Dear Aunty B,
We have a great expanding business. But my business development team is pushing me to diversify into a new activity which I see as none-core. It is the same demographic but a new product in a different industry.
I don’t feel we have the knowledge of the industry, but they are arguing we have the knowledge of the customer and industry knowledge is easier to pick up. They are young guns keen to get ahead. What’s more important? Who’s right?
You are right. How does an entrepreneur build their skills? Constant exposure to similar situations.
Your team spend every minute of every hour of every day understanding your industry to make sure they are better than your competitors.
Understanding the industry can take many years of work. Understanding demographics can take several focus groups and testing of products. Stay within your industry, especially as we move further into this downturn. Now is not the time to let egos get in the way. It is the time for grey hair to rule.
Your Aunty B.