We are all entrepreneurs because the will to create is in our DNA, and not simply because we should start companies. In fact, we are not all born to create companies.
The idea is: To be founders of our own lives.
As Muhammad Yunus, a Nobel Peace Prize laureate and microfinance pioneer, puts it:
All human beings are entrepreneurs. When we lived in caves, we were autonomous (…), we looked for our food and fed ourselves. But when civilization came, we repressed it. We become "workers" because they told us "you are workers" and we forgot that we were entrepreneurs.
For my birthday, a friend specialized in Personal Branding gave me the book «The best business is YOU» by Reid Hoffman, co-founder of Linkedin, and Ben Casnocha.
His reading during the summer has reminded me of concepts that I had in my backpack and I want to share them.
The best business is YOU
In times of change (taking into account that change is a permanent concept from the moment we are born) new opportunities come (although we do not create it due to factors inherent in us such as fear, low self-esteem, insecurity…, which produce implicit challenge in situations of change).
For this you need an Entrepreneurial mind to act as if you were in charge of a new business: Your career.
And why as a new business? Because the conditions in which entrepreneurs create and develop new companies are the conditions in which we find ourselves today when building our careers. You never know what will happen.
For example, those who create a company deal with uncertainties, changes, limitations. They have to evaluate their assets, review their aspirations and the market situation they are in to generate a competitive advantage. For this they have to develop projects, build, cultivate and maintain a network of contacts that will outlive their company. They must seek and create opportunities, make risky decisions (at certain times), etc. To achieve professional success today (either within a company or as an independent specialist) it is necessary to adopt these types of business strategies.
Permanent Beta State
Everything is constantly changing
"Adaptability creates stability"
All of us are developing companies. Every day we have the opportunity to grow more in our lives and in our careers, learning more, doing more…
The best attitude for us to be our best business is to be in permanent beta status.
This state "forces" us to accept that we have mistakes, that we have things to develop in ourselves, that we need to adapt and evolve. For me it is an attitude brimming with optimism (also effort) because we have the power to improve ourselves and therefore, as a collateral effect, to improve our environment.
You don't need to be the best or the fastest or the cheapest of all. After all, companies do not compete in all categories.
“In life there are many types of gold medals. If you try to be superior to others and the best in everything, you will end up being superior to anyone and the best in nothing. " Reid Hoffman
The important thing is to determine the niche in which you can develop a competitive advantage, which underpins any professional strategy. It helps answer the classic question "What should I do with my life?", Which allows you to decide what opportunities to pursue, and guides you on how to invest in yourself.
As everything changes, analyzing and evaluating your competitive advantages is a process that you must do for life, not just once. And for this it is necessary to take into account three dynamic pieces as if they were of a puzzle that fit together, in different ways and at different times.
Create a competitive advantage
"You will find the best direction by pursuing worthwhile aspirations and utilizing your assets, while navigating the realities of the marketplace." Reid Hoffman
Being better than our competitors is essential for the survival of an entrepreneur, freelance, personal brand… The world is noisy, messy and customers do not have time to analyze each and every one of the differences.
If the products or services that a person offers directly or through your company are not completely different from that of your competitors, it is very difficult for them to attract anyone's attention. There is one of the keys is: Differentiation.
Finish this sentence:
My / Our clients choose me / us because _______________________
Competitive advantage is made up of the game between three different ever-changing forces: your assets, your aspirations / values, and the realities of the market.
In a very summarized way, assets are what you own at the time.
Before dreaming about the future or making plans, you need to articulate what already works in your life. In many cases, the most effective business idea is generally the one that is built on the assets owned by the "creator".
There are two types of professional assets to pursue: intangible and tangible.
- Intangibles: those that cannot be directly exchanged for money. They contribute to success: knowledge and training you have, professional contacts and the trust that has been built with them, your skills, your reputation, your personal style, your strengths, etc. Tangibles: are those that are presented in a balance: the money you have, your material possessions (the desk and the computer are included ☺).
The combination of your assets is not something fixed. You can reinforce it by investing in yourself. If you think you are missing certain assets that would make you more competitive, don't use that as an excuse.
Start developing them! Think about how you can transform a weak point into an advantage (Do a SWOT analysis on yourself)
Your aspirations and values
Your aspirations refer to your deepest desires, your ideas, your goals and your vision for the future, beyond the real world and your list of assets. It includes: your key values, what is important in your life (be it knowledge, independence, money, power…).
It is very difficult for us to fulfill all our aspirations, or for us to build a life according to each and every one of our values (I do not want to say that it is impossible, only difficult because of all the elements) and they may change over time or some acquire more importance and priority than others, but it is important that we orient ourselves in one direction, towards a goal, even if it changes in the future.
Why are our aspirations and values important to forging a competitive advantage in charting our careers? Because if we work on something that matters to us, we will work harder and better.
People who are passionate about what they do will be able to prevail over those who are only looking for money.
The realities of the market
" Your professional success (you as a business) depends on your potential employers, clients or partners choosing to buy your time " Reid Hoffman.
Like a product, it will not be sold if customers do not want or need it, regardless of the excellence of its form and operation, your qualities, your experiences and other intangible assets (regardless of how special you think they are, and they are) will not be an advantage unless they respond to the needs of an active market.
Do not forget that the "market" is not something abstract, it is made up of people who make decisions that affect you and whose needs you must satisfy: your boss, your colleagues, your clients, your investors, suppliers and many others. To what extent do they all need what you offer? And if they need it, do you offer something that can outperform your competitors? (what are your added values).
Fit the pieces together
"Building a competitive advantage in the market requires the combination of all three pieces at all times" Reid Hoffman
Evaluate each piece of the puzzle in relation to the others. Do it frequently. Pieces change shape and size over time.
For example, training in something certain does not automatically give you a competitive advantage. That you are good at something (assets), or that you are passionate about something (aspirations), does not imply that someone will pay you to do it (market realities).
What if someone else can do the same for less money, or just do it better? Or what if there is no demand for your skills?
Similarly, following our passions alone does not lead to a flourishing career, and being a slave to market realities is not convenient either.
No matter what the demand, we will not be more competitive unless our passions and assets are at stake.
All benefits are local
"Choose a place where there is less competition"
To improve our competitive advantage, we must strengthen and diversify our asset mix (such as learning new skills). It is equally effective to establish yourself in a market niche where the assets you own stand out more than that of your competitors. In this case, instead of changing skills, the environment is changed.
Skills to be the best business
- Develop your competitive advantages: your assets, your aspirations and the realities of the market Plan (based on your competitive advantages) Build real and lasting social relationships to create a professional network Stay moving: Find and create opportunities by 'exploiting' other networks Take smart risks in your search Take advantage of the network intelligence of the people you meet to obtain the knowledge that will allow you to find the best opportunities and make the best decisions in your career
"Being an entrepreneur in your own life is a way of seeing the world, which allows you to discover realities where other people see problems, and take risks when others seek security" Michael Bloomberg
You can be successful whatever your career path!
