I was recently attending a Young Entrepreneurs networking event in Shanghai. Now, it’s a while since I could accurately be described as a Young Entrepreneur – I’m really more like a middle-aged business owner. But I like to drop by these things every once in a while to stay in touch with what’s happening in the marketplace and meet new people.
I was introduced to one bright young guy and we chatted briefly about general issues before I tossed him one of the easiest pitches in the world for a smart entrepreneur to hit out of the park.
“So what do you do in Shanghai?” I asked.
“Well, I’m doing a few different things. I’m working with some friends to look for opportunities in software development, and I also do a little management consulting for businesses entering the China market, and I work with a partner to do sourcing for US manufacturers…”
In fact, he may still be going on about the menu of services that he willing to offer. I don’t know – and don’t really care. As far as I’m concerned, if a guy does two or more completely different, unrelated things, it means that he isn’t really all that good at anything. At least that’s the message he’s sending.
Young entrepreneurs – particularly in China – see endless opportunities and potential in the world. That’s great. But no one is going to hire you or invest in you if you seem like an uncommitted flake. Investors and buyers need to have confidence that their targets are reliable experts who are deeply involved in their own business.
If you need to buy an office telecom system, and the consultant you speak with tells you he integrates telecom systems – and also writes software – then he sounds like he might be an expert in what you need.
If another consultant tells you that he integrates telecom systems – and acts in TV commercials and is a management consultant and a logistics expert – then you are probably going to look elsewhere.
People trust experts and specialists – whether they are hiring or investing. If you can’t decide what your own strengths are, then prospective clients or investors won’t be able to either. Develop a powerful, simple message that explains EXACTLY what you will do for your clients. Sure, you may pass up a few opportunities in unrelated businesses that you might be interested in. But specializing in something – be it a product or service or a market – is the only way you will ever get deals and build a track record that inspires confidence and trust.
