The following are the winners of last week’s newsletter quiz and they each get a year’s subscription to BusinessLink magazine:
- Nehemiah Nhando
- Matthew Makina
- Mazvita Msonza
Do you know what you don’t know?
When Marc Ostrofsky sought to acquire the internet domain name Business.com in 1995, the price was bid up to $150,000. That was a lot of money even for a guy who had already amassed considerable wealth. Although he could easily afford the price tag, he asked his father, a university business professor, for his thoughts. That was something he did often before making business decisions.
His father asked him: “Will you make more money owning the domain or keeping $150,000 in the bank collecting interest?”
Marc bought the domain and it proved a brilliant move. Five years later he sold the domain name for $7.5 million, which become a Guinness World Record for the price of a single domain.
Marc went on to become a bestselling author and a successful entrepreneur who built many businesses. One thing he is not stingy at is sharing his knowledge and experience with others.
The single thing Marc emphasizes in his books is that one person cannot know everything and be good at all things.
Unfortunately, many entrepreneurs think they can be good at everything and refuse to release the reigns to leverage on the strengths of others to move their business forward. As a result many businesses remain small and struggling simply because the owner refuses to accept an important fact: understanding what you don’t know is the first step towards success.
Say you want to open a retail store, for example. If you have never run one before, there are a lot of things involved in that business that you don’t know. You could read hundreds of books on how to manage a retail store or watch how other retailers do things so as to learn from them.
That would be a big waste of valuable time; time that you could be using launching the business.
If you understand what don’t know, you will hire the best people you can get to fill in the skills and knowledge gaps. With the global access of the internet, there are literally millions of people who can help you get where you want go. The days of lengthy trial and errors and learning from mistakes, although they were useful in their time, they are now are over.
Concentrate on what you know best. Knowledge is power. Leverage other people’s knowledge and work on building a fast growing and profitable business. What do you think? Please feel free to email your thoughts and feedback to me at firstname.lastname@example.org.
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This Week’s Quiz: What business book has had the biggest impact on Arthur Marara. Email your answer to email@example.com by Tuesday 13 May and you could win 12 months’ subscription to BusinessLink digital magazine.
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