What is a preeminent business?
The word preeminent means “surpassing all others.”
A preeminent business is not defined by being the biggest or most profitable business in its niche or business category, but it will often become so.
Rather, a preeminent business outshines all others in its category in the impression it leaves on the customers. It is seen as the business that delivers the best experience. It is the one that you feel most confident in buying from. It is the one that holds its clients in the highest esteem — that has their best interests at heart.
A preeminent business is the thought-leader in the industry. It educates most — bringing the most powerful mix of best practices and new ideas. It is the business that competitors seek to emulate. It is the business that others most want to partner with, to align themselves with.
If there is a public leader at the forefront of the preeminent business (and there often is), this leader is seen as the guru or the expert of the industry. Their books are “the bible” of the industry. Their word is gospel.