Starting a business is exciting and ambiguous – and that’s the fun. It’s a time of possibility, experimentation, imagination, and showing the world what you can do. But, it can also feel slow, frustrating, and full of traps and distractions, leaving potential entrepreneurs to question their self-worth and to wonder why they started in the first place. As a small business coach, I’ll help you cultivate an entrepreneur’s mindset, so you can start and grow your businesses with confidence and step boldly into the role of business owner. Subscribe to get access to weekly tips, small business interviews, and more.
🚀 Stick to Your Competitive Advantage
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Hi Reader, Michael Porter – the godfather of business strategy said: “the essence of strategy is choosing what not to do.” He’s saying that you need to do a few things really well and outsource the rest. You don’t want to overextend yourself. You need to stay focused. But, it’s deeper than that. He’s also talking about building a strategic, competitive advantage over other players in your field. What are those things that you’re known for – that only you can do? For example, if you make great candles, it might make sense to leverage your expertise by expanding into oil diffusers. But, it might not make sense to expand into apparel design. It might be fun, but there isn’t any synergy created in that endeavor – you’d need to manage a totally separate set of activities, which will stretch your very limited time, energy, and resources. Distractions like these can slow you down. So, keep your attention on what you do best. Give yourself permission to focus and say no to distractions. Until next time, Michael
Michael Schefman | 321 Liftoff Copyright © 2024 by 321 Liftoff LLC |
Michel Schefman, 321 Liftoff
Starting a business is exciting and ambiguous – and that’s the fun. It’s a time of possibility, experimentation, imagination, and showing the world what you can do. But, it can also feel slow, frustrating, and full of traps and distractions, leaving potential entrepreneurs to question their self-worth and to wonder why they started in the first place. As a small business coach, I’ll help you cultivate an entrepreneur’s mindset, so you can start and grow your businesses with confidence and step boldly into the role of business owner. Subscribe to get access to weekly tips, small business interviews, and more.
Hi Reader, We’ve all seen the flashy promises: “Follow these five steps and watch your business skyrocket!” or “My secret formula will make you rich overnight!” Here’s the truth: sustainable success isn’t built on shortcuts. It’s built on staying alert, making smart decisions, and doing the work. That doesn’t mean opportunities aren’t out there – they are! But the key is to approach them with discernment – the ability to judge well and distinguish between what’s worth pursuing and what isn’t....
Hi Reader, I recently re-listened to an episode of How I Built This with Guy Raz from last year. In this episode, Guy sits down with organizational psychologist, Adam Grant. This quote from Adam struck a chord: "The [entrepreneurs] who managed to have repeat success and bounce back—and forward—from failure are the ones who invest their egos in their future growth as opposed to their present comfort." It’s easy to protect your ego by retreating when you experience setbacks. But real growth...
Hi Reader, Your values aren’t just words – they’re the foundation for meaningful decisions in your life and business. When you let your values guide you, you create alignment between what you do and what matters most to you. For example, one of my values is "Play" and I use it to remind myself to meet obstacles with a smile, to choose to have fun solving a new puzzle (work problem), to frame setbacks as new opportunities to learn and stretch my skills. I’ve found that when my actions align...