There are many people who want to be the next Bill Gates, Oprah Winfrey, Warren Buffett, Aliko Dangote, or Steve Jobs. They dream of building their own business empire. Unfortunately, many of them have no idea how to make their dreams a reality, so they are either stuck with maintaining a small business or not even starting at all.
Many people ask themselves how existing empires become so successful for many years. As a way to answer their questions, these are some of the secrets in building a strong and successful business empire:
- Be willing to grind.
There is no such thing as instant success in the business world. For a business to grow into a successful empire, an entrepreneur has to start from the bottom and be willing to grind. One example is Kentucky Fried Chicken’s (KFC) Colonel Sanders. After serving for the US army for years, he decided to start up his own business by peddling his home-cooked chicken across restaurants. He did not have that much investment capital on-hand, so he had to go from restaurant to restaurant. Eventually, his own chicken recipe became more popular across America. Although it took a long time, his “finger-licking good chicken” became one of the well-known fast-food chains not only in America but also in the entire world.
- Create a product or service that serves a protected niche
One of the biggest secrets in creating a business empire is to create a product or service that everyone will want to buy. Take for example Coca-Cola and Pepsi, the giants in the soda industry. In spite of the fact that their sodas are loaded with sugar and calories, they both know that there will always be people who drink soda. No matter the time of the year or the location, millions of people will crave for a refreshing beverage such as soda.
Another example of a business using this secret is Nestle Corporation, whose product line consists of commodities such as coffee, milk and tea. Nestle also knows that there are many customers who want to purchase simple items for their needs, and they were smart enough to provide them just that.
- Deviate away from the competition.
Blue-ocean strategy is a business tactic wherein entrepreneurs create a product that is similar to competitors’ but choose to serve to an entirely different market. This business strategy is how empires thrive when differentiation and affordability create a new demand in a seemingly crowded market.
Take for instance the tech giant Apple. Back then, mobile tablets were only a pipe-dream and there was no such thing as a tablet. In addition to that, gadget users already had laptops and desktop computers, as well as mobile phones. They did not think they will need anything else.
However, it all changed when Apple introduced the iPad, the company’s first touch-screen tablet that is more portable than a laptop yet more functional than a mobile phone. The reception was overwhelming with tech critics and gadget consumers flocking to their stores to get the newest portable gadget. It also resulted in a new market. After Apple’s initial success, other manufacturers began creating their own tablets for the newly-created market.
- Be generous to your client and serve them well.
Generosity may be an expensive attitude of an entrepreneur to win clients, but it can benefit them in the long-run. It eventually makes clients more loyal to the business. One incredible display of generosity came from Microsoft. The tech giant earns billions of dollars from licensing royalties from computer manufacturers. As the company earning grows they give cash dividends to its shareholders and employees, which makes them a great deal happier and satisfied.
- Be visible and friendly to everyone in the business.
A good business leader and entrepreneur will not stay inside the executive office all the time. They will go out and make connections. For example, the founder of the Virgin Group of Companies made sure that he is around to meet and greet his employees and staff. He also made sure to shake hands with the passengers of Virgin Atlantic airline. By this example, the founder stressed that one of the secrets in building an empire is to be friendly and accessible to everyone working in the business.
If you truly are an entrepreneur that is committed to building an empire, it may take a long time but patience and dedication will nurture your dreams to be fulfilled.