Marketing Edge - Turning Your Vision into Reality

SMALL BUSINESS SURVIVAL TIPS NEWSLETTER: February 2010

Thank you for subscribing to Marketing Edge's monthly newsletter: Small Business Survival Tips.This month we'll compare Olympic greatness with business success.

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Beth Goldstein

Would Your Business Take Home the Gold?

I've been glued to the Olympics since it started. I love watching world-class athletes compete for the glory, fame and pride they've worked their entire lives for. It's thrilling when they win and agonizing when they lose. Learning their personal stories of perseverance are always extremely motivating.

The freestyle mogul skiing event is a personal favorite of mine. If you're not familiar with this race, basically the competitors ski down a very steep slope covered in moguls (bumps) and complete two different types of jumps. They're judged on their turns, jumps and timing (speed). Watching Hannah Kearney take home the gold was especially rewarding knowing that in 2006 at the games in Torino, Italy, she arrived as the favorite and left without even qualifying for the final competition.

So, what's so fascinating about this particular competition and how does it relate to your business? Let's discuss the similarities between a world-class athlete and a world-class business owner and entrepreneur.

There are many characteristics one must possess for greatness. In no particular order they include perseverance, passion, support and ability to perform under pressure. Athletes must have years of experience to learn the various techniques required to perform amongst the best in their class. Their timing must be impeccable with little room for error. They must be strong in all of the areas judged including turns, jumping and speed but if they have one unique skill, it's the one they will fall back upon when things get rough (i.e., if theirs jumps or turns aren't perfect then they must get down the mountain faster than anybody else).

They must stay in control at all times and above all, they must have passion and dedication for what they're doing since only that level of energy can propel them through the most challenging situations that include pressure from the crowd, their peers and even rough weather conditions. Like Kearney, they must persevere, and return ultimately to earn and claim their prize...if they truly are the best in their class. However, athletes don't become great in isolation. They must have coaches, trainers, teammates, friends and family all pulling together as a team for their individual performance.

Fellow entrepreneurs, do these traits sound familiar? They definitely should. As a business owner you know that if you're too aggressive in a business situation or too conservative in your approach, you will risk losing opportunities. Learning how to position yourself is something that comes from a combination of experience, confidence and, often, pure gut instinct (based on years of making your share of mistakes and correct decisions). Many times your instincts have to take over when a situation gets rough and you must rely on your unique skills and expertise to get you through....just like great athletes.

We all know that an adrenaline rush can help you get through challenging situations, but more important is your ability to perform under pressure from competitors, tough economic situations (like the current recession) or simply from employees, colleagues or partners who might not agree with your 'call' on certain situations and you find yourself having to defend your position. You've got to be able to pace yourself since you don't want to grow so rapidly that you lose control but need to weigh that against being too slow to react and missing once-in-a-lifetime opportunities. Finally, just like the best athletes, you must have a team of supporters rallying around you rooting for your success.

The pressure, both on the mountain and in the business world, increases as each competitor makes his/her way down their 'mountain' and past their own personal moguls, oftentimes finding themselves with a new standard or 'best' to beat. Regardless of your situations, there's always going to be somebody you will need to outperform..who has set a new speed or pace. This can be exhilarating or intimidating and only you will know if you're in prime condition to compete with the best in class and establish a new benchmark to beat.

How Do You Know If You're a Contender?

Is your business a gold medal performer or are you uncertain about your ability to qualify? Here are some questions to ask yourself to determine your standing:

How can my core competencies as an individual and business owner help me outpace my competition?
Can I get to market faster or offer a product or service that is so unique that I set a new standard?
Do I have the passion and perseverance to stick to it and not let go?
Do I have the team to stand behind me to ensure it happens?

Good luck setting a new Gold Standard for your business. If I can help you turn your vision into reality, please don't hesitate to contact me at beth@m-edge.com or by phone: 508.893.0976.

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