Happy New Year!!
2006 has been a quite a year for learning. I am a big fan of reading, attending conferences and speaking to people much smarter than me. Over the course of 12 months, I have spent some time jotting down the 10 most profound business ideas I have gleaned from others.
1. Embrace simplicity. Make it really easy for your customers. (Google)
1. Embrace simplicity. Make it really easy for your customers. (Google)
2. Focus on the remarkable ("Purple Cow", Seth Godin)
" It is a plea for originality, for passion, guts, and daring. Not just because going through life with passion and guts beats the alternative (which it does), but also because it's the only way to be successful. Today, the one sure way to fail is to be boring. Your one chance for success is to be remarkable."
3. You are only as good as your team (Howard Schultz, Starbucks)
4. Two guiding principles I teach my 2 young sons can also be applied in a business setting:
(i) Respect others
(ii) Be interesting and interested.
[in that order]
I maintain that there is a lot in common between running a business and raising a family. Entrepreneurs, in particular, look at their businesses much in the same way that non-entrepreneurs look at their children. As such, there are similar guiding values that work for both.
(i) In business, we have a responsibility to others, be it to clients, vendors, employees (even the competition!). Without a deep respect for others, the foundation on which you are building your business is shaky at best.
(ii) To stand out, your business must be interesting and unique. You need to challenge the status quo in order to differentiate yourself. Otherwise, you just blend in with the crowd. But there are too many people that are interesting, but lack an interest in others. A business in the 21st century must maintain an interest in the world around them. Too much time looking in the mirror is never a good thing.
5. Give your clients a voice. Consumers are in charge now in way that has not been seen in the past. Web 2.0 has dramatically changed how we do business and interact with companies of all sizes. Feedback and criticism is instantaneous on the web. No one can hide now.
6. Be focused. What do you want to be remembered for?
7. Distribution is the ultimate determinant of a firm's value. He/she who can develop a platform that will engage their audience and attract traffic off/online will win. Just look at how much Google, Yahoo, and News Corp valued distribution when they bought YouTube, flickr and MySpace, respectively.
8. Stand out. Don't be scared to step out of line. Seth Godin drove this home in the Purple Cow.
3. You are only as good as your team (Howard Schultz, Starbucks)
4. Two guiding principles I teach my 2 young sons can also be applied in a business setting:
(i) Respect others
(ii) Be interesting and interested.
[in that order]
I maintain that there is a lot in common between running a business and raising a family. Entrepreneurs, in particular, look at their businesses much in the same way that non-entrepreneurs look at their children. As such, there are similar guiding values that work for both.
(i) In business, we have a responsibility to others, be it to clients, vendors, employees (even the competition!). Without a deep respect for others, the foundation on which you are building your business is shaky at best.
(ii) To stand out, your business must be interesting and unique. You need to challenge the status quo in order to differentiate yourself. Otherwise, you just blend in with the crowd. But there are too many people that are interesting, but lack an interest in others. A business in the 21st century must maintain an interest in the world around them. Too much time looking in the mirror is never a good thing.
5. Give your clients a voice. Consumers are in charge now in way that has not been seen in the past. Web 2.0 has dramatically changed how we do business and interact with companies of all sizes. Feedback and criticism is instantaneous on the web. No one can hide now.
6. Be focused. What do you want to be remembered for?
7. Distribution is the ultimate determinant of a firm's value. He/she who can develop a platform that will engage their audience and attract traffic off/online will win. Just look at how much Google, Yahoo, and News Corp valued distribution when they bought YouTube, flickr and MySpace, respectively.
8. Stand out. Don't be scared to step out of line. Seth Godin drove this home in the Purple Cow.
"So it seems that we face two choices: Either be invisible, uncriticized, anonymous, and safe or take a chance at true greatness, uniqueness, and the Purple Cow"
9. The rewards go to those who can think in the future, not the present. Everything you do should be evaluated by how your decision today will affect the future.
10. Customer experience is everything (Mark Hurst)
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