Tuesday, January 8, 2013

Rule#3: Think big, Think new, think again

Think Big

          Make it worth your time, your investors’ time, and your customers’ time. Be ambitious. Do not think small. Because, life is too [damn] short.  
“A real opportunity consists of both the problem and the proposed solution.” 

      Make it worth your time, your investors’ time, and your customers’ time. Be ambitious. Do not think small. Because, life is too [damn] short.
“Don’t go out there and look for experiences. Experience’s what’s you get when you don’t achieve what you want. Go out there and do what you want to do and succeed at it.”-- Barry Beck
Be careful of the mountain you're climbing. Do not climb the wrong mountain.

Think New
“Innovation usually comes from either bringing a new technology to an industry or coming up with a new business model.
  Thinking new doesn’t necessarily mean thinking complicated. 
“Some of the best ideas are  simple,” --Professor Ed Zschau, HBS
     At the time, the business model of cosmetics in the U.S. focuses on cosmetics manufacturers, not the consumers. Sale persons usually live off the commission provided by the manufacturers. So, they tend to offer the brand with highest commission, rather than the brand which is good for customers.

“Thinking new is important, but they need customers who can think new as well.”
“Cutting-ege companies became suppliers and customers of another cutting-edge company.” 

Protect Your Innovation

You need innovation, but you also need a strategy to prevent you competitors from copying your ideas. This is especially true for big companies who have a lot of money, because they can easily undercut you. One strategy is to come up with a radically different business plan. Large organizations have usually invested in whatever they are doing. This momentum makes them think a lot to change their business model. For example, they might be hesitate to give out their profitable products for free or to charge customers for free stuff. 

Think Again

“If coming up with innovative ideas is difficult, doing so again and again is much harder.”
     Most entrepreneurs do not get their idea right at the first time. So, it’s important to know when to stop and rethink about your idea. After adjustment and/or improvement, the idea would be much better. It is important to have the right problem. You can have wrong strategies or solutions. But then you have to realize it and make a change as quickly as you can.

Source:The Intelligent Entrepreneur: How Three Harvard Business School Graduates Learned the 10 Rules of Successful Entrepreneurship by Bill Murphy Jr. 
[Read the Book Review] [Read the Previous Part] [Read the Next Part].


Book or Audiobooks?

Personally, I prefer audiobooks. It's fun, and I can listen when I'm doing something else. It also makes other activities (e.g., jogging) a lot more fun. For more detail about audiobooks, please read [this post].

There is one more reason that may encourage you to go for the audiobook version. You can get it now for FREE. Audible offers you a free trial for 14 days. Even if you get the book and cancel the subscription right away (so that you don't have to pay), you can keep the book. And, don't worry if you lost the audiobook file. Just log into audible.com. You can keep downloading the over and over again.
About the summary: It takes time to finish up a book. And, when you do, sometimes, you want to review what you learn from the book. If you do not make  notes as you read, you might have to go through the book once again. This can be time-consuming when you are dealing with a book. But you can still flip through the book and locate what you are looking for.

However, when the material is an audiobook, it is extremely hard to locate a specific part of content. Most likely you will have to listen to the entire audiobook once again.

This book summary will help solve the pain of having to go through the book all over again.

I am leaving out the details of the books. Most books have interesting examples and case studies, not included here. Reading the original book would be much more entertaining and enlightening. If you like the summary, you may want to get the original from the source below.

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