Entrepreneurs Should Learn to Deliver a Combination of Punches
Recently, I've been reading a novel called "Those Things in the Ming Dynasty." I'm currently at the part where Zhu Yuanzhang is fighting to establish his empire, and I find it quite interesting. Beyond the author's writing style, I have also gleaned many insights about the parallels between founding an empire and starting a business. There are indeed many similarities.
Take my own entrepreneurial project, an online accounting platform — Caike Online Accounting Network. After more than two years of arduous development, it has finally grown into China’s largest online accounting platform. In terms of technical development, we’ve become the industry leader; regarding product function innovation, we’re also number one. Our website ranking is currently 130,000, which places us as the top in our field. The website’s activity level, user stickiness, and brand awareness are all ranked first among our peers. So what exactly caused Caike Online Accounting Network to leap from being one of the last to becoming the industry leader?
Caike Online Accounting Network was founded on February 10, 2006. At that time, it was the third online accounting website in China, following Kaipulan and ALLMONEYHOME. Although these two websites were established half a year earlier than Caike Online Accounting Network, they never developed significantly. They both went live in mid-2005, but up until now, their features haven't changed much, with no major improvements made. On the other hand, Caike Online Accounting Network has already gone through nine versions, evolving from simple initial functions to today's powerful online accounting platform.
From its establishment on February 10, 2006, until mid-May 2007, Caike Online Accounting Network had only 499 registered members. At that time, it faced very strong competitors like YNNNY, Mushroom Network, and Wallet Network. Caike Online Accounting Network’s Alexa site ranking was over a million, placing it near the bottom in overall strength among its peers, almost turning from a pioneer into a fallen hero. However, from mid-May 2007 to today, its registered membership has reached over 80,000 people, with an Alexa ranking of 130,000 and a PR score of 4. It has risen from near the bottom to the top in its industry. How did Caike Online Accounting Network reverse its fortunes and achieve such surprising success?
First: Technology Not Better Than Competitors
Caike Online Accounting Network’s technology is average compared to its peers and cannot be considered top-tier. Many competing websites have better technology than Caike Online, for example, Kaipulan has better technology than Caike Online. But why haven’t they surpassed Caike Online?
Second: Interface Design Not Better Than Competitors
When users open Caike Online Accounting Network, they will find that the homepage, various channel pages, and functional operation pages look rather unappealing. Websites like Yantangji, Wallet Network, and Financial Management E look better than Caike Online. Why do they still not have the same level of user activity as Caike Online?
Third: Timing Wasn’t the Earliest
There’s an unwritten rule that the earlier a website is launched, the faster it may fail. Caike Online Accounting Network was the third online accounting network in China, not the earliest accounting network. Its timing wasn’t as good as Kaipulan’s, yet why hasn’t Kaipulan become the industry leader?
Fourth: Features Not the Most Powerful
Many outsiders believe that Caike Online’s features are very powerful, but actually, Caike Online’s features aren’t the most advanced; they are the most suitable for target members to use. This is precisely the reason why it has attracted a large number of loyal members.
Fifth: Market Promotion Not the Best
Many friends must have frequently seen promotional articles for Caike Online Accounting Network on forums and other websites. Despite consistent promotion efforts, Caike Online’s market promotion isn’t the best—it doesn’t match Wallet Network’s market promotion, and its effects aren’t necessarily the best.
Sixth: Team Not the Best
Many online accounting networks in China don’t have complete teams operating them. While Caike Online does have an independent team working full-time, it is certainly not the best team. The entrepreneurial team behind Caike Online consists of grassroots entrepreneurs who haven’t received management training or various other trainings in large companies, so the team isn’t the best and can't compare with Wallet Network’s team.
Seventh: Service Not the Best
Caike Online Accounting Network always regards its members as its bread and butter. However, sometimes the service provided is inadequate and not done well enough, which is a weakness of Caike Online. Other competitors’ services are definitely better, more timely, and more comprehensive than Caike Online’s.
Considering all the above analysis, logically speaking, Caike Online Accounting Network has no reason to become the leader in China’s online accounting market—its technology, design, timing, features, promotion, team, and service are all inferior to its competitors. So how did Caike Online manage to become the leader in its industry?
As a member of Caike Online Accounting Network’s team, I feel the deepest insight is that we know how to deliver a combination of punches. We clearly understand our strengths and weaknesses, so we tightly integrate all aspects instead of focusing solely on areas where we have an advantage.
It's like a person's hand. Each finger has different lengths. If one believes that the longer fingers give an advantage and uses only or focuses mainly on those long fingers to compete, the result would likely be that the long fingers get hurt the most. If one wants to succeed, one should gather all the fingers tightly together and exert force outward, thus achieving maximum effectiveness. Every entrepreneur or team can only excel in certain areas; it's impossible to be superior in every aspect. Only by leveraging strengths while mitigating weaknesses, integrating advantages and disadvantages together, and uniting forces to exert power outwardly, can one achieve victory.
(Author: Caike Online www.coko365.com Tian Keshan MSN: [email protected])