Tag: business model

Be A Business Success By Copying Other Successful Businesses

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Be A Business Success By Copying Other Successful Businesses.

 Want To Boost The Success Of Your Business?

A Method Guaranteed To Bring Business Success.

If you are running a business or you are planning on starting a new business, I am sure you want it to be as successful as you can make it.
There is one simple process that can boost the success of any business, but so many business owners don’t think to use it.
Many don’t even know about it.
But if it is done right, it is guaranteed to work.
Here in this report, I want to share with you the method I used to create a great start to my first business.  I am certain if you use the same method, your business or your startup could be greatly enhanced as a result.

 

Originally, I Was Told I Would Not Succeed In Business

When I first started in business, I was told that I would not be a business success and that I would fail and that I should forget the idea.
This got me thinking and wondering why some businesses were successes and why some businesses failed and why some entrepreneurs were massively successful and why some entrepreneurs were not.
I decided to research business success and business failure and to see if there was a trend.
This was back in 1980, when there was no internet, so the process was not as easy as it could be now, but I decided to talk to as many business people as I could and to research their businesses, their business models, their business strategies and their levels of business success.

 

A very strong trend emerged

1)      The most successful businesses owners and entrepreneurs were those with a strong positive mindset and attitude, generally.
2)      The least successful business owners and entrepreneurs were those with weak, negative mindsets.
In short, I observed that the stronger and the more positive the mindset, the greater the business success.
But this was only true if the strong mindset was applied right.
A strong positive mindset and attitude did not guarantee success.
The most successful in business were those who applied their strong mental attitudes best in their thinking and in their actions. In other words, the entrepreneurs who were able to adopt the smartest thinking and the smartest actions.
Thirty plus years later, I can say that this observation is still true and, importantly, it is not just my observation, as it is also supported by The Harvard Business School and many of the other global business schools, who consistently report that their most successful candidates are those with the strongest attitudes and not necessarily the best grades.
I have written about this previously in four of my other blogs, namely:
Become One Of The 10% Most Successful In Business
Have A Strong Positive Mind
Have Smart Business Thinking
Have Smart Business Actions
Please have a read of these, if you have not already done so.

 

When I did Start, I Was Ready To Start

I eventually started my business in 1984, but when I did start I was ready to start.
I knew how to succeed in my business and I knew how to avoid failure.
I not only researched the most successful entrepreneurs in business and understood why they succeeded but I also copied many of their successful business ways, strategies, and methods.
And, I also researched those entrepreneurs who had failed and understood why they failed and made a conscious effort to avoid their ways and methods.

 

I changed My Mindset And Attitude

One of the most important things that I did was to change and strengthened my mindset and my attitude and I learned how to think smartly and creatively.
Again, previously, I have written about this in two of my other blogs:
7 Ways To Achieve A Positive Attitude
8 Ways To Beat The Fear Of Failure

 

I Researched My Competitors

My research also took me to investigating my potential competitors, in great detail, and to looking at their business strategies and business models.  I worked out which business strategies and business models created their business success and worked out which strategies and models were not so successful.
When I started, I designed my business around the strong parts of my competitors’ business models and I avoided the weak parts and the parts that were obviously not working.
In other words, I copied the best parts of my competitors’ businesses and avoided the bad parts.
But also, importantly, I did not just look at my competitors, I researched other businesses outside my niche and investigated both successful and unsuccessful businesses.
As with my competitors, I included the best parts into my own business and avoided the bad parts.

 

History Is Full Of Examples

When you look back at the history of starting and running businesses, there are loads of examples where SUCCESS IS SUCCESSFULLY COPIED.
It goes on all the time.
And, the reason is simple - it works.
Every successful business does it.
In the 1960’s, McDonald’s were very successful in the U.S. with their take-away burgers.  The founders of Burger King could see the success that McDonald’s were having and wanted to start a similar business.
But they did not rush in.
They took their time and they did their HOMEWORK first.
They studied the most successful McDonald’s outlets and learned about the methods of trading that they used, the products that they were selling and the customers who bought these products.
They did much of this research by literally visiting McDonald’s outlets and sitting inside and outside the busiest outlets.
They then simply watched what went on.
With their research complete, they then started their own outlet a very short distance from the busiest McDonald’s outlet and it proved a great success for the first Burger King.
Not only did the founders do things in a similar way, but they offered a similar product to McDonald’s, and as they started close by, McDonalds customers would see the Burger King and visit.
Burger King took a significant number of McDonald’s customers.

