We’re all born one of one or one of a kind. That’s what makes us unique. However, over time and as we grow, we slowly become more like the people around us – be it how we speak, dress or think. Our societal structure essentially encourages this amalgamation. This ‘blending’ directly contradicts the elements of becoming a successful entrepreneur…
To win at investing, entrepreneurship and life, your goal is to create ‘one of one.’ Create something unique to you and those around – an offering that can’t be found elsewhere. Novelty attracts people, and usefulness keeps them coming back for more. We all know this, but few think about it when starting a business, building technology or even how they establish a family.
More often than not, people start businesses because they had a general interest in a niche or product and witnessed someone else succeed in that particular space. They see another entrepreneur rolling with the opportunity and flourishing, and it all looks very romantic. Fundamentally though, that’s against the very concept of what makes businesses great. Entrepreneurs should be looking to bring a product/service to market that has yet to have been offered – one that fills a void and solves a problem in the marketplace. That’s how you build successful companies. Same goes for investing in properties. The sole reason I avoid condominiums is unless you can get a penthouse with a view, the unit is one of many, instantly creating competitive challenges in a tight market. Without being ‘one of one,’ it’s a race to the bottom from a pricing standpoint. I hate that. Don’t become a commodity.
Address and fix a problem in the marketplace: Solve people’s problems, and you’ll be hugely successful as an entrepreneur. Now more than ever before, with our schedules so busy, people are looking for someone else to fix many of their daily nuisances. Be that someone.
Find a unique location (applies to a happy household, real estate investment and business): Whether you’re opening a new bike shop, restaurant, renting a property, whatever. Location is vital.
Create a ‘cool factor’: Social currency is huge. It may seem vain, but in the modern world, people like to show off where they’ve been or what they’ve bought. Give them a reason to be proud.
Educate your audience: Think of Apple stores and all their helpers. Apple has created retail locations that attract people because they provide instant education on technology products, often viewed as intimidating and complicated by the older generation, and even youngsters. What better way to explain how unique your product is than with your band of teachers.
Focus on feelings and emotions: Everyone is seeking share-worthy experiences. Emotions are the most dominant driver in life. No matter what you’re selling to the marketplace, evoke emotion for the buyer. For example, If you list an investment property for rent, you should know the audience you are targeting based on the product. One bedroom? You’re appealing to bachelors and bachelorettes. What do they want? To meet new people and be close to the action. So, in your ad, put a heavy emphasis on how close the property is to the ‘action’ they seek. Three bedrooms? You’re likely appealing to a young couple with a child or two. Appeal to their desires by explaining the amenities, parks, and schools nearby. Sell the lifestyle.
Remember that you’re ‘one of one.’ Your products and business need to be as well if you want to be a successful entrepreneur.
P.S. There are many critical elements to a successful business. Subscribe to my newsletter below to receive weekly entrepreneurial advice. Only my best content will land in your inbox.