There is no doubt that when you’re an entrepreneur that you’ll run into problems. With growth comes new challenges, new lows, and new highs. More times than not, people are quick to fix the surface-level problems but fail to get to the root of the issue. This idea is carried on in your business, but also in business as a whole.
Perry Marshall, an expert business strategist, and author joins us today on this episode of Making Bank. He discusses the importance of getting to the bottom of the “why” question. This means constantly digging deeper for more clarity and understanding how to solve something from the very first step. With a ton of experience in business, Perry shares how to solve your business problems, and how to ensure that you’re going to grow.
Surface Level Problems Reflect Deeper Problems
When Perry thinks about the problems that businesses run into, he often thinks that they’re just scratching at surface-level things. “Most people only deal with the surface level of problems and they never deal with the roots. I’m telling you when you get to the roots of the problems, not only do you solve the problem, but you will also find you have a sword that’ll work on other monsters to release 10 more than one.”
It’s very easy to solve a seemingly surface-level problem than digging deeper and realizing that the problem is occurring in other sectors of the business. These are kind of the kind of problems that can be traced back to the foundation of the business and often require a reworking – which is why people avoid digging to solve these problems at their roots because they’ve got to go back and restructure.
This deeper problem solving is a mindset of business in itself. For example, Uber solved the Taxi problem. Not only did they solve the transportation problem, but they use Uber Eats to solve delivery problems. The way that Uber connected businesses to solve deeper issues that society was facing made them successful but also was new and revolutionary. Solving these problems from the bottom allows you to see everything around you and watch how other companies are running.
Solving The Problem
So how do you get to this point? Perry says asks questions. “Usually, you have to ask why five times.” You have to get to the main reason why someone is actively doing something because it’s usually rooted in a deeper action than the one, they are participating in. You continue to ask why and you break that down until you get clarity on what the problem is exactly.
“Now probably most people wouldn’t have trouble believing that if you want to be the most profitable company, you need to be number one…but what people don’t realize usually is that if you’re not number one, life pretty much sucks,” Perry says of entrepreneurs starting a business. When you’re not number one, you’re fighting for the scraps with the rest of the industry. So how can you get to be number one? How do you make sure you’re not fighting over the scraps?
Perry says by finding markets that don’t have a number one business. Even if it’s a niche market, you can make a lot of money and have high-profit margins. If you’re the only one in the business, you won’t have any competitors. By being number one in a specific marketplace, you can succeed and grow.
There’s a difference between the people that can do skills everyone has and those that have a special skill set that makes them unique from one business to another business. Standing out is one way to get to the top. You just have to be willing to figure out what your number one is. And it needs to be in a growing market.
If you’ve got both of those boxes checked, you’re going to make a good living and supplies to new products that you can introduce and all kinds of thing. Most people are just spinning and spinning their wheels, exhausting themselves, going into debt, working 16 hours a day. And it’s not necessary.
There is a way to be in the top one percent, and not to feel like your business is draining the life out of you. Perry just says you’ve got to find your skills and you’ve got to make your niche for yourself.