This is the second article in a five-part series examining the excuses that often prevent business owners from growing their business.
As I talk to small business owners, I often share success stories experienced by other business owners in other industries. How do you think most business owners respond? The most common answer, by an overwhelming measure, is “That’s great… but that could never work in my industry.” To which I respond “Why not?” What follows is a laundry list of excuses. I then ask “Are you telling me that this concept cannot be done in your industry… or are you telling me that this concept has not yet been done in your industry.” Most of the time, the business owner admits to the latter.
The point I continually stress to business owners during these types of conversations is that an innovation in one industry could very well translate to another. The Ford auto company introduced the concept of mass production to the automobile industry, and with great results.
Nearly half a century later, Ray Kroc brought the concept to the restaurant industry and turned McDonalds into a household name. He did it by taking concepts that were common in the manufacturing industry and modifying them to work in his restaurants.
No doubt, if we were to propose such an idea to a restaurant owner before the rise of McDonalds, they would have responded just like many small business owners: “That’s great… but the concept will never work in this industry!”
Whenever you are stumped and looking for inspiration from another industry or business model, replace the thought “it won’t work for my business?” with “how can I make this work for my business?”
When you approach innovations in this manner, you are far more likely to find success. And as many millionaires and billionaires can testify, the rewards of introducing a proven innovation to a brand new industry can be better than you ever dared to imagine. Stop saying “it can’t work” and start making new innovations work for your business – it could be a game changer!