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Business Unplugged™
This blog features Carol Roth's tough love on business and entrepreneurship, as well as insights from Carol's community of contributors.

Stop Reinventing the Wheel—And Your Business

Written By: Carol Roth | No Comments

Starting a business is sexy.  Running a business is not.  Generating ideas is fun. Doing the blocking and tackling every day can become mundane. But it’s the focus and repetition that creates successes.

Les McKeown, author of the bestselling books Predictable Success and The Synergist once said to me that, “Too many entrepreneurs are treating their businesses like a Twitter stream”.  I agree.  We live in an era where a successful product launch is followed by another shiny new product, instead of building on the success of the existing product.  Everyday businesses- ones where individuals go in and execute by producing their goods or providing their services- don’t appear to be glamorous.  Execution isn’t nearly as fun and invigorating as coming up with the next new idea or launch.  But it’s the difference between lust and love; love can endure, but lust rarely does for any significant period of time.

If you want your business to be as successful as possible, focus on consistency and execution.  Focus on treating your customers like kings and queens.  Focus on cultivating great culture. Lather, rinse and repeat until the law of diminishing returns kicks in. But, take a break from constant reinvention.

Now, I am not suggesting that you should not innovate or stay ahead of the times and freshen up your products or services, but there is a difference between a small change and complete overhaul.  There is also a difference between innovating to stay competitive and running away from your success because you got bored, distracted or even scared.

Before you give in to the temptation to create a new product, re-jigger your business or even start a new one, consider:

-Whether you have done everything that you can with your current product or service offering;

-Whether your brand, product or service tweak supports your current brand and offerings;

-Whether your change of course will confuse current customers

 

Remember, happily ever after comes from commitment.

Article written by
Carol Roth is a national media personality, ‘recovering’ investment banker, investor, speaker and author of the New York Times bestselling book, The Entrepreneur Equation. She is a judge on the Mark Burnett (Shark Tank, The Voice, Survivor, The Apprentice) produced technology competition series, America's Greatest Makers, airing on TBS and Host of Microsoft's Office Small Business Academy show. Previously, Carol was the host and co-producer of The Noon Show, a current events talk show on WGN Radio, one of the top stations in the country, and a contributor to CNBC, as well as a frequent guest on Fox News, CNN, Fox Business and other stations. Carol's multimedia commentary covers business and the economy, current events, politics and pop culture topics. Carol has helped her clients complete more than $2 billion in capital raising and M&A transactions. She is a Top 100 Small Business Influencer (2011-2015) and has her own action figure. Twitter: @CarolJSRoth