Seek Out Ugly Ducklings to Find the Best Profit Opportunities
By: Donald Mitchell
You may recall the fairy tale of "The Ugly Duckling." It is the story of a cast-off baby bird that is mistreated because it is unattractive to the young ducklings raised with it. Much to everyone's surprise the ugly duckling matures to become a beautiful swan.
Unattractiveness often prevents people from seeing potential because they make judgments based on insufficient knowledge as they skirt what they don't like to be near.
Most people can identify situations in which they dismissed an opportunity that someone else capitalized on later. Often these opportunities were overlooked or rejected because they were perceived as dull, boring, or unpleasant.
As you contemplate this point, it is worth remembering that if Alexander Fleming had been unwilling to work with the unpleasant green mold that affects stale bread, the world might not yet have the wonder drug penicillin and its heirs.
DON'T TAKE MY PICTURE, I'll Break the Camera
The Taj Mahal
All too frequently, management becomes engrossed in creating posh office space. Having feathered their nests, executives avoid the ugly duckling sites that need attention.
In many companies, distribution is one such ugly duckling. Trucks and loading docks excite few corporate chieftains. Yet Wal-Mart struck gold by focusing on fast deliveries through warehouses serving constellations of stores. As a result of its efficiency, Wal-Mart can offer lower prices and attract more value-seeking customers.
The Ivory Tower
Executives dislike dealing with customer complaints. In fact, very few top-level executives will talk with unhappy customers. Underlings deal with those problems. Fearing that the bearer of bad news may pay a heavy price, workers often sugarcoat customer unhappiness or badly conceal it.
Losses Are Uglier Than the Dumpster's Contents
One open-minded CEO ran a successful restaurant business. His success was due to starting his restaurant tours at the dumpster, one of the least attractive parts of any restaurant. The CEO could judge the restaurant's health by what the dumpster contained. Decaying raw food suggested over ordering of supplies. Too much decaying cooked food meant that the kitchen was having problems. Occasionally, he even found carefully wrapped, fresh prime steaks ... indicating that employees were stealing food.
Packages that protect products are usually seen as necessary, but not important. Crafty Henry Ford thought otherwise. On realizing that batteries for his cars came in solid wooden boxes, Ford specified the details of those boxes. After the battery was removed, workers took out the screws and used the wood as floorboards for his Model A.
ServiceMaster has made a good living by solving the ugliest, dirtiest and smelliest problems its customers have. Perhaps you can do the same.
Find Your Ugly Ducklings
Here are questions to help you find hidden opportunities:
- Where are the places that executives and managers seldom visit?
- What can be learned by investigating those unattractive places?
- Which potential customers are perpetually shunned?
- Which kinds of potential employees are never hired?
- Which suppliers are avoided?
- What services are avoided?
Turn Your Ugly Ducklings into Swans
- How can you use an open mind and thoughtful questions to learn more about these areas?
- Who already sees these ugly ducklings as swans? Why?
- How could each of these ugly ducklings be one of your best opportunities?
- Who could help you to better see, hear, and feel these opportunities?
- How could you easily and inexpensively test out ideas related to the worth of these opportunities?
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