The Importance of Speed in your Business
To be successful in business you first need to be able to lead yourself successfully. Start with the person in the mirror and you will thrive in life and business.
Every business is unique. I don’t expect others to tell me what to do, but I always get references. I read about what and how are other business owners doing. Blog like BizHumm.com is very useful where there are a lot of takeaways. Then I start testing things out and decide which is best to my business. From there, I grow bit by bit.
The Importance of Speed
If I want something done, I want it done fast. Everything’s got to be fast.
Speed is very important when you’re an entrepreneur because running a business is all about adaptability.
Especially in the Internet marketing industry, things are changing all the time. And the more advanced the technology becomes, the faster the changes take place. Since it’s impossible to know the future, it’s very important to be able to adapt on the fly.
You may not always be first to market a new product, but if your business is nimble enough you can quickly deliver an improvement upon the current option—and that can grow your business dramatically.
In fact, there are many cases of hugely successful companies that were not the pioneers in their industries. Boeing, for example, did not pioneer modern jet travel, nor was Google the first search engine. Yet both companies are today’s industry leaders.
They were adaptable and prepared to deliver exactly what the market wanted, when they wanted it. So they thrived.
Advantages to Quickness
So why are latecomers often more successful than their first-on-the-scene competitors?
For starters, creating a product costs money. And while the pioneer company has to shoulder the entire financial burden of bringing a new product to market, the fast follower benefits from all the trial and error that informed the pioneer’s experience, saving money and making fewer mistakes in the process.
This can really come into play when the fast follower is well funded—because most industry pioneers are not. They burn through their cash reserves creating a competitive game without being able to dominate it because they lack the resources. Then a better funded follower swoops in and lays claim to that market.
And if the later entrant is innovative in its approach, they can redefine the entire market for that product by reshaping the way consumers think about it.
For example, the very first commercially released personal music player capable of handling MP3 files came out in March 1998. It was called the MPMan F10, made by Korea’s Saehan Information Systems.
In 2001, Apple released the first iPod—and that was that.
Urgency is Everything
The sense of urgency in my business is the reason MOBE continues to scale.
It’s essential because, in today’s business environment—especially for startups—if you don’t move fast you’ll either get run over or left behind.
Of course, you don’t want to confuse a high activity level with meaningful speed in your business. You want things fast, you want things now—but you want things right, too.
So take the time needed to properly assess whatever demands your attention, but be ready to take action when your decision has been made.
If you see something that looks like a great opportunity, you’re going to react to it in one of two ways. One reaction is to say, “Well, I’m going to look at that later, but right now the time is not right.”
That’s how most people think.
But the small minority of people who go on to build successful businesses think differently. Their reaction is more like, “Okay, that looks good and I’m ready to do it right now.”
True entrepreneurs move very, very fast.
Invest in yourself
In the early stages of your business, you’ll likely see a very lean profit margin (or no profit at all), so any money you do make should go directly toward helping you grow.
“A startup’s ability to invest in itself [helps] accelerate growth,” Lanng said. “In those early years, it’s critical to make sure that you’re redirecting any revenues back into the company. It’s vital to invest early and heavily in order to grow quickly.”
Always think ahead
While agility is an important quality for a startup, you can’t fly by the seat of your pants when you’re running a business. Planning your next step, even if that means anticipating all possible scenarios, is the best way to stay grounded and secure as your business evolves.
“Set the foundation in place, water it and watch it grow,” Davis said. “If you do the foundational work, when you experience growth, it won’t be that difficult to adjust, since the hard part is already done.”
Don’t listen to the naysayers. When starting a new business, plenty of people will criticize you. They are just jealous that you have what it takes to start something out of nothing and they don’t. Stick to your guns – ignore the critics and follow your entrepreneurial dream.
- When you decide to start a business, some nights, your passion for doing what you love is going to be the only thing that keeps you going. Make sure no matter what business you decide to launch you have a fiery passion for it.