Objective:
A beauty school CEO’s insight in his thinking about his business in comparison to other business of the same domain, the beauty educational industry or trade/technical school business.
Key Question:
“What makes your school better than other school?”
– This is an exact quote of a school prospect’s question, asked while being on the call with Louisville Beauty Academy CEO
Motivation
The intention of this article to share one small perspective of an entrepreneur that he uses as the guiding principle to drive his business vision/mission.
Answer
“Mam, this is Di Tran from Louisville Beauty Academy. We appreciate your inquiry. I believe what you asking is – what make our school unique and how may we fit your need? Is this correct?” Louisville Beauty Academy CEO’s responded to the school prospect with the question above. The prospect answered with the “Yes”.
There is a big difference between 1-startup a business to compete with another business and 2-startup a business to fill a gap in the industry. Each of which determines the business vision, mission and strategy that enables and guides the business to win or be successful in its domain.
1- Startup a business to compete with another business
Startup with the intention to compete with another business is equivalent to mimic or duplicate in business capability of an existing business. This also means that you plan to share the same pie with the existing business, and intend to compete for a percentage. You are obviously late in this game since you are getting into providing an existing capability which other has been doing a lot longer than you. To make your business better than the existing ones, while doing the exact same way leads you to limitation in options.
Competition with other business as a goal or mission set a limitation in company direction and path to success. As most of entrepreneur is aware, there is multiple way to success in business and each head of a company needs to develop his/her own way to get there, not to follow other’s path. Di Tran, Louisville Beauty Academy CEO does not prefer to use this way.
2- Startup a business to fill a gap in the industry
Di Tran, Louisville Beauty Academy CEO like to think of startup or business that exist to fill a specific gap or people’s need. Di Tran lives with a guiding principle that was shared to him by his mentor: “You will be successful in your business or anything you do when you tailor your vision/mission/strategy/action to the intention of truly helping people”. Living by this guiding principle will enable us to focus and forward thinking on the people’s need, and zone down on each individual’s (customer’s) desire for specific subject/matter/product in short term and long term.
Customer’s needs or people’s desire change, and it tends to change often. Our business needs to be pro-active and re-active to the number one reason our business exists for, which is our customer – NOT other business in the same domain/industry. Therefore “my business does not exist to compete with other business” but to learn about my customer’s needs and tailor my services or product to fulfill that need partially or completely. The speed, the technique, and the time that services and products be placed on the market determine how unique a business is in comparison to other business.
At Louisville Beauty Academy, Di Tran’s grand vision is about building professional, developing skillful person, and empowering community with beauty knowledge – especially focus on those in need. What make Louisville Beauty Academy unique are:
1) Highly diversity inclusive environment, where everyone with all background are really welcomed, supported, and recommended to learn from each other
2) Louisville Beauty Academy is started to specifically assist those who work and have tight life schedule – flexibility in schedule, and having 1×1 session whenever needed to ensure success in each of student
3) Cost is another key factor that prevents immigrant community people and many other community to enroll in post-secondary school. Louisville Beauty Academy has more than 50% tuition scholarship for all Full-time student.
a. School also include a debt-free program that include pay as you go – a monthly payment plan of an affordable amount per student.
4) School instructors at Louisville Beauty Academy understand and know they are more than a beauty instructor, but are also example of ESL teacher, professional behavior trainer, business owner developer and more. Louisville Beauty Academy instructors recognizes his/her value in these role.
5) Louisville Beauty Academy establishes and maintains a culture of always be there to help the student.
Louisville Beauty Academy CEO vows to actively monitor the community and change the school strategy accordingly and often as needed to adapt and to always have what customer need in the timeliest manner.
References:
https://www.linkedin.com/pulse/my-business-does-exist-compete-other-di-tran/
Vietnamese Version
