While competition can help to drive performance and innovation, it is not enough to survive in the technologically driven business world. The fast-paced business world is evolving beyond competition and embracing the blue ocean strategy, which is shift of focus from competitive market place to uncontested market space. The focus is not on how to surpass your competitors but rather to surpass your past achievement. This can be linked to the emerging trend termed Betapreneuralism.
Betapreneuralism according to industrybearing.com means creating success through constant change of ideas and methods. That is, you are constantly thinking of new ways to get the desired destination, through a trial and error process. Thereby we are able to establish what works and discard what doesn’t. Every success story comes with its unique problem-solving process, putting a new wine in a new wine skin. Consequently, an entrepreneur that would thrive in the digital world is the he/she that is ready not to only think outside the box but to remove the box altogether i.e. no restrictions/limitations. If you want to be able to adapt and stand out as an entrepreneur in this millennial age, then you should consider imbibing the following strategy:
1. Client-focused – to stand out you must be able to align your business with your client ever changing taste and preference. Your focus must be on how to fulfil not only your client needs but also their fantasy. Think without a box, think like your client. You are not keen on how the competitors treat their client but rather set the standard as to how you want your client to be treated. How do you want them to feel after buying your product or using your service? Important? Valued? Happy enough to come back? You must move from the “one size fit all solution” to your client’s problem to “personalized solution”. Every client wants to treated important, and so you must think of how to meet the individualistic need of your client (that may be the most challenging of it all). For example, the advert you get online is based on the searches you make online. The robot combines what you search and pop up advert that are in line with your interest. Well the search engine uses artificial intelligence to do this, but you possess natural intelligence which is far superior and effective, if put to good USE. That is the kind of service your client expects (a product/service that is custom made for them). The ability for you to study consumer’s behavior and anticipate their need and also suggest solutions is crucial.
2. Value creation vs competitors’ fixation – value here refers to the product or service you offer your client. To be able to create the right value for your client your thinking pattern must change from “what are my competitors doing that I am not doing” to “what other complementary service can I offer my client (apart from my core service/product)? The focus should be on your business, areas to improve, setting and breaking standard, instead on wasting energy trying to outdo your competitors. Questions like this should readily come to mind: – How can I create new values that my client cannot resist? How can I break the standard I have set and launch on to higher standards? How can I leverage the technology to optimize my service/product? Is my business value worth client patronizing my business? Does the value I am giving align with my business vision? Your value is worth what you attached to it. Answers to these questions should help in the value creation process.
3. You become a Betapreneur i.e you are constantly thinking of creative ways to solve your problem. You are not fixated on the same methods but rather looking forward to newer and better methods. You are a self-development addict, constantly learning, constantly improving. you are not afraid to take on new territories (a risk taker) you are flexible and versatile. You are constantly rebranding, developing. Because you are not driven by the competition, you begin to set the lead and others will follow. You become the standard. You are constantly creating and recreating. While competitors are trying to match your standards, you are already on to the next challenge. You are constantly looking for new market space, you create the demand. You set the trend and others follow. The term “talent management” for example was first used by Mckinsey consulting, and now it has become the practice among top companies.
In a nut shell, as a Betapreneur you are not focused on what your competitors are doing (although not ignorant of it) but rather you are keen on surpassing yourself, creating value, anticipating and fulfilling client needs, creating demands and supply it, and using creative approach to problem solving (a multi approach). This is the kind of entrepreneur that would stand out in the millennial age. You are not only focused on solving problems, but also on creating solutions that would anticipate future problems and create the structure for solving it.