.Tito
Please add an article for business beginners in Technical field. What we have to consider in areas like Manpower recruitment, Business Establishment and Marketing.
Nice to have you here. Thanks for the feedback. About starting a technical business, you need to work with people who are passionate about technology. This is more important than the particular skills they possess. You can teach them skills, but you cant teach them passion.
Regarding marketing, I would suggest you think about using the internet. Depending on your target audience, since it’s a technical business, they will be used to the internet and you can position your brand to be visible online. Starting a blog is an option you should explore, share stuffs that can be useful to them and from there create trainings that they can pay for.
This article was clear in expressing how to clearly define your business amongst others. It was concise and straightforward in doing so.
I appreciate the feedback.
The entrepreneurs journey please.
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” Defining Business” is the most important ! what a great point. thanks for the post.
Your website is good.
Great article Tito.
The WHY behind every endeavour is very important not only in business.
But in this context, I must say you always make business issues simple to understand and act on.
Thanks for the information to really define my business.
The WHY is all that matters behind every human endeavour, without it, we are just empty beings without meaning.
Your article is really an wonderful with useful content, thank you so much for sharing such an informative information. keep updating.
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