06 Sep Critical Mass Podcast: CEO Expertise Insights
Last week, Brian Smith, Founder of UGG Australia, was my guest on Critical Mass Radio Show. Brian is a passionate innovator, entrepreneur, and one of the most sought after business leaders in the country today. He started off with only $500 in capital, and over seventeen years he built the UGG Australia Brand into a multi-million dollar international enterprise. As the founder of the brand, Brian Smith is committed to teaching fellow entrepreneurs how to leverage their assets within and to pursue their passions to creating fulfilling lives. Here are three takeaways from my time with Brian on Critical Mass Radio Show:
1. Do not try to take on the whole world at once: find a niche. Develop a brand presence and become well-known in a specific market, rather than immediately trying to reach everyone. Advertise to subgroups in which your products may be useful or attractive. Think out of the box as you determine what is the best fit for your brand in the marketplace. You may be surprised how targeting specific markets can provide the platform for your brand to flourish in those specific niches, and eventually reach a more mainstream audience.
2. Competitors need not be enemies: Be confident in your brand and where it stands in the marketplace in relation to companies producing similar products. In the early stages of product development, think of your brand as its own category, rather than just another product in the market. Creating this sense of differentiation, and using it to advance your brand, reduces the threat of competition. Do not lower your standards, or panic in the face of potential competition. Rather than trying to beat competitors at any cost, give it time. You will likely find that, if you continue to persevere, your ragtag competitors will fall by the wayside, while you build a powerful brand with even cleaner distribution.
3. Most often, your biggest disappointments become your greatest blessings: Don’t give up. Running a business has common patterns, regardless of the specific nature of your company, or what industry you are in. You may believe that your business is going nowhere, when in fact it is still in its infancy, and in time will become something great. Every business begins with its birth, enters its infancy, and, like a child, goes through many stages, including small, gradual successes, as well as the inevitable and awkward “teenage years.” Over time, your brand will gain maturity and truly find its place in the market. Embrace the ups and downs of your brand’s development, and know that they are normal and necessary in the growth and advancement of any business.
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