What Business Are You In?

When Virgin Atlantic Airways was launched, an established competitor scoffed, “What does Richard Branson know about the airline business?  He comes from the entertainment business.”  Over 20 years later, Virgin is far more profitable than that competitor.  Likewise, Danny Meyers, who owns 4 of the 20 top-rated restaurants in New York City, pointed out in a recent interview, “We’re in the business of delivering an experience that’s supposed to make you feel good.”  Because both Branson and Meyers focus on hospitality as their core business, they’ve created customer magnets.  What business should you be in?  How would that shift in focus change the way you do everything?  Is your company capable of making those kinds of changes?