1. Success

The Importance of Having an Inside Track

Howdy!

If you’re reading this, you’re probably an entrepreneur, an ‘entrepreneur on the side’, or want to become one.

Or at the very least interested in the entrepreneur’s life, I’m assuming.

So anyway, here’s what I’ve found lately.

Many people going into business, especially when doing it for the first time, they look at it in terms of grabbing an OPPORTUNITY.

You know, an existing or perceived gap in a market, to be filled by a specific product or service.

In short, a ready-made instant paradise! 🙂

Mauritius 2 072
Creative Commons License photo credit: chrfrenning

And while I could go on about how that’s not the best approach, do your market research first and so on… this time I’ll just say there’s nothing wrong with going with an opportunity

IF… you take a few things into account.

In short, I’ve found that it’s almost useless to go into any line of business if you don’t have an inside track into it.

Some specialized knowledge, rare contacts, proven in-demand products, existing customers… something that will give you a flying start.

Usually that means you have a mentor to show you how. Or you have some relevant long-term experience in the industry that gives you a leg up. Orsome other way to KNOW how to be successful in that business.

I admit, it can seem like a daunting prospect at first.

It’s as if you MUST have an UNFAIR advantage to get a good start in business.

Kinda like the old ‘bring a gun to a knife fight’ thing.

Guess I'll just skip this bank
Creative Commons License photo credit: AMagill

But it’s true. I’m sorry, it really really is true.

Sure, there’s nothing more important being immersed in what you do, and over time getting to terms with all the minutiae involved, and making it float.

Also, being personally suited to the industry is important (will need another blog post to cover that one).

However, NOTHING and I mean NOTHING beats a good, rugged, beaten INSIDE TRACK into a robust business.

If you scratch beyond the surface of just about any really successful businessperson, you’ll find that they had one, more or even ALL of these components of having that inside track:

  1. Highly specialized, ‘almost dangerous’ knowledge
  2. Rare contacts enabling market entry
  3. Proven in-demand product or product component
  4. Access to existing, significant customers

Starting to sound like Bud Fox facing Gordon Gekko yet? It’s kinda like that if you really want to play big, but without the need for foul play.

fox and gekko

Even so, an inside track can be invaluable to your success.

There are about three ways to gain one:

  1. Some people are fortunate to be born with one, with wealthy families, contacts and conditioning.
  2. Some get handed one through a mentor, friend or business partner.
  3. Yet others carve it out all by themselves (this is rare but it happens).

So what do YOU think?

Think it’s perhaps time to network more to find more chances to an inside track… or get luckier so they’ll come to you?

Hmmmmm. 

Leave a comment below if this furrowed your brow some…

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