There's one business tool I suggest to all entrepreneurs to help them focus their priorities. No doubt we've all got a million things on the to-do list, but there's a few things we can start doing that will keep us anchored and able to decide what's truly important on the to-do list. This is one of those things.
There's a concept in business called "market category". Markets are made up of categories, each with their own distinct characteristics and business behaviours. It's the category that drives your business, yet most entrepreneurs talk about markets and not categories. Markets are way too big and distracting - you need to start looking at the category.
Categories are an age old concept for the consumer goods market, but for some reason, it seems to be a concept that's escaped most small business startups. Makers of diapers, ketchup, cars, running shoes, etc. are laser focused on being a leader in their category. If you lead in a category, then you lead in the market share. It's that simple...If you're an entrepreneur building a business, start thinking category. Learn more about how to anchor your business in a category.
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