How to make a lot of money in a Competitive Business

How to Make a lot of money in a Competitive Business

How to make a lot of money in a Competitive Business

Growing up as a young guy, I loved motivational speaking and I love to be one of the successful motivational speakers, but there's a problem and that problem is obvious; everyone is a motivational speaker these days. So, how do you become successful in a field where everyone is claiming to be the best? I did one thing terribly inventive and that I believe this same strategy. I used is applied to the other trade out there and cause you to prosperous in any competitive business. In today's blog, I'll be sharing with you how you can make a lot of money in a competitive business.

Why is it hard to make money in any business? I think the best way to start this blog is to ask ourselves, why is it difficult to make money in a certain business? Well, the answer to that is very simple; competition, competition, and competition, because if you're the only person selling what you're selling, then, you can increase your price as much as you want and you can make as much money as you want, but sorry such world doesn't exist. Now that we all agree that competition is the reason why most businesses may not make as much money as they want, let's ask another question; What causes competition? I think this is often an honest question to ask. What do you think causes competition? Well, competition exists in the first place because more and more people have the skills or information to do what you are doing. We must understand this, so let me repeat myself; competition for whatever you're doing increases simply because more and more people acquire the skills, education, or get information to make them qualify to do what you're doing. 

Take for instance in the year 1980, the number of companies that were producing computers in the world could be counted with your five fingers and that means that if you needed a personal computer, you better buy Apple and HP. Today, nobody even has any idea as per the numbers of people who are making computers. The reason is that the skills and information to make computer increases, the competition increases and so it is in every industry. How to beat the competitionYou're so lucky if you're Jeff Bezos because when you started your E-commerce site in the year 1995, nobody in the world knew we would ever buy anything from the web. You're so lucky if you're Bill Gates because when you started Microsoft in the year 1975, nobody even knew what software means except you and your prodigy staff. Unfortunately, not many of us will hit the ground when others are sleeping. 

So we have to figure out how to beat the competition if we really want to make a lot of money. The simplest answer I can give you is; get more skills. Let me explain this with my story which I used to start this blog. You see, when I started dreaming of becoming a motivational speaker, I noticed that everybody in the world claims to be a motivational speaker. I know very clearly that I can never succeed in any field if I'm to be just another man, so I needed to have what most motivational speakers don't. So when I studied most motivational speakers in my country, I saw that these guys are readers who speak. I mean, the reason why they are motivational speakers is that they read a whole lot of books which most people don't read and because they know so much than most people, they, of course, have messages for most people and that’s why they become motivational speakers. To beat these people, I not only read as much as they do, but I also went to the real world, build a business from the scratch, hire people in the real-life, and went through the hell that's involved in building a company. With my over one decade of experience as an entrepreneur with a lot of failures and a few successes.

Now, I'm preparing to pursue a career as a motivational speaker and as much as I know in my country, only a few people can compete with the combinations of the skills I have. Robert Greene said, "The future belongs to those who learn more skills and combine them in creative ways." That's the key and I seriously hope that you’ll get this right. You see, no matter what your business is, the early stage may be easy because only a few people know about your business but as more people get to understand the potential in a particular business, more and more people get in and the number one weapon these people use is the price. 

You and I know that business needs a lot of money to run and remain profitable but when every newcomer comes up to fight with price, how can anyone make reasonable money? That's why Uber is still unprofitable after a decade of inventing a new way of traveling around. The future belongs to those who learn more skills and combine them in creative ways Avoid Being Jack of all TradeOne important thing I should state at this point is that acquiring more skills doesn't mean that you should become a jack of all trade. It's in fact, the opposite of that. You don't want to go and learn engineering, accounting, and law at the same time. Instead, you want to sit down and make a list of about three skills that are very related and helpful to your present business which most of your competitors may not think about. It's the combination of these skills that will make your business different from that of your competitors. 

Sometimes, these skills may not necessarily be hard skills like accounting or engineering. What separates you from your competitors may be your deeper understanding of human psychology which makes you understand how your customers think and how they want to be served. What separates you from your competitors may be your leadership skill, which makes you attract quality people who in turn make quality contributions to your business. What separates you from your competitors may be your empathy, your ability to feel what people around you feel, and then deal with them the way they will appreciate most. Take for instance; more than 90% of the people working with me don't have the mandate to resume to the office at all. These people can work in the evening, afternoon even at night. They have absolute liberty to have a day off or even two days without having to tell me. 

Because we structure our business in this way, we expect that people working with us are likely to be happier than people working for other people in our industry. This way, we can retain quality people fora longer period and we can even increase productivity because in my city, for instance, most people waste 3-5 hours to get to work and return every day. If our staff have the whole 5 hours to themselves, I don't think they will find it hard to be productive. I mean, the ideas as per what you can do are limitless and so, you have to think, think and keep on thinking about how you can have the skills which other people in your industry don't have so that you can make the kinds of money they don't. Know your enemy studied the autobiography of Henry Ford a few weeks ago and I wasn't surprised to know that Ford bought every car his competitors make. He not only buys those cars, but he also drove them, even in public. The reason why Ford bought and drove every car his competitor made was simple; you have to know your competitors as much as you know yourself if you want to succeed in business. 

The Chinese war strategist, Sun Tzu said, "If you don't know yourself, you'll lose all the battle. If you know yourself and don't know your enemy, you'll win half of the battle. If however, you know yourself and know your enemy, you'll win all of the battles." This is as true in war as it is in business. Knowing your competitors is an additional skill that can help you to make more money than everyone else because you can't kill who you don't know. The conclusion of this blog is this; if you want to make more money than everyone in your industry, you must be able to sit down and analyze 3-7 important and related skills most people are too lazy to acquire and go after these skills. Your ability to combine multiple related skills is what will give you an unbeatable niche which will lead to your ability to charge higher prices and make far more money than most people in your industry. Thank you very much for reading this blog. Happy learning.


Powered by Blogger.