So, you’ve made it into the market. Be it your own business or your next-level career. You have gotten married, so to say. But how do you continuously keep it in good shape?
Data from the BLS shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. And the reason behind it is not lack of knowledge but the lack of knowledge on how to un-know what you (think) you know. Best way to do that? Ask (yourself) good questions.
Question No. 1: What is my playground?
Operating on the premise that business is a game, but a very serious one, this question is vital. Before you engage in play, though, it is important that you define the business you are in. This question is more complex than it looks. Let’s take chocolate business for an example. Different companies from Snickers to Wispa Gold will answer this question very differently. Some answers may include: candies, snacks, gifts, free time, experiences, and so on. It is obvious that, depending on how you define your playground, your strategies and daily tactics will differ, too. So, asking yourself what your playground is, is a good way to steer the game of business in the right direction.
Question No. 2: What is my direct client psychography?
Let’s be clear about it: demography is dead. Why? Because not all females “act female” (whatever that means) and some 20-year-olds dress like their mothers, and vice versa. Seriously, who are you to tell that, for example, this product or service is for a 40-year-old female? This classification is stale, and for quite some time now. So, the sooner you start classifying your direct clients (and everyone else in life) according to their hobbies, likes, dislikes and values, the better for your career and the business in general. It is perfectly OK to say that your product or service will ease the lives of busy moms, which is a psychographic description. It is not OK to say that your product or service will ease the lives of the 20-year-old-moms. Because you don’t know if they are moms or they are gone surfing, or both.
In closing, it is important to say that there is no such thing as a stupid question. Question everything and you will forever advance. As the famous words go, ask and it is given.
Want to experience the benefits of tough questions? Contact #YoBusiness to discuss your corporate therapy workshop!