Two Notes Tuesday: On Building Better Businesses
1 min read

Two Notes Tuesday: On Building Better Businesses

Lessons from Personal MBA.
Two Notes Tuesday: On Building Better Businesses
Photo by Sean Pollock / Unsplash

A Business is Made Up of Systems

A system has different elements that can be influenced by various factors. As an entrepreneur, it is your duty to sustain the systems of your business by steering it through uncertainty and change.

To start a business is to build a series of complex systems that repeat themselves sufficiently to generate profit. A sustainable system is a self-perpetuating arrangement of interconnected parts.

When you decide to become an entrepreneur, remember Gall’s law: all complex systems that work evolved from simpler systems that worked.

Don’t Over-analyse Your Competition

Are you paying too much attention to your competitors? If you spend all day analysing your competitors, you won’t have time and energy to build your vision.

Steve Jobs and Elon Musk didn't focus on what their competitors were doing. They focussed on mastering their craft and bringing their vision to life by delivering value to their customers.

Read: People Buy What They Want, Not What They Need.

As an entrepreneur, you have to ask yourself: are you just at par with the industry's standards or do you want to make a difference with your ideas?