Trying to please all results in pleasing none

Reflections on Branson Centre Foundations Course - Session 2


To view Foundations of Entreprenuership Session 1, click here
To view Foundations of Entreprenuership Session 2, click here


One aspect of being an entrepreneur that can be both a blessing and a curse is that you are your own boss. Nobody is breathing down your neck, reminding you of deadlines, wielding the big stick of disapproval if you don't complete a task on time.

You're in a position of power. On the flip side as Peter Parker's grandpa tells him "With great power comes great responsibility."

If you've set a deadline or committed to a task - then you're the one that has to make sure it's done. When you're in the early days of your business, it's tempting to try and take on as much as you can. You'll do just about anything to hook a sale, sometimes skipping steps like assessing your ability and the capacity of your business to take on the job.  While this approach may work in the short term, it's a sure fire way to set yourself up for burnout.



So there - now you've read my disclaimer for why this blog is being published 5 days late! I wanted it out on Thursday, but the week/ end ran away with me! Unfortunately it is too often the case with those of us in a creative industry. We're great at the creative stuff - but we suck at administration. I could have just left it, but I'm working on developing the habit of doing the things I've committed to as promptly as possible. Better late than never. 

So lets go!

Words I read recently (wish I could remember where though to I could reference it properly!)
"When you try to please everybody - you please nobody."

One of the things that stood out for me in Session 2 of Branson Centre Foundations of Entreprenuership is that you need to be very clear about your market and your product. The more defined your different market segments are, the easier it will be for you to decide on the approach you need to take to identify and ultimately meet the needs of that segment. One size seldom fits all, and if your product or service offering is trying to cover a broad market, your client may well find another supplier that caters to their unique needs.

As part of answering the questions "What am I selling?" and "Who am I selling to?" we were given the task of finding out what our immediate competitors were up to. Sure, as an entrepreneur you're "academically" aware that there are others selling the same product/ service - but you're so busy trying to keep your head above the water that proper competitive research somehow slips to the bottom of the priority list. I got some good ideas from how I can tweak the service our company offers by critically evaluating where our competitors were doing things better (or worse) than we currently are.

I don't have a tertiary qualification, but I'm pretty sure that I'm benefiting a lot more from the Branson Centre business training than I would have from any business degree. Why? Because it I'm already running my own business, and I get to plug what I learn straight into a real enterprise - where there is a really possibility of both failure and success.

What exactly are you selling, to who and where?

Branson Centre - Foundations of Entrepreneurship, Session 2

To view Foundations of Entreprenuership Session 1, click here

There is a big difference between a dream and a goal. A dream is something you hope will happen, but there is no call to action on your part. It's a picture in your head that you may aspire to, but there's no clear map for how you'll get there. A goal is specific, measurable, attainable, realistic and bound to specific time frames. It is clearly defined.

What does this have to do with session 2 of "Foundations of Entrepreneurship"?

Our focus in today's session was mainly on who our target markets are.
As an entrepreneur your target market needs to be more like a goal and less like a dream. By that I mean clearly defined. Specific. Measurable.

Two of the questions that were addressed in detail were:

1. What am I selling?

2. Who am I selling it to?

While each of us in the room had what we though was a good understanding of our product, industry and target market - presenting it in a clear way to the rest of the class was surprisingly challenging.

Most of us were thinking a little too broadly, but by the end of the session we had a clear understanding of both the demographics (age, gender, ethnicity, income levels etc) and some psychographics (feeling, motivation, attitudes etc) of our markets. 

Accurately defining your target market is a critical step in the business process. Different segments have different needs, and different problems to overcome in order to meet those needs. The features of your product, as well as your marketing strategy will depend heavily on the needs you are trying to fulfill within a clearly defined target market.

So, if you are an entrepreneur reading this my question to you is:

What are you selling, to who, to fulfill what need?

If you're struggling to answer that question, then you need to take a deeper look at who your target market actually is, what is important to them and how you can alter your product or service offering to meet their needs.

Keep an eye out for next week Thursday's post, where I'll let you know how today's theory has been applied practically to improve my business. 

Also - if you have any questions, comments, or insights - I'd love to hear from you in the comments box below.

All good things do not come to those who wait

Reflections on Branson Centre Foundations Course - Session 1

This week has been an interesting one, with my brain in business overdrive. One of the aspects at stood out for me during the business board game "Vantagepoint" was that as entrepreneurs we need to carefully assess where the business is, and take advantage of the opportunities that come our way. There's no room for passivity if we want to stay open for business.

