The next excerpt is from Michael Glauser’s new book Main Street Entrepreneur. It originally appeared on our site on Oct. 31, 2016. Buy it now from Amazon | Barnes & Noble | iTunes
The more experience you have in your industry, the more you understand about the merchandise, services, competitors, suppliers, channels of distribution, customers, and opportunities. The less you understand about your industry, the more you will need to learn things through learning from your errors, exactly like we did with this motorhome. And with limited experience, you often burn through your passion, tenacity, relationships, and money before you get traction. You can only just survive so many crashes on White Bird Hill before you self-destruct and be a statistic available failure column. Hence, the more you build on everything you already know from your experience, the higher your probability for success.
Below can be an example of a business owner utilizing his expertise of a business to launch a company, followed up by useful tips for aspiring entrepreneurs about leveraging their own knowledge.
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Steve Sullivan may be the founder of Stio in Jackson Hole, Wyoming. The business makes and sells outdoor clothing that’s both functional and fashionable-the sort of clothes you would like to wear each day. The merchandise line includes jackets, vests, shirts, pants, sweaters, tees, hoodies, hats, and scarves. While Stio has two shops, one in Jackson Hole and one in Chicago, it primarily sells right to customers through ecommerce and catalogs.
Steve moved to Jackson Hole in 1989 to become a “ski and climbing bum.” After employed in outdoor retailing for several years, he started his first venture, Cloudveil. The business sold outdoor products through wholesale channels to various retailers around the united states. The downside to the business design was that the retailers he was selling to were telling the “brand story” to the general public, not Steve. After going right through several ownership groups, the business headquarters moved out of Jackson Hole.
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After a brief break, Steve was prepared to repeat with a different emphasis and philosophy. He wanted more control over the brand experience, and the only path to achieve that was to sell right to customers. His home based business model allows him to market his products to customers worldwide also to tell his brand story just how he wants it told. As a prominent center for outdoor recreation, Jackson Hole may be the perfect location for the business. Steve stayed with outdoor apparel after leaving Cloudveil because it’s what he knows best. Not merely does he have tremendous understanding of the outdoor apparel industry, but all his associates are also active users of the merchandise. That is another major way to obtain industry knowledge for the business. Steve explains:
I believe it matters that everyone who works inside our company is still a dynamic skier, or a climber, or a kayaker, or a mountain biker, or a trail runner. I believe there can be an authenticity that originates from using the stuff and escaping . there on an extremely regular basis, and that can’t be said of most companies. We reach actively test the merchandise that people are making each day. I can go out from our office and execute a tram lap for lunch to check out the fit and function of a fresh jacket that we’re trying. The culmination of this leads to raised products.
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Furthermore to associates who regularly utilize the products, Steve has organized several Stio Ambassadors. They are athletes, artists, writers, moms, and dads who make the outside “a fundamental element of their lives.” They share the company’s values, test products, provide feedback, and promote the brand and lifestyle. With Steve’s background in outdoor apparel, the vast connection with his associates, and regular input from his Ambassadors, the business has usage of ample understanding of the industry, that leads to raised products and a solid competitive advantage.
In conclusion, a solid and motivating purpose is crucial to long-term business success, but a range of opportunities will help you fulfill that purpose. The main thing is to accomplish something you know a lot about this is in keeping with your “Why.” The questions below can help you explore experiences and opportunities in your given industry, related industries, and industries you realize as a person from frequent contact with the merchandise, services, and pain points. Building on everything you know will be critical to your success.
1. What specific industries perhaps you have worked in throughout your career?
2. What problems, pain points, or opportunities perhaps you have observed in these industries that may be addressed in a fresh business?
3. What industries are you most acquainted with that are linked to the industries you been employed by in?
4. What problems, pain points, or opportunities perhaps you have observed in these industries that may be addressed in a fresh business?
5. What specific products, services, or problems are you most acquainted with because of frequent use and interaction in these marketplaces?
6. Which of the merchandise, services, or problems you listed in the question above could best be addressed in a fresh business?
7. Of the business enterprise opportunities you listed in questions 2, 4, and 6, those are you most qualified to handle, predicated on your experience and expertise?
8. Of the business enterprise opportunities you listed involved 7, those are most in keeping with a strong purpose you want