Stories are told of great people who built empires from scratch; stories that we listen to in awe — of great men and women who were courageous enough to make strides in what seemed impossible at the time.
An example of this is the Dickey Brothers — a pair that managed to transform a one-man radio station in Atlanta, into a household name with 460 stations in 90 US cities.
How did they manage to make that happen?
Don't worry, we've compiled their advice below:
Find & Fill A Need
Henry Kaiser, one of America's leading wartime industrialists, was one of the early believers in this idiom — “find a need and fill it.” Moreover, many successful business men and women have come to not only emulate it, but also consider it as one of their main motivations behind venturing into business. For the Dickey’s, this was more than a phrase; it became a tested ideology. On their quest to venture into business, they found that small businesses did not have access to market research data. They were able to bridge this gap by offering consulting services that in turn, addressed this issue.
Jack Nadel points how filling a need propels a business to achieve its vision in a more successful manner — and is thus one of the key pillars in establishing a lasting career.
“You won’t make it to the top if you dwell on one side of it.”
John Dickey spells out how they found their niche in serving those who wanted to buy media, and those who were looking for selling ad space. It was a great time for business as the media industry was expanding and focusing only on media buyers who might have curtailed their growth projection. Jack Porch Philosopher reiterates at the wisdom of looking at the other side of everything. The benefits of looking wider cannot be emphasized, and this can be found from the success stories of many movers and shakers.
Don’t Be Swayed By Marketing Language
A lot of marketing can be filled with empty buzzwords and trends — don't get carried away by them, you might end up trying to chase success in the wrong direction, since you'll be driven by the fear of losing out.
Instead, John Dickey advises listening to your instincts. He emphasizes the need for making endless inquiries; that way you'll be in a better position to make the right business decisions. Don't become influenced by marketing language, but by self-conviction and an urge to beat all odds.
Forbes' advice on the key to success for most entrepreneurs is to think big and to take manageable small steps. And they're correct. Dickey’s had acquired over two decades’ experience in radio consulting, and therefore had enough wealth of knowledge on what it would take to succeed in the radio industry — but they did not jump into establishing their presence in every corner of the city, although they had the capacity to do so. They started with one radio station at a time, measuring success as they progressed while making the right changes to accommodate a diverse market.
You Need To Know Your Media Business Model
Not all media platforms will work for your business. Different media will work for different businesses and it is the responsibility of the entrepreneur to know which media strategy will work best. Carolyn Goodman provided an interesting piece of advice that pointed out the fact that social media was not for every business. Yes, social media is here with us, and many businesses have found it an easy way of reaching the mass market, but you could be headed in the wrong direction.
See The Big Picture
While you may want to focus on one area, you have to keep in mind that change is inevitable. John Dickey's advice on this is to be unique, while taking into consideration the inevitable force of change and innovation.
Using available media platforms, you need to look at how they can be integrated into your product and thus give your business a competitive edge.
Nothing But Quality
Dickey warns about rushing to use the low cost or the super expensive avenues. Your product should not be about tricking customers into thinking that whatever you're providing is of superior quality — instead, make sure that it actually is of better quality.
The best advice here is to stick to the basics while being creative, putting in an extra effort, understanding your target market and leveraging the technology.
These points are further expounded by Inc.com on their 5 steps of quality-focused companies.
Make a budget and stick to it
Your small business will need money to grow from the early stages – therefore, make your business one that is guided by budgets. If you're not familiar with the financial aspects of a business, you might find yourself at loggerheads with banks and other financiers.
Make a realistic budget, define your risks, plan for your expenses, and know your sales cycle. The reason why many businesses never see the end of their first year is that their expenditure ends up being way too high. But this problem can be avoided early in the planning stages by sticking to your budget.
Do you have some more ideas to turn your business into a billion-dollar empire? Feel free to share them with the world through the comments section. Perhaps, your tip might help germinate an awesome idea into a full-fledged empire.