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When Was Your Business Invented?

One of the ten steps to achieving extraordinary business results in The University of Entrepreneurship Business Transformation Workbook is re-invention.

As successful entrepreneurs, we understand that who we and our businesses are today is something that we invented. To stay successful, we must consistently re-invent who we choose to be, and how we choose to operate in the business world.

An example of this is the story of the railroad industry. 125 years ago, the railroad industry was one of the most powerful industries in the world. As automobiles and planes came along, the railroad industry failed to re-invent itself within the transportation industry. As a result the railroad industry lost its importance.

As technology propels our society at ever increasing speed, the re-invention of our business becomes more important. To assist in this inquiry, the following is a brief summary of some questions we should ask ourselves:

1. What is the purpose/vision of our business?
2. What value and benefits does our business provide customers?
3. What makes our product or service unique, relative to what is already available in the marketplace?
4. In the mind of our customers, what value and benefits are we providing, relative to the value and benefits provided by our competitors?
5. How are the needs of our customers changing and what is our strategy to serve these changing needs?
6. What changes can be made to our distribution system to better serve our customers.
7. What changes can be made to our product mix to better serve our customers?
8. What effect is technology having on our customers' needs and our ability to serve our customers' needs?
9. What is our competition doing?

To stay in business today, entrepreneurs must initiate change by re-investing ourselves. Otherwise, we run the risk of being put out of business by change that we are not prepared for.

 

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