 

Burger King Were Smart

But Burger King were smart   –  they looked at the business model for McDonald’s and they copied it, but, importantly, they thought creatively about it and asked themselves one very important question:
“How can we make this better?”

 

They Made Subtle Changes

They made small changes to the business idea, business model and the products offered, which proved to be very popular with their target customers.
One distinctive change was offering relishes and sauces with the burgers, which is something that McDonald’s, at the time, were not offering.
You might think this was very bold starting a similar business on the door step of your competitor. But it worked – look at Burger King now.

 

I started In A Similar Way By Copying Other Successful Businesses

My first business was a pub.
But instead of just taking over the pub and trading, I looked at the other pubs in the area. I would visit the most successful pubs, buy a drink and sit and watch.
After several months, I understood which customers, I should target, what food and drinks were popular, what prices to charge, what customer service to provide and what customer experience to create.
When I started to trade in the pub, everything learned was put into place and within a year, the pub was the local market leader and I grabbed many of our competitors’ customers – the competitors’ who we had copied!
Like Burger King, I thought creatively about my offerings and offered everything slightly different but much better.
And, it worked.
Ironically, the better competitors, then tried to copy me but I kept creating new and better products and they just could not catch up again.

 

Copying Other Successful Businesses Goes On All The Time

Copying goes on all the time –  Pepsi Cola copied Coca Cola with their own cola drink and Apple and Samsung copy each other with their smart phones.
So it goes on all the time.
If you are not doing it in your business, you are a missing a very smart trick.

 

Understand What Your Competition Does & Why

Once you have identified a business to copy, it is important that you RESEARCH it heavily and UNDERSTAND why it is a SUCCESS and how the business model works.
You should look at all aspects of the business and ANALYSE EACH PART and THINK how you can incorporate the same ideas into your business.
One note of caution, most things you can copy, especially when you make small changes to the idea, but beware of any patent and copyright restrictions that may be in place and avoid plagiarism.

 

The High Failure Rate For Businesses Really Concerns Me

The high failure rate really concerns me, but I am absolutely certain that many existing businesses and those planning to start a business could do much better if they used this same method.
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Think How You Can Be A Success By Copying Other Successful Businesses

1)       Firstly decide that you are going to study SUCCESS and FAILURE.
2)      Then start to study and research your competitors comprehensively and worked out why some of these businesses are doing well and why some are not.
3)      Include other businesses outside your niche in your research and work out the reasons for the most successful and the reasons for the least successful.
4)      Think how you can incorporate the best parts into your business and how you can avoid the bad parts.  Set your business strategy and business model accordingly.
5)      Think creatively how you can improve on the best parts of your competitors’ business, to give yourself a competitive edge.
6)      Finally, take action and put into place what you have discovered.

 

One Thing To Think About

If a certain business is successful, and you were to introduce the same methods, same business strategies and same business models into your own business, would you not be just as successful, if you did things right?
The answer should surely be “YES!!!”
If you did it right, then you would be a success, too.

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Be A Success By Copying Other Successful Businesses

If you want to be a SUCCESS in your business and not risk FAILURE, you should look at your SUCCESSFUL COMPETITORS and see what they are doing and copy them –  but add a twist, by making your version slightly different and better!
But don’t make the mistake of trying to reinvent the wheel.
That is very difficult to do.
Remember, Be A Success By Copying Other Successful Businesses.
If you would like to talk more about this with me, please contact me at Robert@prestigebusinesscoaching.co.uk. or contact me here:


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