#108 - The 3Ws for Growing Your Business

Information about #108 - The 3Ws for Growing Your Business

Published on July 9, 2014

Author: EntrepreneursRadio

Source: authorstream.com

Content

The 3W’s for Growing Your Business: The 3W’s for Growing Your Business Turning failures and mistakes to opportunities Podcast available at TheEntrepreneursRadioShow.com for full interview with Arlen Meyers Are you creative enough?: Are you creative enough? Be innovative and creative in creating things that haven’t been created. It’s not always easier, in fact it’s harder. The whole Apple story is a perfect example. Well, that wasn’t easy but look at the result. Is this something that customers want? : Is this something that customers want? Do they need it? Create something people didn’t know they needed. Focus on what products and services will solve their problem based on their value factor. Is this business worth it? : Is this business worth it? Because you have to put an awful lot of time and effort into this either from a personal satisfaction standpoint or an economic standpoint, “ Is it worth pursuing?” And you have to answer that with the hard facts. Market size, market growth, market potential, etc. Can you win at it? : Can you win at it? Obviously there are entrepreneurs who create businesses and they’re simply lifestyle businesses. They’re looking to create a reasonable living. It could be a similar product in competing with an existing entity. Can you dominate the market?: Can you dominate the market? Are you going to dominate a market and be first AB second? Because if you’re not going to win then just fold-up shop and do something else. What is the common problem?: What is the common problem? O ne of the common problems is most businesses have not set systems up where they can tell what’ generating profit and what’s causing them to lose money. The Answer: The Answer The general answer is creating a dashboard and key performance indicators (KPIs) . It really depends on the business and it depends on what the critical success factors are for your business. What are the key benchmarks or key indicator?: What are the key benchmarks or key indicator? Clinical trial success, intellectual property protection, regulatory affairs and reimbursement clearance, that kind of stuff. And if you don’t hit those benchmarks you’re dead in the water. PowerPoint Presentation: THE ENTREPRENEUR’S RADIO SHOW Conversations with Self-made Millionaires & High-level Entrepreneurs that Grow Your Business a production of Rock Star Entrepreneur Network www.rockstarentrepreneurnetwork.com

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