April 18, 2021

SB-Accounting

Accounting + Finance Blog

Being Unique Business Mantra differentiate an Entrepreneur from others

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Entrepreneurs must learn to be unique in their own ways. This helps customers and other stakeholders to see the business in a different light. Though several business owners may be in the same industry, your uniqueness will give you an edge. Here is some advice that can help entrepreneurs to be unique.

Have a similar model but do things differently.

An entrepreneur can be in the same industry with other businesses but do things in a unique way. A good example is what’s happening in the fintech industry. In Nigeria, there are various financial technology companies. But, many of them do things in a different manner.

Cowrywise sells saving products that customers can start with as little as 100 Naira. But sells the same thing with Piggyvest and Alat. Although, Alat is fully a digital bank, you can differentiate it from OPay and Kuda which are digital banks. This is made possible because each of these companies decided to do business uniquely.

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Learn from competitors but remain unique.

It is vital to lead from competitors if you want your business to be unique from others. Learning from entrepreneurs in the same industry will give more knowledge of the industry. In return, you will be able to calve out two things. Areas where there are challenges in the industry and your nitch.

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Therefore, it is necessary for entrepreneurs to attend seminars, programmes, conferences and workshops that notable entrepreneurs, chief executive officers, co-founders and so on, in the industry will give presentations. These will definitely add more impressions to your knowledge and give you competing edge

For starters that is, individuals planning to run a business in an industry, learning from competitors is a step in the right direction. Also, there is a saying that the best way to learn is by learning from other people’s mistakes, and rightly so.

You may work with one or more entrepreneurs for at least two years before deciding to embark on your business. With that you may notice areas of weaknesses and use them as a selling point in your new business.

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Flexibility can help you be Unique. But how?

As an entrepreneur it is normal to be flexible in your business. But how can that make you unique? A wood is unique on its own because it can never bend. Also, a spring is special in itself because it can bend or flex. These days we also have flexible smartphones. Because it can bend, it makes the phone unique in its own ways.

So, whether you are like a wood or can bend (a spring) it makes you unique in some ways. A business that always bends to customers’ complaints is flexible. It makes it unique! Though, it may perform the same tasks with competitors. Being flexible cannot be overemphasized. It is natural for every business owner to ensure that this business is flexible to meet the demands of customers and other stakeholders.

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Another way flexibility is necessary is changes in government laws that could affect the entity. If an entrepreneur cannot bend to the changes in the laws, the business may close immediately. Therefore, being flexible may mean thinking out of the box. Conceptualizing new ways businesses can be done in an effective and efficient manner.

Having a mentor

Can having a mentor assist an entrepreneur to be unique? Certainly yes! Mentor or a coach provides useful guides that help the business person to be special in its own ways. Such mentorship or coaching can either be face to face, through video conferencing, social media, instant messaging apps or via blogs.

For example, I get mentorship from reading blog posts that write contents on blogging and digital marketing. The uniqueness comes from applying the information you have digested from a mentor.

Paying a mentor to guide you on your business endeavours is one of the best ways to be different. It gives you several opportunities to ask questions and get direct assistance when you have challenges in the business.

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Another way to get mentorship is by applying for seed funding from venture capital firms. VC firms have renowned professionals that will seat on board meetings of your company and prefer solutions to problems. Also, you may be privileged to attend weeks of training with certain venture capitalists that may show your mind and give you the uniqueness you need to succeed.

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Conclusion

Being unique or doing things your way is one business Mantra you should never overlook. How do customers and other stakeholders see you and your business is very very important. As an advice, I have mentioned and explained four ways to help you find special areas in the industry to be unique.

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