Failure Orientation is when People are Controlled by External Circumstances

How to become resourceful to be a market leader

Hi. Anthony Manly here from selfmanagedbusiness.com. I want to start today’s video by asking you a quick question, and there are four possible answers to this question.

The question is, why do so many small businesses fail when Bunnings comes to their area? Market leader.

Now, if you’re not from Australia, Bunnings is a discount hardware store here in Australia. They are in other countries. However, they’re predominantly here in Australia and they cover around about 20 suburbs within the area.

So the four possible answers are as to why small businesses fail when a bunning comes to their area.

(A) Is it that Bunnings has knowledgeable and personable staff?

(B) Is it that they’ve got attractive merchandise or attractive displays?

(C) Or is it that they’ve got effective marketing with a person to follow-up touch

(D) Is it a Failure orientation of a small business owner.

Now, if you think about it, most Bunnings can dominate their particular area by simply just posting signup, just saying, Bunny is coming soon. And what that does is it sends a message to small business owners of saying, hey, we’re coming to town and your little store is now going to be obsolete.

And that’s what most small business owners think.

They think that they’re going to lose their regular customers.

Now, the reason why they think they’re going to lose their regular customers is that they may have a hammer that’s for sale in their store in their small business, which might be, say, $10.

Now, I’m using a hardware store as an example.

Now, the Bunnings, which can buy in bulk and has a lot greater reach, could be selling that same hammer for $9.

Now, what does that do to the small business owner?

It puts them into the failure orientation mindset of saying, well, I’m going to compete on price.

My business is just like every other business.

Now, failure orientation, when you think about it, it’s more of a mindset. 

Now, if you think to yourself, well, hang on a minute, how can I be more successful in my thinking and become more resourceful, more personable with your business?

So starting to shift or pivot in a unique direction.

So it’s unique to you.

So you’re positioning yourself as what we call and you’ve heard me say before a unique selling proposition.

Now, what’s the point of having a unique selling proposition if you’re just going to be like everybody else?

Now, most of the small businesses around you will likely fall into that trap. They’ll compete on price and they think to themselves, everyone is going to run to these Bunnings because they can offer their prices cheaper.

That is exactly what you shouldn’t do.

You should be thinking to yourself, how can I become more resourceful? Where’s the profit in what I’m delivering? 

Failure mindset.

How can I come up with effective marketing campaigns that are personal touch with my customers, specifically my regular customers?

And what can I offer them that a bigger organization is unable to offer? And it’s specifically if you look at it from a small business perspective, it’s that personal touch.

All I want you to take away from this video is failure orientation is a mindset.

What you need to understand is that you can thrive and survive. If you understand and become resourceful, you can change the direction of your business and be a market leader within your niche.