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The Paradox in Business
Paradox: a seemingly true statement that leads to a contradiction
The paradox is that most businesses have plenty of expertise within their organisation. Typically there is great depth of knowledge about their product and usually also about their own marketplace.
Yet when they choose a Business Advisor, a Consultant, or a Non-executive Director, the intial preference is to select someone with a background from their own industry.
The more enlightened businesses appoint someone who has great depth in Business Skills, rather than adding yet another expert where they are already strong in their product or their market.
Surely, if a business owner wants to grow their company, a better choice is to appoint someone with depth in business rather than bringing in yet more experience to what is already available in abundance in their company right now.
Food for thought?
3 Key Areas of Expertise
The success of your business is dependent on the skills and expertise you have in 3 key areas:
Most businesses are started by people with expertise in 2 areas and the 3rd area is ‘acquired’ along the way.
Nearly all my clients began as product/service experts who had also learned how to make their business attractive to a particular market.
For example they were video editors or designers who learned how to sell their services or they were professional service providers who had set up a firm.
As they progressed, they picked up some business skills. Many are doing very nicely. Yet most would admit there are a great number of business skills for them still to learn.
This is typical of most owner/managed businesses.
Inside their company several people have skills and knowledge about their product/service and their market .
However the main weakness – what holds them back from the success they dreamed about when they started out – is there is much more to business than selling something, making and then delivering it.
That is an excellent start, it’s the way most businesses begin.
And it can make a good living.
But to build a significant business – that takes more depth and expertise than most self-taught business owners that I’ve met.