December 01, 2010

What Can You Do A Lot Better Than Everyone?

Let's stay one more day on yesterday's topic. That children don't just need "college" to be assured of a great career anymore, but that they need a specialized skill-set.

I have a friend who doesn't like his job. He called me the other day to talk about his entrepreneurial ideas, knowing that I share my own. The two ideas he pitched to me were to start up either a:

1) Used Car Dealership
2) Breakfast Restaurant

With everything in my soul, I worked to dissuade him from both.

Here's the problem. Smart people like us think that we'd be good at anything. And we're mostly right. But being "good" isn't enough anymore. My friend is smart, talented and capable. But, that only takes you so far in a super-saturated marketplace overcrowded with failing breakfast restaurants and used car dealerships.

What makes a great (profitable) breakfast place? Either unbelievable food or unbelievable prices. Well, my friend is not a chef, and since food obviously isn't a passion for him, he's going to hate having to work so hard just trying to pay the bills. Maybe if he had some great idea to re-think breakfast altogether? But, coming way late to market in a town with slightly better service than your competitors? You don't have a chance.

Opening up a franchise is NOT a get rich quick scheme. Figuring out what you're better at than anyone else, or becoming great at something that NO one else is good at yet - now that's closer.

Don't Approach A Commercial Property Investment With A Residential Head

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