So how does what I learnt in my first week at the Branson Centre apply to my business?

Let me start by making a statement I'm sure will resonate with many other small business owners. I hate cold calling. It's like ripping off a band aid. You know you have to do it. You "um" and "ah" because you're anticipating the agony.(Often the anticipation is the most painful part.)

After alternating between starting at my computer screen, then at my phone... then back at my screen... I picked up the handset and dialed a prospect I had meant to call a while back. She was very pleasant the conversation flowed with ease. Unfortunately when I got to the part where I asked for a face to face meeting, she informed me that another company had beaten me to selling her the service I was offering. (This is the part where I quietly face-palmed myself)

Quick thinking kicked in, exploring how I could turn the situation to my benefit. Someone had beaten me here, and I wanted to know more about who this someone was. If you're going to up your game as an entrepreneur - then you need to know what your competition is up to.

I managed to convince the prospect to meet with me so that the next time a need arose in my area of expertise, she would at least have some options to choose from. My primary objective was to find out more about my competitor but through listening and asking the right questions I uncovered some other opportunities that were ripe for the picking. I left the meeting with two strong sales prospects and some insight into a new competitor's activity.

I've learnt a few lessons outside the classroom this week.

1. Don't procrastinate. Call that prospect. Set that meeting. Ask. Listen
2. If someone beats you to a client, find out who they are - and what they are doing that you are not.

I get that in life, there are situations that require patience - and that there is a time to exercise caution and not act rashly or make foolish decisions. Most of the time though, when you're running your own business - good things do not come to those who wait.

Good things come to those who act.





For more on the Branson Center visit www.bransoncentre.org
For more on Vantagepoint visit www.vantagepoint.co.za


Image from www.sxc.hu - http://www.sxc.hu/photo/1385312

The Branson Centre - Foundations of Entreprenuership, Session 1

Branson Centre Foundations of Entreprenuership - Session 1

For Branson Centre Foundations of Entreprenuership - Session 2, click here


You don't learn to walk by following rules. 
You learn by doing and falling over.
- Richard Branson


So today was my first day at The Branson Centre in Braamfontein, South Africa. For those of you who don't know how it works, the Centre is basically a business incubator. As part Virgin Unite, it is tasked with training and mentoring South African entrepreneurs, providing them with the know-how they need to take their business to the next level.

There were 18 of us in today's session, spanning across a diverse range of industries including financial services, arts, fashion, training/ education and catering to name but a few. After some timid side-glances (and wondering if it was ok for us to descend on the coffee station) we plucked up the courage to start talking to each other. Being an entrepreneur has thusfar been a lonely road to walk, with many challenges that have left me feeling overwhelmed - and questioning my sanity. My interaction with fellow entreprenuers today has really encouraged me by reminding me that others are walking the same road, dealing with the same pressures. There's comfort in voicing those struggles. It was also liberating to admit we don't have all the answers... And that there's nothing wrong with that.
After all, we are here to learn.

After the caffeine had kicked in everyone was a lot more animated. The team from Vantage Point (a enterprise development/ management consulting group) briefed us on their business board game/ simulation and we broke into groups. Each group consisted of 3 companies, trading, hiring staff, negotiating, securing sales and experiencing realistic business challenges. We all made ALOT of mistakes - which (hopefully) we've learnt from. By the end of 2 hours of play we were all pretty passionate about our little business entities and even scolded opposing teams for headhunting our staff!

During the debriefing process we got to share some of the insights we'd gained during the exercise as well as listen to some sound advice on how the principles translated into the real world.

One of the stats presented in the Branson Centre promo video is that over 70% of South Africa's unemployed are between the ages of 18-35. Some would argue that the reason for this is the disparity between the needs of industry and the quality of education the average South African is receiving.
Personally - I think this is a bit of a cop out. I don't think there's a lack of opportunity in South Africa. What we are lacking as young people is the realization that the power to turn our country's economy doesn't come from another government hand-out, winning the lotto, or being employed in some minimum wage position.


Something that really stood out for me was the fact that as entrepreneurs, we need to take responsibility. A lack of willingness to take responsibility and make confident and timeous business decisions is one of the big reasons that 7 in 10 businesses fail in the first 2 years.

We need to stop making our success in life somebody else's responsibility. Eric Toknell, the founder of Wimpy said something at a business breakfast that has really stuck in my head:

"What do you have in your hands? Use what you've got. Start where you are. Do what you can."Session 1 has left me feeling encouraged and looking forward to growing my business. Knowing I have the support of an organization like the Branson Centre has really blown fresh wind into my sails.