The Official Opening Of A New Business

Walking into my new laboratory for the first time after being officially opened was a thrill of a lifetime.  It's one thing to walk into a new facility and enjoy how it feels, looks, and smells.  It's also a thrill if you had a part in its design and implementation. But I realized that I was in a very small club of people, especially in medicine, that didn't just design the facility. Or oversee it's creation. Or the formulation of the underlying business and company. Or manage the financing. Or create a business plan. Or hire the staff. Or formulate sales and marketing.  Any one of those items can be immensely gratifying, yet at that moment when I walked into my laboratory for the first morning of work...I realized that I had worn, and would continue to wear, all of those hats.  

Doing It All ... Is Gratifying

It wasn't until many years later when I realized the rareness of what I had done when it was pointed out to me by a friend Mick.  While on the phone, discussing some issues that I needed some advice about regarding the sale of that laboratory, he said something that I have never forgotten.  "Steve, you don't realize that you are in a very small club of people who have started, run, grown, and then sold a business.  Not very many people have done that...". 

Those words hit me, and...

What is more important? 
What you know? Or what you don't know?

It's nice to know stuff.  But it's even better to know what you don't know.

If I know how to cook a dinner, I can do it confidently.

If I know how to use a screwdriver, I can assemble a lot of things.

If I know how to use a pocket knife, I can whittle a stick.

If I know how to drive, I can pilot myself from one location to another.

If I don't know how to cook, use a screwdriver, a pocket knife or drive a car...then I can't do any of those things successfully.  Success is based on getting things done.  

But as long as you know about cooking, assembling items, whittling or driving, you can hire someone to do those functions for you.  If I don't know about those skills or tasks, then I can't even ask someone else to do them.  They simply don't get addressed or completed. 

You can't get something done if it's not on your "radar".

In many cases, I may not even know what I don't know...so that leaves me, not just with the inability to do certain functions, but perhaps it leaves me with the total lack of knowledge that such things can be done. It limits my potential.

What you don't know is a significant limiting factor in your progress.  Perhaps what you don't know is where your business's key to success is hiding.  

So what to do?

First, learn what you...

The Best

Everyone strives to be the best.  

The best in school.  The best athlete.  The best restaurant.  The best vacation spot. The best ... anything.

But what happens when a product is made that is above all the rest.  A product that is so good, it seems like it gives its users an unfair advantage.

They think you are cheating.   They think you are gaming the system

And they look for a way to "take you down". To have you removed from the competition. To ban your product or service.  

Why is that?  Is it because they are far better? Or because you can't compete with them?

No, it's because the product or service is too good.

A Superior Competitor.

It's alright to be upset when your product or service is bettered by another company.  That's called healthy competition. That should be your motivation for you to do better.

Destruction of Success

What isn't acceptable is to seek to ban or destroy a competitor's success.  

Destroying another's success puts us all on a downward spiral to mediocrity. 

Destroying another's success doesn't make us all better. It makes us worse.

The destruction of other's success ... isn't a success. 

Diamond jewelry.

Luxury leather goods.

Designer clothes.

Virology.

Luxury Goods and Viruses Are Related.  Who knew?

The luxury goods market has recently been decimated by the presence of an infectious disease.  Who had any idea they were related?

Blindsided

The world and everything in it is interrelated.  Some relationships are obvious.  But in many cases relationships are not understood or identified ... until they have manifested.

That's the case with luxury goods and the coronavirus.  Luxury goods have been taking a huge hit because of the fear that is keeping people out of public places. The fear that is keeping people from traveling.  The fear that is dampening people's spirits.  The fear that is making people focus on more immediate elements in their lives than purchasing luxury goods. 

Who knew?

What about your business and products?  Perhaps it's time to think about how they could be impacted by events in society or the world?  It's a daunting task to try to consider everything that could happen.  In fact, you simply can't imagine every possible scenario.  It's just impossible to consider everything that could impact your business.  

But you can ask general questions that can provide a lot of the same information, based on the result of such events.  That can be very helpful. ...

So you are putting in the time. You are developing your interest.  Creating something that you know people will want.

But... How are you approaching what you are doing?

Do You Have A Hobby ... Or A Business?

There is an entirely different level of commitment that you have when you say you are starting a business, rather than having a hobby.

And because of that, you will ...

Run things differently.

You will schedule time to get things done ... like in a business.

You will manage your finances .... like a business.

You will work with others who are helping you ... like a business.

You will manage your customers and "tribe" ... like a business.

And you will more likely achieve success ... like a business.

Hobbies are for interests.

Businesses are for livelihood.

Don't expect a hobby level of effort and commitment to give you business returns.