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Today, we'll be sharing advice from Fortune's March 21st issue again, starting with eBay's Meg Whitman, and later talking about a life changing Cow from Xerox's Ann Mulcahy....
Meg Whitman, head of eBay, received her best advice from her father, telling her that there was no need and no point to ever be mean to anyone at any time, but instead should be nice to everyone. This episode happened at age 10, when she had been mean to someone. "You never know who you're going to meet later in life. By the way, you don't change anything being mean. Usually, you don't get anywhere."
Several more pieces of advice are:
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Fortune's March 21, 2005 issue asks the question I have been dying to ask those successful entrepreneurs who have gone before us.
At 74, Warren Buffet says the best advice he ever received was to understand what truly makes you "right". It's not because others say you are right; it's because your information and facts are correct.
This advice also came from people who discouraged him from originally going into the securities business. Buffet heard what they advised, but went after securities anyway, following his heart.
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Be honest...how many of you have trouble with being wrong - especially when you are? Sometimes I find myself arguing over the stupidest things, all because I have this need to prove that what I am saying is right, even if it doesn't make any difference. I like this advice because it goes beyond culture, it goes beyond concensus. It's based on cold, hard facts - the issue is the facts, and the facts determine what's right. - How many times have you defended as right some issue you have not researched yourself, but relied upon the hearsay of others?
- Being informed and educated is the best way to ensure that you make the right decisions that can stand against popular opinion, which can often be wrong.
- Take time to locate consistently well-informed people and resources, and keep their information handy, so you can utilize their knowledge when you need to verify information.
As a side note, this tells me that good advice can come from sources that may not have a 100% track record. We often tend to ignore the advice, suggestions and influence of people who have offered erroneous judgments in the past. But we should never rule out truth, regardless of where it originates. - Is there someone who has offered you mixed advice, but you know also holds a lot of wisdom?
- Go after them and ask them for help. Weigh all the evidence carefully, and extract what is helpful.
At 54, Richard Branson, founder of Virgin Atlantic Airways and the Virgin Group, received some very unusual, but very keen advice. If he was to start an airline and go up against British Airways, he would have to be ready for everything they threw at him, including being prepared to sue them. But more importantly, he was going to have to win over customers with his own personality. That's why the advice given to him was, "Make a fool of yourself."
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When you're up against the big players, they will play hard, and play to keep, as British Airways did in an attempt to crush Virgin Atlantic Airways. Branson was ready to fight back, blow for blow. - How have you prepared yourself for the eventual onslaught of competitor tactics?
- You need to think through what you might do in attempt to overcome your business if you were the opposition.
Note that Branson did not try to become someone he was not - instead, he based his business (and his advertising) on who he was. It was an intensely personal undertaking, which a thin-skinned person would not have survived.- Could you build an advertising scheme around you and your own individuality, or even quirks?
- Remember other entrepreneurs who used their own face and personality to carry the day. Dave Thomas of Wendy's comes to mind.
- Do you have what it takes, thick-skin-wise as well as character-wise?
- Make a list of characteristics, qualities and quirks that define you.
- Is there something in that list (or a combination of "somethings") that could cause you to stick out in the crowd and be remembered?
- If you get stuck, ask some personal associates and friends - they may see you better than you do.
Howard Schultz is the Chairman of Starbucks...
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This week's issue of Fortune sent me on a research expedition. After personally experiencing both Blockbuster and Netflix, and seeing the effect of Netflix on Blockbuster, and Blockbuster on Netflix, this one struck home - literally. My husband is an avid movie fan, and we switched from Netflix to Blockbuster's all-you-can-view one month price because 1) a Blockbuster opened less than 5 minutes from our house, and 2) my husband likes to see and touch the movies he is considering.
Nonetheless, it was obvious that Netflix's no late fee policy spurred Blockbuster to offer their one-month subscription price, and to make their not-so-honest (ok, let's come out and call it deceitful, as New Jersey's Attorney General says in his lawsuit against them for fraud) "no more late fees" policy (there are no more late fees because they make you BUY the video that's late!) Netflix also triggered the Walmart copycat service as well. Obviously, they had a great thing going, and everyone else wanted a piece of it.
But according to Netflix, the little red envelopes that deliver and return DVDs were never meant to be the end product. They have been aiming at delivering movies over the internet from the beginning - hence the name "Net"-flix. The question was how and with whom.
Enter Tivo, who will be challenging cable's on demand programs, and making companies like Blockbuster obsolete, if they have their way. And from Fortune's article, it seems that their goal is slowly being attained. Blockbuster is slowly sinking, and being forced to change it's business model and emphasis. Great case study for how quickly the market can change, and the pros and cons of the choices you make to contend with the competition. Sometimes it can turn around and bite you...
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Posted on 03/16/05 at 08:57:55 by Penny Haynes
Category: Business Strategy
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yes,i was once offer a job with blockbuster video as a manager, it took then over 3month to make me an offer, there exuse was that we are so lay back that that how we run the bussine i say no thank
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As the major players in the music industry are cutting staff and artists, "Sanctuary is enjoying a five-year run of profit growth. Why? Sanctuary creates long-term, soup-to-nuts franchises around artists, many cast off by bigger labels."
Taylor calls it a 360 degree business model...
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Click-And-Mortar Communication for Increased Traffic In less than two minutes, you'll understand how INC magazine drives subscribers back and forth across the digital divide to create greater interaction, increased value, and a better all around experience.
You’ll see how coaches John-Paul and Deborah Micek have used the Click-and-Mortar approach in their businesses to create their ideal lifestyle, living in Hawaii while working with small business owners around the world. See how click and mortar marketing works . . .
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