Many entrepreneurs started with nothing — no knowledge, no capital, and no experience in running a business. They don’t have much to offer, but their incredible business ideas and optimal will to succeed. While there are rules worth living by as a newbie entrepreneur, some entrepreneurs also found success after breaking the rules.
Many entrepreneurs ignore the rules simply because some are understandably outdated. With the ever-changing world we live in, it only pays to rethink your strategies to make sure your business can keep up. What matters is that brands get to add value and can improve consumers’ life.
Successful business leaders managed to achieve success after breaking some rules. Take Steve Jobs, co-founder of Microsoft, as an example. He changed the rules of software development and chose a closed-source ethic, thereby revolutionizing today’s software industry.
This goes to show that sometimes, it is worth breaking some rules to a degree. If you are an aspiring entrepreneur, there are some business rules you can consider breaking. If you are not sure where to start, then the following can help you out.
Rule to Break: Only Start Your Own Brand from Scratch
Many people believe that starting your own business from the ground up is still the best way of establishing your brand. This is no longer the case these days. What works best for others may not work for you, including how you start your business.
Many entrepreneurs found success after buying an existing company or after purchasing a franchising opportunity. There is no reason to limit your choices as there are many options available. Just because your idol entrepreneur built his brand from scratch, this already meant your destiny would be the same.
If you are clueless about starting a business, you can consider buying a franchise that suits your desired line of business. For example, if you want to explore real estate, you can grab the chance by going for a franchise opportunity for property management. This way, you can enjoy the guidance of an established franchisor and get an idea of running short-term rentals until you can establish your own brand.
Rule to Break: Obsession on Your Competition
In business, you must know who your competitors are, what they do, and how they manage to get things done. Scoping your local and international competitors makes it easier to check a market out there for your offers. But know when you are now putting your full attention on your competitors, you can easily become obsessed with your competition and forget about your own business.
Certain signs tell you that you are now obsessed with your competitors. This can include the following.
- You take your eyes off of your own company to monitor their progress
- Too much time is wasted in overanalyzing your competitors
- You start obsessing and making decisions based on everything your competitors say or do
What you need to do instead is to use the knowledge you gain from your competitors to your advantage. For instance, you found that your competitors fail to target specific consumers who now have an increased demand for your products. Use this to create a competitive advantage and in bringing more customers to your business.
Rule to Break: Simply Relying on Your Own Network
Before, the best way to build and grow your network is by relying on your network and letting them do the hard work. You ask for referrals and wait for new connections. You won’t even consider going out of your social circle or even venture outside your industry.
But nowadays, the internet makes it effortless to grow your network exponentially. By simply creating emails, joining social media networks, and reaching out to other businesses on the internet, you can instantly gain their attention. This makes it easier to create friendships, build business relationships, and establish yourself as a trustworthy business entity in the market.
If you are not afraid to grow your personal network on your favorite social media pages, do the same on professional networking sites. Use this to make relations and build the right connections. Don’t limit yourself with business leaders in your industry, as going outside your landscape can generate rare opportunities in the future.
These are but three rules modern entrepreneurs can consider breaking. Today’s modern world dictates that we should not let the past stop us from redefining the future of our business. Be bolder, smarter, and ahead of your competitors by choosing what rules to break. For starters, you can always use this list as your beginner’s guide to breaking entrepreneurship rules.