Home business entrepreneurs will naturally be exercising their problem solving skills more than the average person. It just comes with the territory.
Problem solving is one thing – but identifying the primary log-jams of your business that are keeping you from achieving significant breakthroughs and higher levels of success are another world altogether.
These logjams are known as ‘constraints’. Home business entrepreneurs need to understand that constraints are an aspect of their business that has been severely limiting growth.
Naturally there are lots of potential ‘parts’ of you business that could be the source of your primary constraint.
- The product or service itself (Example: A well known maker of Brandy was losing market share to a competitor with an inferior product simply because their bottle and label were sub-standard)
- Conflicts between the tactics you’re using VS. a strategy suitable for market. (Example: People new to MLM are told to build their business by marketing to their family and friends instead of learning to find & attract the people who actually want what their selling).
- Making the mistake of focusing primarily on working ‘in’ you business rather than ‘on’ your business. (working on your business allows you to develop the systems so other people can do the work while you focus on building the business.) McDonalds got where they are due to their systems.
Business entrepreneurs need to consistently be ‘on the hunt’ for the current aspect of their business that is under the greatest constraint.
This is essential because these logjams exist at every level of a businesses growth.
Like life itself, a business is either growing or its dying. In order to continue to expand your business (or even to ‘maintain’ an existing position) clearing these log jams are a top priority and responsibility for business owners.
Unfortunately; the most important element of success in business success (and the biggest constraint by far), is also almost always the one that home business owners shun the most: Marketing & Sales.
This can not be emphasized strongly enough: Without a ‘sale’ nothing else happens.
No matter how good your product/service is, if people aren’t aware it is available or how it is substantially better than what they are using, you will fail.
Those words may upset some readers but I’m a no B.S. kind of person and we all need to face reality – and the sooner the better…
The good news, which is just as unknown to home business owners; is that ‘sales’ is actually a lot of fun once you learn to attract the people who are already motivated to purchase what you’re offering.
If you’re a smart home business entrepreneur you started your business because you found a product/service that you love.
That’s great, but that does not mean that everyone else in the world is going to share your interest in that product let alone love it the way you do.
Time and again I’ve seen new home business people trying to convince a prospect about their product’s merits without recognizing they might as well be talking to a brick wall.
Pitching your product to the wrong prospect is by far the most prevalent mistake I see new home business entrepreneurs making. The consequences are often serious:
- The whole experience is very stressful and emotionally draining for both the prospect (especially if it’s a family member or friend) as well as yourself.
- The resistance generated from ‘wrong prospects’ is substantial and can make a new entrepreneur second guess themselves – or their product (which can kill a new business in nothing flat).
- The time wasted on ‘wrong prospects’ means you weren’t with the prospect that wants/needs your product (i.e. – no sale).
Constraints are a fact of business that is constant. They are either suppressing a business or (once cleared), are opening whole new opportunities for expansion. Learn to face this critical fact and to embrace the opportunities they present.
Home business entrepreneurs are the new lifeblood of America’s economic recovery and learning to consistently address constraints will be a major key to their success.