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How to Identify Threats to Your Business and Career

identify threats to your business and career for BIGG SuccessMillennials don’t wear watches. A friend of ours recently said he doesn’t either. And he’s a boomer.

They don’t wear watches because they don’t need them. They use their smartphones.

The trend in watches may not be important to you. But it serves as a great example.

If you’re an entrepreneur, take note. But even if you aren’t, you can learn from this example.

Listen to this post! Click a player to hear George & Mary-Lynn on The BIGG Success Show Podcast. (Duration 4:20)


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[haiku url=”http://traffic.libsyn.com/biggsuccess/00826-090612.mp3″ title=”The BIGG Success Show #826″]
The mistake we make too often

When we think about competition, we tend to think too directly. We only think about other businesses in our industry.

We go “head to head.” We “duke it out.”

It makes for great drama. But all the while, we may have a larger problem:

As strange as it sounds, your greatest competition may not come from your competitors. It may show up in the form of substitutes – smartphones replacing watches.

Sure, you should think about your competition. You should understand what they’re good at and what they’re not.

But as you consider the future of your business or your career, think long and hard about the threats to your livelihood.

3 important questions to ask

You need to think about more than just who your customer might use instead of you. You also need to ask:

  • What might a customer use instead of your product or service?

    In this example, a customer could replace their watch with their smartphone.

  • Why might it be different this time around?

    It’s not like smartphones are the first time we’ve had access to a clock other than a watch.

    Our cell phones had clocks on them. But they didn’t make this impact.

    So why is it different this time around? Because our smartphones are command central for most of us.

    We check our e-mail. We surf. We text. We take pictures. We play games. The phone is the least important part!

    If they’re not in our hand, they’re on the desk or table in front of us. They are ever present. We connect with the world through them.

    So why have a watch when you can just refer to the device you refer to for everything else? It’s just as easy (if not easier) to check the time on your smarthphone.

  • How might this new use affect your business or career?

    So smartphones may turn out to be a destructive technology to watch manufacturers and a disruptive technology to jewelry stores.

    If you’re in one of those businesses – as an owner or an employee – you would have to think about the effect it will have in the coming years.

    But don’t stop there. Figure out how you will respond now.

The key is to keep your eyes and ears open. Get outside your industry. Watch the trends.

Most of the things you see will have little or no impact on your business or your career. But once you in a while, you may something that will.

We’ve talked about this in a defensive way. But as you look and listen, you may discover an opportunity that leads to BIGG success!

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00826-090612.mp3

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Should Entrepreneurial Leaders Manage by Consensus?

Does managing by consensus lead to BIGG SuccessWe saw a great study about Millennials [PDF] and how they would run the business of tomorrow. The researchers had two teams create a model company.

Neither of them selected a CEO. They chose to run the company by consensus.

No one person was in charge; ideas were. The best ideas ruled.

Great concept. Too bad it won’t work.

Entrepreneurial leaders should not manage by consensus.

Should you get your people involved in every way you can? Yes.

Do you want to listen to your people’s ideas? Of course.

Should every person in your organization have a voice? Absolutely.

But management by consensus is no different than management by committee. The name may have changed but the results remain the same.

In the worst case, decisions don’t get made. So the organization flounders.

Only slightly better – when decisions do get made, it takes longer. It’s the death knell in today’s fast-changing world.

The buck has to stop somewhere. All the kumbaya has to end. Someone has to take all the information and make a decision.

The process can be democratic but the decision-making can’t.

Your people should be given the opportunity to offer their input. They should know it is heard. It may even be acted upon. When it is, they should be given recognition.

Entrepreneurial leaders should focus less on reaching consensus. It takes too long.

Focus more on building consensus. Help your people understand the “why” behind the things you do in your organization. It leads to BIGG success!

How do you build consensus?

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