I‘m almost through 6 solid (but exciting) days of training some amazing entrepreneurs here in Banff, Alberta, and the primary focus has been on what I think are the 2 most powerful skills an entrepreneur can learn – marketing, and productivity.
I’m sure you’ve heard the stats that 80% or more of all businesses fail in the first 5 years, and when you look at how most small business owners approach the marketplace, it’s really no surpise.
Most businesses are started because the entrepreneur thinks that a particular market exists for their product or service.. but they never actually ASK their market if it is interested in what they’re selling!
It seems SO obvious to ask your market what they really want as the first step.. because once you know, you can simply create the product or service they’re looking for, and know that it will be accepted. Unfortunately, most entrepreneurs violate this critical rule: You Are NOT Your Market.
No matter what business you’re in, one of the most powerful and magical questions that you can ask is the following:
‘What’s the single biggest challenge you have when it comes to ..[X] ?”
Or, you can use “frustration” instead of “challenge”, and that also works extremely well.
You simply fill in the end of that question (where the [X] is) based on the business you’re in and the product or service you are looking for feedback on.
For example, if you’re a web designer, you might ask .. “What’s the single biggest frustration you have when it comes to getting a website created?”
If you own a pet store, you might ask “What’s the single biggest challenge you have when it comes to your pet?”
This isn’t rocket science, but it is AMAZING that most entrepreneurs never ask for this kind of feedback .. and what your prospect and customers tell you is GOLDEN.
Even more interesting, the answers you get are almost NEVER what you think they’re going to be, and by knowing what language your customers and prospects are using, you can then use that same language back in your marketing messages. By doing so, people will know you ‘get it’ because you’re speaking their language.
One of the entrepreneurs I was teaching this weekend is in sales training, and when he heard this, he had an “aha” moment. He realized that in speaking with several of his clients and prospects, several of them used the same language .. they all said “I feel like I’m in a funk…“. Yet he had never picked up in this powerful item.
By knowing that (and being AWARE of it), I suggested that he take that exact language, and use it when speaking to prospects and clients. And having done this many times before, I guarantee that he’ll increase his response and sales simply from this simple little trick.
So, let me use this strategy right now and allow you to HELP ME determine what topics and challenges you’d like me to cover on this blog!
In the comments below, please provide a simple answer to the following question:
“What’s your single biggest frustration when it comes to starting or growing a business?”
Please post a comment below, and I’ll do my best to address the most popular and common frustrations that entrepreneurs are having with their business!
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20 Responses
I've converting my singing to promote the french culture into a not-for-profit Org.
My biggest challenge is to find board members I can trust and turn the part of the business I am not good at, over to them. If I am an amazing artist, management and financing is my downfall. Trusting others will take me to the next level is my challenge. I have to stick to my vision as everyday is a step into the unknown lately, nothing unfolds as I think it would, it is actually better and easier since I am not alone. But letting go to the right people is the challenge.
Time Management to get to the next level.
Converting one man successful business in something bigger structurally.
It looks like being a mechanic who is trying to improve car and driving it at the same time…
As my services are the major income for the company at the moment, the ability to train, empower new therapists and reception so that I can free up space to simplify the jobs that only I can do right now. I guess really then it is the ability to allow people to take over tasks they can do and focus on the undone, ignored areas.
I recommend reading 4 Hour Work Week as a lot of good tips can be picked up from that book for someone who plans to start a business, or improve and grow an existing business.
I’m always frustrated by my lack of ability to just focus on the most important tasks at hand and delegate the rest of the minutia of day to day business. it is hard to go from a skilled tradesman to a businessman that doesn’t do all the work himself.
I’ve converting my singing to promote the french culture into a not-for-profit Org.
My biggest challenge is to find board members I can trust and turn the part of the business I am not good at, over to them. If I am an amazing artist, management and financing is my downfall. Trusting others will take me to the next level is my challenge. I have to stick to my vision as everyday is a step into the unknown lately, nothing unfolds as I think it would, it is actually better and easier since I am not alone. But letting go to the right people is the challenge.
Pushing past the fear factor of getting started and finding my niche. I think these go hand in hand as I feel if I could zero in on my niche with clearity I could take the steps necessary to get started. I know I have to start with one specific area and this has been a challenge because I have too many ideas.
I’m working on an online buisness and have been a sponge for the past eight months trying to learn as much as possible about internet marketing.
finding my niche market as a realtor and also my target market! not wanting to limit my market but also realising that becoming a big fish in a little pond is more attractive than a little fish in a big pond.
the people I enjoy working with most are younger professionals, mostly independent female buyers in the downtown Toronto area. I am passionate about this demographic. They seem to be buying mostly condos for the life style. So is my target market condos or professional (female) buyers? ( I’m sure we’re all aware that this is a very strong growing demographic)
When this question becomes clearer, branding can fit in around this.
thanks for any help Greg.
Donal.
Getting the message to my market without spending a fortune on advertising.
A recurring challenge I’m faced with in my business is allocating the funds for an administrative position. I would prefer to have performance based employees but have been unsuccessful with finding the person who can do menial administrative tasks without a commitment of a salary from me.
My business is project driven so cash flow is an on going issue. I find myself doing the filing, running to the bank, paying bills and posting mail…..
second guessing myself, wondering if this is what i want to do with my life, and because i dont know the ansewer i find it hard to be truely passionate about what i currently do.
Excellent article Gregg. I've been pondering the same thing and with the help of my colleague Simon Sinek, (startwithwhy.com) I understand that most enterprising organisations do not know how best to promote their core message because they don't know what it is.
So many business' are lost in the fog of'details'.
Secondly they need to be able to keep the 'objectivity' within volatile markets, whilst defining their own sustainablility.
Productivity and ROI are vital skills so as not to fizzle up into cyber space.
Thankyou. Look forward to the unveiling!:)
Warmly,
Dream Warrior Jenni P
Excellent article Gregg. I’ve been pondering the same thing and with the help of my colleague Simon Sinek, (startwithwhy.com) I understand that most enterprising organisations do not know how best to promote their core message because they don’t know what it is.
So many business’ are lost in the fog of’details’.
Secondly they need to be able to keep the ‘objectivity’ within volatile markets, whilst defining their own sustainablility.
Productivity and ROI are vital skills so as not to fizzle up into cyber space.
Thankyou. Look forward to the unveiling!:)
Warmly,
Dream Warrior Jenni P
To find the right people to create my network team
Some of the above. Getting people to grasp that they need more treatment than they perceived they needed, in order to help them get the most from their life, body etc. Getting known for doing the excellent work that I do.
My own limited energy. time management to do the marketing stuff which I loathe.
Knowing that my husbands’ small window cleaning Company needs to expand and grow with the times but not not knowing which direction to take.
My biggest challenge is how to generate cash to sustain my business. We all know that cash or money is the wheel to succed. And if you are all alone and believe that what you think is what you get, people will just ignore you.
And the sad thing is i dont have assets for quolateral.
My only asset is my self. And to show my value that i have, needs time and financial security to make it known to everybody.
Maybe if i was born surounded with family or friends who is financially creative. Simplewealth training is my key to success because my business is to market my self. And marketing needs cash as vehicle for success. Maybe I am little late to conquer my limitation but, i know it will works.