Importance of Having Passion in Your Business

Is your hedgehog concept broken?

 

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Tell me if this parable sounds familiar: “The fox knows many things, but the hedgehog knows one big thing.”

If you find yourself wondering what I’m talking about, let me tell you. In this parable, a fox uses many sly tricks to catch a hedgehog. It tries everything — it pounces, it sneaks, it attacks, it plays dead. But the fox is outsmarted. The hedgehog knows how to do one big thing perfectly; it knows how to defend itself.

Fast forward to 2001. Business researcher and consultant, Jim Collins, develops the “Hedgehog Concept” based off this parable. It boils down to this: a single, clear vision is more successful than a scattered, unfocused one.

How can you, as a business owner, narrow down that “sweet spot” vision? Let me show you through these simple steps:
 

Step 1: Find Your Passions.

What are you deeply passionate about? What gets you up in the morning and keeps you working late? What motivations and values do you hold? These answers can help shape your purpose and the overall mission and vision of your organization.
 

Step 2: Know What You Do Best.

What can you be best in the world at? What problem can your organization solve? Using a SWOT Analysis or Core Competencies Analysis may help you come to the right answer.
 

Step 3: Discover Your Economic Engine.

How can you generate cash flow and profitability to sustain your organization’s long-term success? You have to discover the common denominator that drives your business.
 

Step 4: Find Where They Intersect.

Look at your answers above. Do they share a commonality? The “Hedgehog Concept” is when you find the intersection of your passions, what you know best, and what drives your economic engine.
 
THIS is where you can take your business from good to great.

If you’re interested in chatting more about where technology fits into your “Hedgehog Concept,” you can always schedule a call with me to discuss further. I look forward to it!
 

-Randy Sklar

 

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