I was asked to speak at an Entrepreneur’s networking event called the Hive in Brisbane. (It’s a free monthly event. check it out) It was the first ever in Brisbane, so I had no idea what to talk about. I decided to simply share some of my favourite business tips that I have learned from others. They made a difference for me. Remember them if you can.
If you’re an entrepreneur, it’s likely that you have a short attention span so your brain will be thinking about all sorts of ideas while you’re reading this, so I’ll keep it short.
1. Generic VS Brand
Nike vs Sportsclothing
Google.com vs SearchEngine.com
McDonalds vs Burgers
Which of these have you used and which of them have you not? You don’t need to answer, I think you get the point.
The only time that a generic brand has an advantage is in the first 6-12 months. If you plan on being in business longer than that, and you plan on receiving repeat business, then a Brandable business name will become more and more important.
2. Sharing Ideas VS Keeping them Secret
Sharing your ideas can bring feedback, vital relationships, funding, fine tuning.
What about thieves?
People who can make your idea happen, don’t have the need to steal it
People who need to steal your idea, don’t have the ability to make it happen.
Therefore, sharing your idea is very important. Also help others with their ideas. Share your secrets with the noobs. Why? Because if it helps them, they’re going to want more one day and they will want to return the favor.
3. Culture of Innovative
Ask staff to contribute new ideas every week. All humans are smart!
4. Worst enemy of a great idea is a different great idea
“Jack of all trades, master of none” I always wanted to be Jack. Good at everything. In 2002, I read a book named “good to great”. Until then, I thought it was better to be a Jack of all Trades. I was lucky enough to learn that companies and people who are the best in the world at something are much more successful and make a tonne more money than those who are good at everything.
Choose a niche you can be the best in the world at.
- Best event organiser for social media
- Best car rental comparison website
- Best blogger on using social media for business
- Best female actress who can play a uber nerd with an Australian accent
- Best mechanic at servicing mini coopers
5. Build Relationships
Go to networking events to build new relationships. Don’t get caught talking to existing friends the whole night. There’s nothing wrong with walking into an existing conversation and introducing yourself to strangers. All the cool kids are doing it. Jump on the phone and build a real relationship. It’s a great way to acquire real links.
6. Advertising VS Word of mouth
Word of mouth advertising will increasingly become more important than traditional advertising. Divert more budget towards activities that will encourage word of mouth advertising.