For any aspiring entrepreneur, growth is an important measure of a business’s potential. More important than profits is the ability for a business to grow. The faster a business grows, the faster owners reap the benefits of its progress. Therefore growth is every owner’s most important goal when running a business.
So how do you stir rapid growth within your industry?
Mike Michalowicz, serial entrepreneur, addresses this very important question in his new book, Surge: Time the Marketplace, Ride the Wave of Consumer Demand, and Become Your Industry’s Big Kahuna. Dorie Clark of Entrepreneur summarizes some of the book’s most important points, stressing the importance of identifying market trends, and adapting to them appropriately.
For Michalowicz, the secret to rapid growth is identifying market trends, growing surges, and adapting quickly to those market changes. These changes are not in the distant future, but instead imminent waves already well on their way to becoming trends. In order to stay ahead of the competition, identifying these market changes is imperative to achieving accelerated growth.
Noticing trends and market changes can be easier than most may think.
Firstly, check any and all online resources to see if any conversations are already making headway. Michalowicz mentions: “Early adopters are vocal and will speak out in forums or interviews or videos, and others — journalists, bloggers, etc. — will write about what early adopters are doing.” He also mentions that if many conversations aren’t already occurring, neither are those surges. The serial entrepreneur stresses the importance of this point, underlining that jumping too early onto a trend can only result in wasted time and energy if not careful.
Another way Michalowicz identifies growing trends is to pinpoint changes specific to your industry. History is bound to repeat itself, and it is therefore important to understand why and when these changes are occurring. If a market becomes “traditional” for example, it is only a matter of time until the expected standard is challenged and disrupted. Business trends are a bit like the fashion industry, with the reappearance of old trends emerging in popular television shows in movies and then falling out of style again.
Finally, one of the last points the author stresses is the ability to be different. Small differences can constitute a market change that you yourself may spearhead. This is true for any industry ranging from fashion to finance or food. Identify a unique advantage that others will notice and put it into practice effectively. Using a innovative means to satisfy a much needed demand will surely set you apart from the rest of your industry and jumpstarting your sought after rapid growth.
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