A Lesson from Lego on Building Your Business
Who cares?
In our culture, the statement is often perceived as more of a snarky comment than a question.
As an entrepreneur, this is the question to ask. If you can find out exactly who cares (and, perhaps, who doesn’t care), then you will be on your way towards entrepreneurial success.
The next critical questions are: Why do they care, and what do they care about?
Be bold and don’t be afraid to take a hard look at the raw responses. The answers to these questions will help you to gain a clear understanding of who your market is and how motivated they are to purchase your product or service. Those insights will also help you make critical adjustments sooner rather than later.
The Lego Lesson
Businesses and markets continue to evolve and companies need to as well. One example of a well-known company that went through this process was Lego. The first Lego brick was created in 1949. The company experienced rapid growth for decades. However from 1992 through 2004, their dominance began to slip. They started manufacturing products that consumers did not want. In 2004, Lego was on the verge of bankruptcy and almost went out of business. Along the way, they lost touch with who cared about their product and what those customers wanted.
Through some hard lessons learned and some great strategic decision-making, Lego has refocused their offerings to the art and science of building, along with strategic licensing of leading brands. Lego has also introduced a strategy of crowdsourcing new product ideas. They are leveraging their passionate customers to develop and advocate for their products. By asking, “Who cares?”, Lego has been able to turn their downfall around, and, in 2014, they became the biggest toy company in the world, all through gaining a better understanding of their clients.
Whether you are building a new business or trying to reinvent an existing one, remember to start by asking, “Who cares?”
Want to learn more about earning your BSBA – Entrepreneurship degree online with JWU College of Online Education? For more information, complete the “Request Info” form on this page or call 855-JWU-1881.
