Traditionally, when we talk business we look at a product. The product can be anything from a mousetrap to a toaster to a hotel room to a financial instrument to a company. We look at the whole. This is quite normal because a whole product is very tangible.
On the other hand, when we look a business although we want to do the same thing – look at the whole – we cannot. We have to look the process. As we have argued before, the impressive productivity gains in the US are the result of companies shedding those processes that were inefficient for them and then buying them back on a fractional basis when needed from companies serving multiple clients.
Therefore, when launching a new business do not look at the while product but look at where your business can insinuate itself into your client’s processes.
Defining your business in this way means not providing the final answer but the expertise required to work collaboratively with others to find the answer.