Importance of Industry Expertise

One might think, sure…if I’m going to invest millions of dollars into a business and also operate as the CEO, then I should know a thing or two about said-business. Well, yes that’s the way it SHOULD be, but in fact that is not what always happens. Tons and tons of investors, entrepreneurs, motivated businessmen/women all too often see an opportunity and seize it by investing while also wanting a high powered role in the company, but have zero expertise in the industry. That my friends, will very likely cause a failed business venture. And not to sound all negative, having that ambition to want to help businesses succeed is fantastic! But….it could also get you in trouble. As a CEO or VP or whatever important position you want to consider, having expertise in the specific industry will only add to the company’s success. Ashley Altum has first-hand experience in this and is sharing her story in this week’s episode:

EPISODE 19: INDUSTRY EXPERTISE

We are continuing with Ashley’s 3 keys to making a successful business! We discussed her first key, PEOPLE, on last week’s episode. And today, we’re discussing her second key to a business’ success, industry expertise. 

The main point Ashley is making in this conversation…”Do not get into a business that you know nothing about!” Ashley speaks from experience on this topic as she invested into a business outside of her expertise, but thought “hey, I’m a great leader, I’m smart, successful, I’ve got this.” And folks, she was wrong. She took the CEO chair in a position she should not have. Sure, Ashley was successful at the time, she proved herself as a smart businesswoman, but she knew nothing about the industry in this next venture, thus causing failure to the company. What should she have done? Hired a CEO with all the industry expertise and learned from him/her. She still could have invested in the business, but she needed to stay on the outside while learning about the inside workings of the industry. 

Having a CEO with industry expertise is just plain smart all-around. You can absolutely be a fantastic and intelligent businessman/woman, but that doesn’t mean you have the inside knowledge of every single industry. Your employees will only thank you if they can come to you with any questions or concerns, and you as the CEO have all the answers because you are an expert in the industry. 

If you are hungry to invest in a new business, ask yourself, “Do I know how to do everything in this industry? If needed, could I do every single job that needs to be done? Do I know the ins and outs of this specific industry?” If the answers are yes, then invest and take charge! If the answer is no, hire the right people who know the answers…this will gain your business the success and growth it deserves. 

Be smart, be careful, be ready to take a backseat for a bit and let your business grow! 

Please join us next week as we discuss Ashley’s 3rd and final key to success: discipline.