If You Can Do It Better…Do It!
Ferruccio Lamborghini had made a name for himself building tractors from used military vehicles. As his success grew, Ferruccio indulged his love of fine cars by purchasing Alfa Romeos, Lancias, and Maseratis. In 1958, Ferruccio purchased his first Ferrari, a 250GT coupe … and was rather disappointed. He bought a few other Ferraris after that but found that he was constantly frustrated with the clutch on all of them.
After multiple complaints and a lack of assistance from Ferrari, he decided to leverage his experience building tractors to make a “perfect car.” Lamborghini had an amazing entrepreneurial mindset, and instead of fiddling around with Ferrari’s cars to make them better, he turned his efforts toward making his own vehicle—his idea of the perfect car with his own name as the brand, proudly bearing the Zodiac symbol of his birth: the bull.
Instead of trying to work with an existing product that didn’t satisfy – he created a brand that met his standards and expectations. In the business world, it’s critical that as entrepreneurs we have a quality product and with it a brand that will transcend generations. That’s why I encourage business owners to truly “own” their own brands. By restricting yourself to representing another company’s brand alone, you are ultimately pouring your hard work and efforts into somebody else’s company instead of your own.
There’s something to be said about going upstream by making your own brand or even going from service to manufacturing. You can increase the impact on the value it could have. For our family business, we built a name associated with quality, dependability, reliability, trust, and honesty – and had complete control over it.
Not sure if you’re ready to take on creating and manufacturing a product yourself? Make the process of offering that product a unique and value-add experience – one that contributes to the success of that brand/product.
Regardless of your business’ approach, do it better than everyone else. Make the brand, product, process one that is not only difficult to replicate, but nearly impossible. To do this takes recognition of what makes your family and business truly great – which requires understanding your both your tangible and intangible assets.
Be the Lamborghini of your trade. Learn more about how to leverage your family’s assets to create a brand, product, and/or service that stands out from the rest by exploring RamezBaassiri.com.