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Books Every Entrepreneur Should Read:

Understand Your Competition

One of the ways you can build your business’s identity is to look around the market and figure out what needs aren’t being met elsewhere. This step can enrich your purpose and motivation, giving new meaning to all of your hard work.

It’s also important to consider that if your business is a big hit, there will be others who try to imitate your success. Clearly differentiating yourself now will help preserve your business down the road.

Understand Your Customer

I don’t know how many times I’ve heard a business owner say their target customer is “everyone!” While every business owner would ideally love to serve everyone on the planet, that’s unrealistic: a well-traveled 70-yearold retired executive has very different needs than a 19-year-old frat boy on a paper-thin budget. You can’t be everything for everyone.

Every major corporation defines their target customer as an essential piece of their brand development. They “know” their customer, down to the clothes they wear, the car they drive and the mattress they sleep on. This helps them steer their decision anytime a question arises.

One pitfall you may encounter with this strategy? Don’t base the ideal customer on an actual person you know –especially not you! Why? The answers to your questions should be based on market research, trends and in-store sales, not your own preferences. (Yes, we know your taste is impeccable, but you can’t be the entire brand.)

Look Out for “Magical” Thinking

There’s nothing wrong with being optimistic about your venture. But be aware of any areas where you’re being a little too hopeful. For instance, do you have an “if you build it, they will come” attitude toward acquiring new customers? Is your answer to “what if” simply, “We’ll cross that bridge when we come to it?” Do you believe everything will just kinda work out? This kind of thinking puts on rose-colored glasses to avoid doing necessary problem-solving. Have faith that everything will go well, but know that even good luck needs a little heavy lifting!

Never Stop Learning

One of the most important roles of an entrepreneur is to be a student of business. Even people who have owned their businesses for decades are continually learning new ways to stay relevant, innovative and responsive. The work of an entrepreneur is never truly “done.” •

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