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    This Start up Entrepreneur is Afraid of Thinking Bigger

    enJune 06, 2024

    Podcast Summary

    • Media opportunitiesRecognizing value in seemingly insignificant assets or content and leveraging powerful platforms like Netflix can lead to substantial returns

      Recognizing opportunities in seemingly insignificant assets or content can lead to significant returns, especially when leveraging powerful platforms like Netflix. The example of ITV selling an old show featuring Sheridan Smith for £40,000, which is now the number 2 show on Netflix, demonstrates the potential for substantial gains. Platforms like Netflix are transforming the media landscape, offering access to a larger audience and greater control for creators. As the media industry evolves, it's crucial for businesses and entrepreneurs to adapt and explore new opportunities to maximize their potential.

    • Traditional media companiesTo remain competitive, traditional media companies must reduce friction, embrace new formats, and provide easily accessible and consumable content.

      Traditional media companies are struggling to keep up with the ease of use and binge-watching capabilities of streaming platforms like Netflix. Companies like Marks and Spencer are leveraging both old and new media to reach wider audiences, but traditional media platforms like the BBC still face challenges in removing unnecessary rules and friction for consumers. The BBC's public service remit also limits their ability to fully embrace the binge-watching model. Legacy media professionals are recognizing the need to adapt and explore new formats like podcasting and streaming. Consumers appreciate the facts and figures, but also enjoy the waffle and behind-the-scenes stories that make content more interesting. Ultimately, to remain competitive, traditional media companies must focus on reducing friction, embracing new formats, and providing content that is easily accessible and consumable.

    • Business GrowthDetermination and adaptability are crucial for overcoming challenges and achieving business growth. A clear vision helps entrepreneurs expand their business and reinvest profits for future success.

      Will Ashcroft, a successful entrepreneur at the age of 27, shared his journey from making £3,000 a month to growing a team and expanding his business into design and construction. Despite facing challenges like growing a team, folding into an existing empire, and improving cash flow, Will is determined to build a bespoke timber construction company and a garden center. He aims to make a profit of £25,000 this year to reinvest in the business and eventually own his own premises. Will's story showcases the importance of determination, adaptability, and a clear vision for business growth.

    • Selling skills, financial successFormer charity mugger's consistent selling skills earned him £3,000/month, highlighting the importance of effective selling in achieving financial success.

      Effective selling skills, even if not your main passion, can lead to significant financial success. This was exemplified by a former charity mugger who shared his experience of consistently signing up 3-5 people a day, earning an average of £3,000 a month. His success came from being personable, not desperate, and knowing his product well. However, he eventually realized that the charity industry was spending more on labor than they were gaining in donations, leading him to question the sustainability of his role. This experience taught him valuable selling skills that he later applied to his own business, where he prioritized management and team building to expand his ventures. Despite the challenges, staying focused on one business and building a strong team can lead to long-term success.

    • Entrepreneurial MindsetFocus on long-term value of ownership and growth, attract right team members, think big and set ambitious goals for significant business growth

      As a business owner, especially in the early stages, it can be frustrating to pay employees more than yourself, but focusing on the long-term value of ownership and growth is crucial. Attracting and keeping the right team members is essential, and this starts with becoming the type of person who attracts good employees. Thinking big and setting ambitious goals can help entrepreneurs make better decisions and attract the right opportunities. Instead of aiming for a small profit, consider building a business with the potential for significant growth, even if it requires more initial investment and hard work.

    • Calculated risks in businessCalculated risks in business can lead to significant opportunities, especially when using smaller businesses as stepping stones to acquire larger ones. Building relationships and understanding potential businesses through visits is crucial. Being ambitious, honorable, and decisive can persuade potential partners.

      Taking calculated risks can lead to significant opportunities, even in seemingly unrelated industries. The speaker shares his experience of using smaller businesses as stepping stones to upsell and eventually acquire larger businesses. He emphasizes the importance of being ambitious, honorable, and decisive to persuade potential business partners. The speaker also suggests visiting potential businesses to gain a better understanding and build a relationship before proposing a deal. He encourages taking small steps, starting with research and reaching out to potential business owners, rather than being deterred by the size of the opportunity. Ultimately, the speaker believes that with determination, a strong network, and a clear vision, one can turn small risks into successful ventures.

    • Business DiversificationSuccessful businesses should offer attractions and events to draw in customers, like Costco with membership fees. Maximize profits with good employees, strong brand, and exceptional customer service. Personal growth and networking are crucial before starting a business.

      A successful business, such as a garden center, should not just focus on retail but also offer attractions and events to draw in customers. Costco is a great example of a company that thrives on this model, with a significant portion of their profits coming from membership fees. However, the profit margin in this type of business can be low due to high labor costs and the perishable nature of plants. To maximize profits, it's essential to have good employees who can care for the plants and offer excellent customer service. Additionally, the business should aim to build a strong brand and establish a reputation for quality work. Starting a business from scratch can be challenging, and it's crucial to focus on personal growth and learning before diving in. Networking with successful entrepreneurs and reading relevant books can provide valuable insights and inspiration. Ultimately, the key to success is to provide an exceptional customer experience and offer a unique value proposition that sets the business apart from competitors.

    • Clear vision and profitable business modelsHaving a clear vision, taking action, and focusing on profitable business models are crucial for success. Continuous learning and finding profitable business models are emphasized. Listening to resources and attending seminars can help sharpen skills and knowledge. Creating value is key, not just making money.

      Having a clear vision, taking action, and focusing on profitable business models are key to achieving success. The speaker shared the story of a man who sold his business for a few million at a young age, emphasizing the importance of having a well-defined goal and the determination to make it happen. He also highlighted the importance of continuous learning and finding profitable business models. The speaker encouraged listening to resources like "How to Get Rich" and "The Art of Thinking Big," and attending seminars to sharpen one's skills and knowledge. He also emphasized the importance of finding a business model that is profitable, predictable, and aligned with one's passion. Overall, the message was to focus on creating something of value, rather than just making money for the sake of it.

    • Value of decentralized currenciesDespite skepticism towards decentralized currencies, the speaker acknowledges potential for entrepreneurs to create value through innovation and hard work

      The speaker expresses skepticism towards the value and use of decentralized currencies like Bitcoin, especially if they are not backed by the government. He believes that the real value comes from the work put into creating something, and his fear is that if he were to come into significant wealth through such means, he would feel like a phony. He also emphasizes the importance of resilience and continuous learning, particularly through consuming business and entrepreneurship content. The speaker also touches upon the idea of finding the fast casual of one's sector and understanding the market dynamics. Despite his doubts about decentralized currencies, he acknowledges the potential for entrepreneurs to disrupt industries and create value through innovation and hard work.

    • Commercial awareness and innovationStay updated on market trends and consumer preferences to remain competitive, ability to innovate and adapt is crucial, strong relationships and understanding customer needs are essential for business success

      Importance of commercial awareness and innovation for business success. The speaker emphasized the need for individuals to stay updated on market trends and consumer preferences to remain competitive. Additionally, the ability to innovate and adapt to changing circumstances was highlighted as a crucial skill. The speaker also touched upon the importance of building strong relationships and having a good understanding of customer needs. Although the speaker gave scores to various individuals based on their performance, the focus was on the lessons that could be learned from their experiences. Overall, the message was clear: to succeed in business, one must be commercially aware, innovative, and focused on building strong relationships with customers and stakeholders.

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