7 thought processes I learned from global industry experts
Adapt these thought processes if you want to be an industry leader
Business is a big deal, it’s a skill. That’s why just a little over 3% of the human population is a millionaire and less than 1% of the human population is a billionaire.
A lot of people misunderstand business with the barter system. A barter system is something when people exchange goods or services with each other. This was the case when the currency system wasn’t in place.
Business is way bigger than “you give me money for the service I provide”. I call this as a modern-day barter system. No relationship, values & sentiments involved.
This is why 99% of the business die even before they plan to expand. Businesses' success is rated in how relatably fruitful your business is. If you cannot fruitful before you cash out, are you even a business?
I’m a digital marketer and I’m blessed with working all sorts of businesses that are out there. Businesses that I’d bearly use in my lifetime.
I’m a person who runs a business that runs businesses of others. Before I could expand my business and bring more business to my business, It’s my fundamental duty to understand how business works.
There’s a reason why not even 1% of humans are a billionaire.
The core essence of a business, that runs it forever
If I have to bring down the whole ideology of business to one single word, that would be ‘Solutions’
A business makes a bomb of money because they provide solutions. Also, this solution comes from a lot of failures, observations & trials.
The solution is not the core of this post. I’m intending to showcase the mindset that leads a businessperson to the solution that they trade. How a ‘Solution Oriented’ person thinks.
A successful business is all about the solution. Gone are the days when building a product would do the needful of marketing, it’s cut-throat competition throughout the globe. You can’t simply run a business on the basis of a product. There’s a reason why many startups fail in their first 5 years of inception.
That being said, let me share what ‘Solution Oriented’ people think.
7 thought process entrepreneurs have to grow their business
#7 They pay attention to details
I’ve seen this in so many people who’re the best at what they do. Their attention to details is what makes the difference between the whole world & themselves.
It’s a gift for some and practice for those who believe it’s a gift.
I don’t have to mention legends who paid attention to detail and that was so minute that it caught everyone’s attention without they themselves noticing it.
While working & marketing Highlights, I realized one thing;
People need their problems solved for free, everything above that can be a paid feature.
If you do the first thing right, you’ll make a ton of money right from the beginning. This is where most people go wrong, they charge for solving their target audience’s problem right from the beginning. The point is to make them addicted to your solution first and then pump money once they’re into it.
If you’re planning to get into business or if you already are in the business consider paying attention to detail. That will take you way longer than just a groundbreaking product or an idea will.
Start from the roots, if you already have a problem in vision, look for the most basic element of that problem. That’s where you’ll find these minute details that you can pay attention to.
You don’t have to think hard or get the magical hats out to make your brain powerful enough so that you can pay attention to details. Alternatively, you can get into your target audiences shoes and experience what they experience, that should do the needful.
Another cool thing I think that can help you is notice yourself while you are a consumer of product or service. This way you’ll have a lot of experience in understanding what your target audience will think about your product.
#6 They predict marketing trends
The funny thing about the market is that it changes before you even know it. With every changing technology, no matter which industry you’re in, you are probably gonna get hit by technology directly or indirectly. If by nothing, the internet is surely gonna directly impact on you.
With these rapid changes becoming so common, it becomes very important to understand the market & predict it.
This requires a lot of involvement in the industry and a very deep understanding. Again, attention to details would be real hand here. Make sure, you don’t underestimate the emerging ideas or products that may disrupt the current trend & market.
As many did to the internet back in the 90s. Like the banks did to the cryptocurrency like the Facebook underestimated WhatsApp, like Kodak underestimated the digital photography, like Nokia did not accept Android.
There are so many examples where people in the leading industry disagreed and underestimated the emerging idea and either go bankrupt or stand nowhere in the league they once ruled.
#5 They have a unique point of view
One of the most important elements of problem-solving skills is the point of view. It is of utmost importance to first have that vision and then the point of view that makes you see the problems no one else can.
There’s a thin line between the point of view & opinions. Point of view has a solution to the problem, opinions doesn’t.
