In a post by Michael Luscher on entrepreneur.com, he writes about how doing one thing extremely well, refining the process, and doing it again are the ingredients for building any successful enterprise around a single idea.
Focusing on one idea means that everything you do will revolve around it. While there are plenty of people with different kinds of ideas out there, he maintains that what the business world lacks is the ability to execute that idea which will set them and their company apart from others.
Questions to ask include:
- How great is my idea? Is it unique, significant and transformative enough to build a business around?
- What strategy do I have to develop that idea into a business?
- What are the specific steps I can take to carry out my strategy and bring my idea to reality?
Here are a few similar examples from other industries to help illustrate the point:
Bonobos is a company that made millions making really good trousers, ones that fit guys the way they wanted, and that they couldn’t get anywhere else. Hence, the company simply mastered the art of making and selling trousers. Once it earned customers’ trust by delivering one quality product again and again, it added another product to its offering. And now they do more than just trousers because their customers trust them to deliver quality again and again.
The lesson here is to translate a good idea — one that you have been able to successfully execute — into a brand. Because a brand creates a special feeling in customers every time they interact with it. So, ask yourself what you want that feeling to be. Once you and everyone on your team agree with it, ensure to make it the guiding principle of your business. Finally, focus on that one thing alone until you are the absolute best in it.
Though some people may see specialisation as being too limiting, Michael Luscher, mentioned above, believes it as an asset. His reason is that specialisation helps one to stay focused on what they do best instead of trying to be everywhere doing everything, which helps to set them apart and make them different.
Specialisation also allows them to refine their product and cater exclusively to the particular needs of their customers, a thing that larger companies often miss because they focus on many products with a variety of consumer benefits.
While much good can be said about specialisation, it is also important for entrepreneurs to always ask how those who are currently not buying from them can be converted into customers, if they are constantly satisfying their customers’ needs, and if their unique market is a growing one or a shrinking one. Expansion isn’t always a bad thing if done with purpose.
Finally, as Steve Jobs famously said “Innovation is not about saying yes to everything. It’s about saying no to all but the most crucial features.” Little wonder Apple is the most valued brand in the world today!