Page 19 - Business Plans that Work A Guide for Small Business

10 • Business Plans that Work

building a deck or installing a ceiling fan, supplemented this expertise.
This gave Home Depot a “better” product. Finally, customers know that
Home Depot will have what they need when they want it. Home Depot
enabled its customers to do their projects “faster.” Thus Home Depot has
built a powerful competitive advantage based upon better, cheaper, and
faster.
Not every entrepreneur aspires to the size and scale of Home Depot.
Even smaller companies need to think about their competitive advantage.
For example, if you plan on starting a restaurant, you might target higher-
quality food and atmosphere as your advantage. Based upon the traffic,
competition, and other factors in your geographic target, you may build
a sustainable competitive advantage. The Blue Ginger in Wellesley, Mas-
sachusetts, has such an advantage. Ming Tsai, the nationally known chef,
is the restaurant’s founder. Sure, the food is excellent, but Ming Tsai has
a reputation that is strengthened by his TV show and by constant expo-
sure in local and national media. People want to be part of the Ming Tsai
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experience. While you may not become as nationally renowned as Ming
Tsai, there are things you can do to create a brand within your town or
city. Try to get yourself on local TV, create a blog talking about food, start
a Facebook fan page for your restaurant, and use Twitter.
The goal of this book is to improve your odds through deep learning.
The first place to begin is to understand your personal goals.

Understanding Yourself

The first step in the entrepreneurial process is to understand your goals
and aspirations. Ask yourself the following questions:

1. What are my career goals?
2. How does an entrepreneurial endeavor help me achieve these goals?
3. What skills do I need to develop in order to be successful?

Entrepreneurship isn’t about making money (although that often
comes); it is about achieving self-actualization. Entrepreneurs view their
ventures as their “babies.” The analogy is strong and powerful. Entrepre-
neurs nurture their business in the early years, helping it grow and mature,

14 For more on Ming, see www.ming.com.