When Steve Jobs was building Apple, he was competing the already leading Microsoft. Steve Jobs was leading Apple with a unique point of view. Sure, everyone was against the ideology of the end-to-end closed architecture, including the developers.
But Jobs took his stand, stayed stubborn that this closed architecture will work. And we all know what happened after that. Job’s point of view was so powerful that it leads to making Apple world’s first trillion dollar company. One thing many fail to notice is the fact that Jobs saw a whole new market of closed architecture, he foresaw this market way ahead of his time. That is why he is one of the most visionary leaders we would ever have
#4 They are diplomatic, confident & reserved
Lately, I’ve learned one of the most important things that are already helping and will help me in the coming years of my professional life. That is being a diplomatic decision maker. A diplomatic decision maker doesn’t get carried away emotionally while making decisions.
A diplomatic decision maker thinks logically, considers all the factors that will affect the result and then decides. This involves upsetting many people he/she has to work with, and the worst of all, telling ‘No’ to people.
Being a diplomat involves telling ‘No’ to almost everything. At least that’s what Warren Buffet says and believe’s in.
If I had to summarize the whole ideology behind saying ‘No’ to almost everything, it would be the fact that doing so would enforce you to decide what’s better for you.
You can either please people or help them be a better version of themselves. And this implies self more than others. That happens by being diplomatic, being practical.
Diplomacy brings better decisions and better decisions help you be more confident. Simple math!
#3 They’re Analytically active
Global leaders are really good with numbers. Albert Einstine said,
Compound interest is the eighth wonder of the world
How do think Warren Buffet is one of the world’s richest person for decades now. He has always focused on numbers, numbers of the company he invests in, numbers of his own company. He has always been better with numbers.
If you run an online business, you’d probably have installed Google Analytics. GA is a free tool from Google that shares everything about your website in terms of numbers. There are so many tools out there that share this information but all those tools are either paid or inadequate to understand your online business in detail.
The point is not which tool you use, but how you use it makes all the difference. The most important benefit of being analytically sound is that you will be able to predict so many things about your business.
#2 They take calculative risks
Zuckerberg dropped out, Jobs did the same, Even Bill did it. But does that mean that dropouts turn out to be a successful entrepreneur?
I think not.
One thing that was common between the above mentioned entrepreneurs is that they had a different ideology that they were taught at the respective universities.
No doubt the universities are too good, even today. But the two of them weren’t on the same page. These 3 legends were on different frequencies. And because of the mismatch between the two, they decided to quit.
But there’s a very important part of these stories that most of us do not consider.
It’s the calculative risk that they planned long ago they quit. Most of us today, think that dropped off grads are more likely to succeed.
It doesn’t work this way. Those who’ve chosen to drop out expected the academics to be of their frequency. Something in line with their goals. Turns out it wasn’t, hence they quit.
Unlike in the case of Zuckerberg, it was after he joined the college he realized what he wants to do.
The point is that you should take calculative risk. Risks that could do the least possible damage to you & your plan.
#1 They respect to time.
One thing that has built a wide thick & tall wall between leader & followers is respect for time. Be it other’s or their own.
This thing can make or break your goals. Importance of time is known when you run out of it.
That’s exactly what the problem is, we think we have time.
If you take care of this one thing, everything I’ve mentioned above will fall in place.
If you respect time, you can:
- Take calculative risk considering the time required to do otherwise
- Analyze the numbers & predict the future of the business. Time!
- Prioritize things & reject what’s less important. Be diplomatic & consume only that’s fruitful to you. That’s not selfish, that’s self-care.
- Save a lot of time, if people don’t understand your point of view.
- Put in your experience to work & predict the market trends.
- Pay attention to detail as you respect time & wouldn’t want your users to waste it.
There you have it. These 7 thought process will shoot your business through the roof.
Sure it will not happen immediately, but it’s gonna take time & sheer practice. Good things take time, this is one of the best 'Goods' that can happen to your life.
I’m working on to provide value to entrepreneurs who’re trying to mint everything out of themselves & put it into their idea.
You can support this effort by sharing this post with the one who you think needs this.
Do it! You’ll feel good.
