The mindset plays an important part. How to lead others, how to understand which business is wrong, and many understanding many other aspects. BTW great presentation
I don't like it when everyone seems to know why businesses fail.... as if to suggest that there is some simple formula that would secure a favourable outcome. Business is nothing more than an attempt to stay "in business" being able to withstand failures and capitalise on success . .. failures are inevitable . ... staying afloat and leaning is the only way grow in business. It is a difficult journey... not all are willing to venture until it becomes necessary.
Creating competitive advantage is only worthwhile IF the established competition cannot easily and quickly replicate it. Especially in service industries, the greatest advantage is trust and insight, both of which come over time.
Henry Ford was not known for inventing the automobile. In 1913, Henry Ford installs the first moving assembly line for the mass production of an entire automobile. His innovation reduced the time it took to build a car from more than 12 hours to two hours and 30 minutes.
There are some nuggets in this, but I really think there is some questionable advice here... he makes the point that you should not enter a market that is too competitive. There may be a few areas where that is true, but for the most part there is always enough business to go around. What is more important is that you design a business that meets a specific need in a way that hasn't been done before. If you get really good at that, it doesn't matter how much competition there is. He also says that you should work to increase your cash generating hours to grow your income - but are you trying to grow your income or build a business? I feel like this video is based on heresay and not real world experience... I have been in business for 20 years and I believe the #1 reason that small businesses fail is that they don't truly understand what a business is. A business is a standalone system that solves a real life problem for a very specific customer and produces cash WITHOUT the owner having to an integral part in the system. The business owner needs to be in charge of planning, testing and then scaling a business model that ultimately builds the business.
Patrick Steil I also think that joining the cult of Positive Thinking is a mistake. Most new business owners (most people period) have a natural enough instinct for surrounding themselves with "positive thinkers," whom we used to call (and still should call) "yes people." Hey, we all love to hear that every idea we've ever had is fantastic and is bound to succeed, but we need to be challenged. You need people who believe success is possible, but they also have to realize that failure is possible. "Failure is not an option" is not as helpful an attitude as "Failure has consequences, so let's work to succeed."
The mindset plays an important part. How to lead others, how to understand which business is wrong, and many understanding many other aspects. BTW great presentation
I don't like it when everyone seems to know why businesses fail.... as if to suggest that there is some simple formula that would secure a favourable outcome. Business is nothing more than an attempt to stay "in business" being able to withstand failures and capitalise on success . .. failures are inevitable . ... staying afloat and leaning is the only way grow in business. It is a difficult journey... not all are willing to venture until it becomes necessary.
This channel is underrated! Great info.
Creating competitive advantage is only worthwhile IF the established competition cannot easily and quickly replicate it. Especially in service industries, the greatest advantage is trust and insight, both of which come over time.
This is great advice. Everything he said is absolutely true!
Incredible insight. Thank you for sharing your experience.
Henry Ford was not known for inventing the automobile. In 1913, Henry Ford installs the first moving assembly line for the mass production of an entire automobile. His innovation reduced the time it took to build a car from more than 12 hours to two hours and 30 minutes.
excellent presentation, really valuable content! Congrats!
Excellent presentationThank you so much
great ever to learn about business I appreciate a lot to siimon
Great Business information...
This is a great business coaching
Great great advice
Thanks for sharing!
Great business advice!
Great presentation.!
There are some nuggets in this, but I really think there is some questionable advice here... he makes the point that you should not enter a market that is too competitive. There may be a few areas where that is true, but for the most part there is always enough business to go around. What is more important is that you design a business that meets a specific need in a way that hasn't been done before. If you get really good at that, it doesn't matter how much competition there is.
He also says that you should work to increase your cash generating hours to grow your income - but are you trying to grow your income or build a business?
I feel like this video is based on heresay and not real world experience... I have been in business for 20 years and I believe the #1 reason that small businesses fail is that they don't truly understand what a business is. A business is a standalone system that solves a real life problem for a very specific customer and produces cash WITHOUT the owner having to an integral part in the system.
The business owner needs to be in charge of planning, testing and then scaling a business model that ultimately builds the business.
Patrick Steil I also think that joining the cult of Positive Thinking is a mistake. Most new business owners (most people period) have a natural enough instinct for surrounding themselves with "positive thinkers," whom we used to call (and still should call) "yes people." Hey, we all love to hear that every idea we've ever had is fantastic and is bound to succeed, but we need to be challenged. You need people who believe success is possible, but they also have to realize that failure is possible. "Failure is not an option" is not as helpful an attitude as "Failure has consequences, so let's work to succeed."
why is there no transcription ?
Can you send us your presentation in powerpoint, we use it as a checklist for entrepreneur!
very nice reference
ayyy lmao