When you analyze things, running a small business is remarkably similar to having a gymnasium membership. In a gym the machines provide lots of resistance which eventually helps you build strength. The same holds true when you own a small business. As with the gym membership, sometimes you do not feel like going to the gym to confront the workout; the same holds true in business. Occasionally, when you encounter resistance in your business, you feel like giving up. But if business is like a gym, then entrepreneurship is the NFL. Catching a touchdown is exciting and gaining a first down is a big moment in any important game, but as all business entrepreneurs know, we need 90% of big moments to break our way. We also know that extenuating circumstances can break in our favor or break against us, and that is where the rubber meets the road. In today’s current business environment, we must find opportunity in every moment whether it is breaking in our favor or not.
You would think once you have made the All-star team, things would prove to get easier for a small business, but that truth only holds if you are 100% lucky or remain 100% creative. More often than not, it is a bit of both.
The retail game for small businesses is always evolving at a fast pace, and to quote the legendary band Tower of Power, “What is hip today might become passe.” It is my opinion that you are well served to study trends because trends change quickly. Though some trends are faddish and do not hold up well over time, I think we can all agree some are game changing. So, studying success and failure, and remaining objective, is our best opportunity to progress.
Ironically, it is usually the second business that removes the few flaws in a new trend that typically has the bigger success. But money aside, kudos belong to the original trendsetter.
There is also an interesting study about when trends tend to repeat. Historically trends have proven to repeat every 20 years. But when we have a deep discussion on trends, it is my guess we would be divided on what we think are the trends that work over the long-haul or if doing something trendy is even a good fit for you. However, you may be onto a great idea that just needs the slightest tweak to manifest into success, so being creative and bold, and staying true to your gut is a good strategy.
Let’s review what makes a trend become passe. Are there obstacles that cause the trend to wane? My first rule of thumb is to study the money. Where there is big money, chances are, there is also big ego and multiple moving parts. And if you study chains, the trend shows that big boxes are no longer fairing as well as they were a decade back and the mall model is outdated. Of course, there are exceptions to that rule: one such exception is that bigger stores or chains have a plethora of gear choices, and typically, a strong on-line presence.
One thing a smart entrepreneur does is to also study failure. It is good to study both our own failures, and certainly those of our competitors. It is a productive practice to think like a great sports franchise, by analyzing and studying the tapes, or better yet, think like Inspector Clouseau, and look for clues. For example, this week I got an odd email request for music lessons. After I read it, I had two thoughts. My first thought was why didn’t we get the first call (that’s on us) and secondly, once this family lands with us, how can we make sure we are absolutely living up to the highest standard of excellence. So, here is where studying failure can lead to success, and I certainly suggest studying the emotion in the emails you receive. (see below)
My daughter wants to learn electric guitar. She is looking to do private lessons 1-2 times a week, starting immediately. She was going to (Blah Blah Blah) however, they are the worst and so unprofessional. They can’t keep an instructor to save their lives. After switching her between 5 different instructors, we have finally had enough and looking to go elsewhere ASAP. The most important thing for my daughter is to learn from someone contemporary and “cool” who can teach her the more modern and current songs – that is how she personally learns best. She is available Monday, Wednesday, Thursday, or Friday any time after 4:30 pm – or alternatively any time on Saturday. I would appreciate if you could please let me know soonest if you have any availability and what your rates are.
This email helps me understand there’s trouble in River City, but we also must prove we are absolutely the better choice. This customer’s frustration will give us our turn at bat, but anything less than a home run will leave the customer frustrated because they are already disenfranchised. It is one thing to say you are the better choice, but it is another to strive to be the better choice consistently.
Let me leave you with one last thought. Every obstacle is an opportunity for growth. Embrace it!
Menzie Pittman is the owner and director of education at Contemporary Music Center in Virginia (CMC). Following a performance and teaching career spanning more than 32 years, he founded CMC in 1989 and continues to perform, teach, and oversee daily operations. He has 50 years of musical experience as a drummer and drum instructor. Menzie is a frequent speaker at NAMM’s Idea Center, the writer of MMR’s “Small Business Matters” column, and author of the recently released book, The New Musician.
