Contrary to popular opinion, to win and thrive, a business doesn't need to be good at everything, nor to satisfy everyone.
In fact, for a business to truly win, it's necessary to be bad at many things (so that they can focus on being really good at one thing) and to annoy many people (it shows that the business has really made the right choices).
Winning Business Can be Bad at Many Things
For example, there is a noodle bar, near Leicester Square in London. It was first introduced to me by a Chinese friend 11 years ago.
When I first went there, I really didn't like the place: it was crowded and cramped, noisy and messy, dirty and dilapidated. The service was bad, the price was not cheap either. I looked at the food hygiene rating. It was 2. Gee.... 😰
I would have run away as fast as Usain Bolt, if my friend weren't so excited about this place. 🏃♂️
In short, it was totally badly managed! If there's a checklist of how not to run a restaurant, these guys would have really ticked most of the boxes. ✅
Surely, a business like this cannot survive in London's notoriously competitive gastronomic industry, right?
But that night, 11 years ago, I was impressed by their noodle broth. Their abundant, rich, and flavorful broth delighted my taste buds, satisfied my craving brain, and warmed my soul. The taste was simply, in one word, amazing! 👍
No wonder this noodle bar could not only survive but also thrive in Leicester Square, arguably one of London's most vibrant culinary hubs.
Because for a restaurant, the most important factor is the deliciousness of the food. Despite the fact that the noodle bar is bad in so many things, they excel in one thing, i.e., making a hearty and delicious noodle broth. 🍜
For the noodle bar, their broth is their competitive advantage, the reason customers come to them and recommend the place, and their spear to fend off competitors and carve out a place in the market. ⚔
As you can see, in business, you can do so many things wrong but still win by doing one thing right.
Winning Business isn't Liked by Everyone
Another example, my father doesn't really like IKEA. He thinks the quality is flimsy, the design is mediocre, and the service is non-existent. 😕
He prefers to go to the downtown showroom, be served by a sales assistant, and then have the furniture delivered to his house and assembled by the staff there. Of course, he is happy to pay the downtown store's prices too.💸
Many people are like my father. They dislike IKEA's proposition. But it doesn't really matter. IKEA is still a very successful business, making nearly one billion dollars in net profit. 💶
People like my father who dislike IKEA aren't really IKEA's target market. To win people like them, IKEA would have to change its business model and jeopardize the very reason for its success. ❌
It's much better for IKEA to ignore them altogether and focus instead on its core customers.
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