3 Business Lessons, Courtesy of American Idol

OK.  I admit it.  I’m a huge fan of American Idol.  I haven’t missed an episode since Season 3, and it’s not likely I’ll lose interest anytime soon. I don’t care what anyone says: it’s just great entertainment.  And since it’s (finally!) Idol season, I thought I’d share three business lessons I’ve learned from AI over the years.

#1: Know who you are

One of the things we’ve heard over and over from the judges is “you need to figure out who you really are”.  In other words, the contestants need to be able to take someone else’s music and sing it like it was their own, to give it their own unique brand.  And there’s business lesson #1.

I don’t know what business you’re in, but I’d be willing to bet that the product or service you sell is available somewhere else at a lower price.  That’s OK; a lot of bands make a great living playing covers.  But every now and then, along comes a singer or a band who can make a cover sound like an original.

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Don’t Be Afraid of Your Own Opinion

My friend Joel D Canfield, author of The Commonsense Entrepreneur (seriously one of the best business books I’ve ever read, and he doesn’t even pay me to say that), made an interesting comment to me today.  He said that he never wants to go to his book’s page on Amazon and see 3s in the ratings; he only wants to see 1s and 5s.  That might at first seem a little strange: after all, why would he prefer 1s to 3s in his book’s ratings?  Wouldn’t it be better if people thought his book was just okay instead of hating it?

Not in Joel’s mind.  Why?  Because Joel is a polarizer.  Love him or hate him; just don’t say he’s “okay”.  In fact, Joel says that if someone disagrees with an opinion he states, he’s likely to lean even further into that opinion.  He never aims for the middle ground.

We could all learn a lesson from that.  Far too often, businesspeople try to pander to the middle of the road.  We think that if we can make everybody happy, we’ve done our job, but that’s just not reasonable.  It’s also not possible, because what makes some people happy is sure to piss others off (if you have any trouble believing that, just ask the man in the White House).  Your goal should not be to make everyone happy; it should be to make your ideal customers happy.

“Hold on a minute, though,” I hear you say.  ”Isn’t everyone a potential customer and therefore deserving of my efforts to make them happy?”

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Why Having a Written Business Plan Is Essential to Your Success

You’ve probably heard before that, in order to really have success in business, you need a written business plan.  Trouble is, most small business owners and entrepreneurs don’t take the time to create one.  They see it as something that’s only important if you’re looking for a loan or trying to raise venture capital.  That’s a fatal mistake in many businesses.

I recently co-authored a free report called 6 Mistakes That Could Destroy Your Business - And How You Can Avoid Them (107).  Please click on the link to get your copy now.  And don’t worry: there are no strings attached. 

I hope you enjoy the report and, more importantly, I hope you take some action on it.  Just like you can’t build a sturdy house without a well-drawn blueprint, you can’t build a successful business without a well-thought out, written business plan!

Are You Afraid to Sell?

Here’s a scary statistic for you: according to the US Small Business Administration, about a third of new small businesses fail within their first two years, and a total of 56% fail within their first five years.  Any gambler will tell you: those odds suck. 

And why do so many new businesses fail?  Studies say that this high rate of failure is primarily because businesses have a difficult time making a profit in their first year and run out of capital.  I disagree.  I say it’s because most business owners are afraid to sell.

Have a look around you at any business mixer geared toward small business owners and entrepreneurs and what do you see?  A room full of intelligent, industrious, charming people interacting and exchanging contact information via the business card swap.  They’re here to “make contacts” and “expand their network”, and they are, for the most part, pretty good at working the room and meeting new people.

Fast forward to the following morning, and what do you see?  Those same intelligent, industrious, charming business people, sorting through all those business cards and putting the information into their databases and CRM programs, flagging them for follow up, then moving on to other “more important” tasks.

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