What does the term “X-Factor” mean to you?
Well, for me, it brings up images of a reality TV show. The original term represents the extra value or special something that someone might have to offer, which is what sets them apart from the rest. This is important in business too. You need that something that sets you apart from everybody else, making what you have to offer unique and valuable. But how do you acquire this X-factor? Is it in your DNA or can you create it? Many people want to be their own bosses (if you are reading my book, I’m sure you’re one of them), but do you have what it takes you to get out of the nine-to-five work routine? Do you have the “X-Factor” that will push you to do it? In some cases, it is just a matter of determination.
Take a look at various kinds of X-Factor competitions running in different countries; the leading contestants have the same common characteristic – determination (and the ability to sing very well). Whether the determination forms part of their characters or has been trained so that they are disciplined is not important. The point is that they possess a characteristic that is essential to success. We can even go deeper and look at the creator of the X-Factor franchise, Simon Cowell. He started off working menial jobs until his father managed to get him a job in the mailroom at EMI Music Publishing. Following his success as a judge on the shows “Pop Idol” and “American Idol”, Cowell started the X-Factor series, which has since branched out to many different countries and discovered many of today’s popular music sensations. Cowell also started “Got Talent”, where performers enter based on a talent of their choice. As a result, he has helped establish the careers of artists like Il Divo, One Direction, and Susan Boyle. One can say that shows like the X-Factor were born because their creator possessed that “X-factor”. Cowell kept going besides his past failures and kept working at his passion within the music industry. Today, the man who started out working in the mailroom at EMI now owns his own record label, his shows are household names, he has helped realize the dreams of many aspiring artists, and he has a net worth exceeding USD$470 million. That extra value or “X-factor” he had to offer has obviously paid off in leaps and bounds.
I was once told that investors look at the “X-Factor” rather than the business plan on its own. Do you have the “luck” or the “X-factor” that can lead you to successful entrepreneurship? Or do you think you can learn to build these strengths? Ask these questions in order to better understand your plan, but also keep in mind that the only true way you will realize the answers is by working at it. The more you dedicate to your business, the more your X-Factor will become apparent to you and those around you. And when your X-Factor shines, it will also become easier to attract other people who have that passion. For example, Cowell has attracted many business partners and talented people who possessed the X-Factor. You can attract the right partners and employees who are not just qualified to work with you but will add that distinctive touch that is unique to each of us.
