Every entrepreneur has spent countless hours thinking about what the next big thing will be. What did the great business leaders of the past know that helped them to achieve such extraordinary success? Harland Sanders of Kentucky Fried Chicken, Sam Walton of Wal-Mart, Fred DeLuca of Subway, and Howard Schultz of Starbucks are just a few among the long list of individuals who came up with a Winning Business Idea that brought them success beyond their wildest dreams. So how did they do it and what can we learn from them to help us to achieve our dreams too?
Although there is a lifetime of lessons to be learned from each of the individuals the reality is that none of them came up with a fundamentally original business idea. Think about it. Harland Sanders wasn’t the first person to sell fried chicken. Sam Walton wasn’t the first person to open a discount store. Fred Deluca wasn’t the first to open a sandwich shop and Howard Schultz certainly wasn’t the first person to open a coffee shop. Every one of these businesses had existed long before these people changed the world with their vision.
Sam Walton reinvented the discount store by taking the USP (Unique Selling Proposition) of offering the lowest price very, very seriously. He made it his mission to offer his products at a price that couldn’t be beaten. It wasn’t just words in an ad. He stood by it and made it happen. In fact he was so good at it that he changed the way business was done around the entire globe.
Howard Schultz, while traveling, experienced a cup of coffee that told him coffee could taste much better then what most people were accustomed to for about the same cost. He offered it in an environment that was clean and trendy. A place you would enjoy spending time with a friend.
So to begin looking for a Winning Business Idea you may want to look at the business you’re in now. How can you reinvent it? Sometimes it’s as simple as giving the customer what they want. In one instance an online seller of beauty products recognized that one of the most significant objections people had to buying online was paying shipping. He reinvented the way online retail was typically done and his sales took off.
If you don’t have a business now then start by making a list of traditional businesses and ask yourself how you can reinvent them. Has the particular business been run in essentially the same way for decades without any fundamental change? How can you bring it into the 21th century? Are customer’s expectations different now than they once were as a result of changes in technology or cultural norms of the times?
One thing is for certain. More business will be reinvented and more people will achieve unbelievable wealth simply by reinventing a business that already exists! Will you be the one to bring change and reap the rewards?
How the Pandemic is Affecting Canadian Businesses
What Small Businesses can do to Survive the Pandemic
Will Covid-19 Relief Measures Affect my Taxes?
How to Manage Flexible Work Arrangements for your Business
Planning for the Future of Your Business
Charging PST on Online Sales
How to Close your GST Account with the CRA
What are Input Tax Credits?