Over my many years of owning and managing businesses, both my own, and those of others, I have learned one immutable truth: just because you’re good at a skill, trade or craft doesn’t mean you’ll succeed at turning it into a viable business.
This applies to doctors, lawyers, bakers, gardeners, plumbers, artists, chefs, accountants and house painters. Everyone and anyone who has ever thought they possessed a marketable skill or product has had to contend with this law of the business universe.
Being good at something doesn’t automatically qualify you as a successful business person. There are no guarantees that your trade skills alone will ensure business success.
Far from it.
Having marketable skills is just the bare minimum qualification to enter the purgatory that is often the entrepreneurial world. To paraphrase Michael Gerber, author of the seminal book The E-Myth: Why most small businesses don’t work and what to do about it. Just because you’re good at baking pies, might not be enough of a reason to open a bakery.
I have seen this phenomenon in businesses I’ve work in and also frequently when dealing with tradespeople in my personal life. The symptoms can be seen in the plumber that doesn’t return calls; the house painter that unexpectedly changes his price quote at the last minute; the doctor that has no idea if he’s making money or headed toward bankruptcy.
All these people may be very good at what they do, but they often lack the skills to successfully manage their own business.
I have also seen the opposite: businesses that are surprisingly successful, without possessing any particularly magical qualities. These are the businesses that meet the basic needs of their customers, but also manage to stay in control of their finances, staff and their customers’ experiences.
These businesses are consistent while others are erratic. They may not wow you but they deliver predictably. Over the long run, they will succeed and grow and improve. While an inconsistent business will change from day to day and never manage to make the tiny daily improvements necessary for long term market domination.
Knowing what you’re not good at, is just as important as knowing what you are good at.