A Reminder For "Small" Business Owners

The following is an excerpt from an article I wrote entitled "Fish Where The Fish Are". It's a reminder for you "small" business owners to remember the vision. "Small" may be what you are now, but not what you endeavor to be. Read on.


...All too often, I think, small business owners get caught in the trap of thinking of themselves as "small" business. Because their origins (the kitchen table, the garage, the basement, someone's storage room) may be extremely humble, many entrepreneurs become captivated by their environment rather than their "vision".

And, because they think of themselves as small, owners feel that they can't effectively compete in a crowded market or in a market where they face competitors that greatly outsize them. That's a huge mistake. Many large corporations, and some of the most profitable companies ever created (Yahoo, Martha Stewart Living Omnimedia, eBay), have had very modest beginnings. So for entrepreneurs to limit their expectations and future business potential based on their present circumstance or position isn't very smart.

Don't be afraid of entering a large marketplace simply because it's large. Large is a good thing. It means that there exists greater opportunities and potential for more players. And while the number and size of competitors will certainly be greater, that's not necessarily a bad thing. More competition means somebody's making money, otherwise no one would bother, so you immediately know that there's more profit potential. And the involvement of bigger companies often makes the stakes higher for them.

Large competitors have more, and often better, resources that are brought into the marketplace, however they're not always as "agile" as a smaller competitor. They're oftentimes unable to respond as quickly to customer interest or market changes. If you don't believe me, just take a look at what has happened in recent years within the automobile industry. The "giants" were too slow to change and adapt themselves to supply what the market demanded. As a result, they have suffered huge losses and endangered or lost their premier rank in the industry's hierarchy.

In comparison with large organizations, small companies have their own advantages; less bureaucracy, a faster decision-making track, and ultimately less investment risk. If something doesn't work, it's much easier for a small competitor to make the adjustment or move on to something that does work.

Competing against the multitudes or the giants can have its place. Against such competition, you grow smarter, stronger, better or you don't survive.

My grandfather used to say "I'd rather be a big fish in a little pond, than a small fish in a big pond". The lesson of course being that he'd much rather be the fish doing the eating, rather than the one being eaten. And, while I understand his viewpoint, I hold a slightly different perspective. I tend to lean more toward the example of the small baitfish who swim with whale sharks many times their size, and thus have whole oceans at their disposal.

Go get 'em!

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