In fact, the most successful business owners see what other business owners are doing, and do the opposite!
Why? Well, consider that according to the Small Business Administration (SBA), over 50% of small businesses fail in the first year and 95% are out of business in the first five years. Of the ones that survive past five years, less than 1% reaches a level that allows the business to survive the retirement or death of the founder.
So why then do most new business owners study what other business owners are doing, and then just copy them? This almost guarantees that they will become one of the 95% who either fail or are just getting by.
If you truly want to succeed, you should instead see what the “herd” is ignoring.
- Is there a niche where your product or service can be sold that the herd is currently ignoring?
- Is there a new way to use your product or service that the herd doesn’t see?
- Is there a new product or service that you could be offering that the herd is not? (Think Apple iPads.)
- Is there an add-on product that you can offer that the herd isn’t offering?
- Is there a more efficient way to produce or deliver your product?
- Is there a different price (either higher or lower) that your product or service can be offered at?
- Is there a way to increase customer satisfaction when using your product or service?
Sounds like a lot of trouble and work. But so is failure!