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Monthly Archives: June 2018

Pillars To A Wildly Successful Business

1. Starting – This may sound simple, but I’ve met many in my workshops and seminars who have had amazing ideas for a product or service or an improvement for a product. Later, I asked them how their idea was progressing only to discover they hadn’t applied the skills I taught them.

Passion without purpose is like trying to start a fire without wood or kindling. It’s good to be passionate about an idea, but gathering wood (searching for the right information) is necessary to start the flame.

2. Understanding – The need for information for an idea and that research necessary is the second pillar in achieving a wildly successful business. Things will go wrong. Thomas Edison discovered the secret to the electric light because he consistently pursued his dream with nearly 10,000 failed attempts. How did he manage to overcome all those bumps on his road to success? By surrounding himself with a winning team who were open to his call.

3. Communication – Speak up I can’t hear you! Shouted Graham Bell, inventor of the telephone, when he made the first call on March 10, 1876, to his assistant, Thomas Watson: “Mr. Watson–come here–I want to see you.”

Communicating your ideas and research to the people you know will support your idea is the third step toward your wildly successful business.

You’re going to say only so many words in this life-time of yours, why not share them with the right people? The worst thing that you can do is to share your dreams with people who wouldn’t loan you a nickel let alone their attention. Understand that your idea is valuable and so are is your time.

4. Consistency – Keep the faith in your idea and be consistent. The best way to achieve in business is by consistently going after what they believe in.

An idea is like a seed. It has the potential to grow but only if you nurture it daily. Constant research and development is how you’re wildly successful business will grow.

Info of Entrepreneurial Mind Frame

Entrepreneurs are risk takers and dreamers. The difference between the dreamer and the entrepreneur though, is that the entrepreneur takes actions based on their dreams. They persist through the hardships and never give up! Many entrepreneurs start with an idea. Their success is determined by their belief that they can create something greater than simple monetary success. Often, it is about creating something which will benefit the world.

James Dyson, for example, came up with the idea of the bagless vacuum cleaner. Despite multiple set backs, over 5000 prototypes and not being able to get any manufacturers or distributors to accept his idea, he persevered. It was over a decade after his initial idea when his concept came to fruition. Even then, it was after a lot of difficulties and hardship due to the vacuum replacement bag industry, which was worth £100 million in the UK.

In Simon Sinek’s book ‘Start With Why’, he suggests that the biggest companies in the world are so because of their “why?” – their reasons for building a business in the first place. In all cases, it wasn’t just to make money, or make technology better, or some whimsical ideology.

The Wright Brothers, for example, became known as the pioneers of the first manned flight. But their competition was much better funded and well connected – Samuel Pierpont Langley had worked at Harvard, had a number of powerful connections, including Andrew Carnegie and Alexander Graham Bell. The War Department funded his project with a $50k grant, a seemingly massive advantage to the unconnected Wright Brothers who had no money or influence. However, their passion and devotion to change the world with this new technology drove them to attain the first flight in history in 1903.

Desire for material things and monetary wealth can only carry someone so far. Unless you have a goal or passion which is bigger than that, you may lose the momentum and fail to maintain your enthusiasm for any length of time.

The entrepreneurial mindset is one which taps into your purpose. Without a purpose driven goal or aim, it can’t take long before disillusionment kicks in. With a mindset which takes into account a larger purpose, entrepreneurs can build huge businesses because they ‘saw’ a vision of what they wanted to create. If the purpose is greater than the obstacles which lie in the path of attaining it, no amount of setbacks will stop you from achieving your goal.

Securing Market Intelligence

Another useful and beneficial tactic used by many investment firms is to maintain a list of qualified industry experts that can be called upon when needed. Many competent firms specialize in particular industries and even geographies to provide expedited and very relevant information for a simple phone consultation or can be retained for specific periods of time. The firm’s information is typically retained in-house for the primary markets and industries that pertain to the investment profile of their firm and clientele.

While there are reams of information available online, much of it will require extensive investigation and vetting in order to be considered valuable. The sourcing of much of this information is provided from companies that have not actively participated in these markets and is oftentimes derived from the review of financial statements and resources available in the public domain. Some also conduct industry surveys and generate reports that are available for purchase.

The other factor in online research is time. As we all know, timing is critical and the sooner you can have confidence in the information you possess, the greater the opportunity for success and more responsive your investment decisions can be.

When it comes to investment decisions it is often wiser to seek council from those with a first-hand exposure to the specific industry in question. The information can typically include insights on competitive pressure, company leadership, pricing, market share, strategic advantages, new products in development, expansion estimates, industry and company exposures, and of course provide confidence and verification of going forward estimates and projections made by the company.

In today’s economy knowledge is king, and the information you need to make the best decisions possible is readily available to support your company and your customers.

Grocery Store Consulting

The other day, I purchased 8 two-liter bottles, and I noted the cashier line I got into was one with an older lady who normally wears a Carpal Tunnel wrist support brace. I put one bottle up and said; “8 of those” and told her I was saving her from Carpal Tunnel, and she thanked me and said she had forgotten her wrist brace today and was happy not to have to do any heavy lifting. I was then pleased with myself for thinking ahead and on-the-fly and bypassing the heavy bottles to the young bagging gal who asked the same-old same-old; “Paper or Plastic?”

If this older checker is not careful, she’ll be on disability before she knows it, and I bet the risk management department knows that too, even if their in-house specialists and in-house contracted chiropractors are trying to keep her on as long as possible to avoid another Carpal Tunnel union case and addition to their already challenging disability numbers.

In considering all this, it occurred to me that the grocery store risk management department should consider a couple of new strategies:

1.) Have Carpal Tunnel Syndrome suffering employees work one-day on the check stand and then the next day monitoring the self-check aisles.
2.) Divide half the checkout stands in the store facing the other way, thus forcing the employees to use their other hand, and rotate the employees every other day to a different facing checkout stand.
3.) Increase the number of self-checkout stands.
4.) Rotate checkers with Carpal Tunnel Syndrome to other parts of the store, deli section, produce section, etc.
5.) Invest in R&D to come up with a viable exo-skeleton wearable solution through the grocery store industry association.
6.) Put out a research grant to university bio-mimicry engineering students to solve the problem.