The saying about being a Jack of all trades, but a master of none is true – you can’t have it all in the business world, especially as a small business. When it comes to competing with bigger companies, it pays to know your niche first and foremost. And this is how McDonald’s went from small business to an empire, and how Ray Kroc became owner of the McDonald’s name. Ray Kroc believed in this idea, and franchised it. But the McDonald brothers weren’t getting too far with this idea, until Ray Kroc came along.
The idea was genius, innovation at its best – no one at the time had seen anything like it. McDonald’s was a project started by two brothers – by replacing waiters with a self-service counter and pre-packing burgers that were kept warm under heating lamps, they were able to quickly and cheaply provide food to customers. Positioning expert Al Ries suggests that faith in your ability to innovate is as important as the innovation itself – and one of the biggest companies in the world, McDonald’s, proves just that.
But it’s not enough to just be innovative, you also have to stand by your ideas. Breaking into the market requires innovation, and innovation doesn’t happen overnight. Methods to Compete with Larger Businesses: Innovationīehind any successful business is the idea at its foundation and the belief that this idea is worth pursuing.
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