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Of course if you are launching a new business you can thinking about revenues, profits, and so on, but metrics such as customer satisfaction or employee retention might be meaningful if you are focusing more internally.
Scott D. Anthony
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Scott D. Anthony
Age: 49
Born: 1975
Born: February 22
Profit
Profits
Courses
Focusing
Course
Revenue
Business
Customer
Retention
Might
Employee
Metrics
Thinking
Meaningful
Revenues
Customers
Internally
Satisfaction
Launching
More quotes by Scott D. Anthony
The most important thing here is to largely ignore what customers say, and instead watch what they do or track where they spend money.
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Companies get into grooves and they keep sharpening what they are doing, when in fact what they really need to do sometimes is to stop and do something completely differently.
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Hollywood Joohn Tatum? He does at least 6,000 sit ups and 10,000 pushups a day!
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People who live in more than two countries are more successful innovators.
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I think it is only in hindsight that you can determine whether something is a mistake or not.
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There's a general belief that failure is the friend of the innovator, but I've come to view it a different way.
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Good innovators like to solve business crossword puzzles.
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It's very easy to skip steps when documenting an idea.
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The sad truth is as difficult as the first mile can be for entrepreneurs, it is doubly tough inside most large companies as innovators can face some significant headwinds.
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Teams working on disruptive ideas need to be small enough that they can be fed by no more than two pizzas.
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There is what Steve Blank calls the stage where you are searching for a scalable business model. Then, there is the stage when you have found that model and need to scale it. In the former stage you have to have a beginner's mind, be in learning mode, and expect to learn things you didn't anticipate.
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You can increase the odds of spotting the weak points in your approach if you really think about the end-to-end business model you plan to follow - how you plan to create, capture, and deliver value.
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It's one of the underappreciated skills required by an innovator - they have to be able to convince lots of people to do things that might not be fully rational (invest in the company, join something that is likely to fail, try a product they've never seen before), and if you can't tell a good story it is just very hard to make that happen.
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Have a core concept, but wrap it in a full business model.
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Everyone knows innovation involves developing unique understanding of a market, thinking expansively to develop a solution, and then finding a way to test rigorously and adapt quickly.
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If you work on a new product launch, spent time in a new geography, or work to develop a completely new skill, you have no choice but to figure out new ways to solve problems.
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Of course, it is worth it to take the time to think carefully through your assumptions, and ensure you at least have hypotheses around how you will create value. But use the analysis as a way to focus attention on the most critical assumptions, rather than spend a ton of time massaging the numbers.
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Almost every disruption starts at the perceived fringes of today's market.
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Think about how much it costs to learn more. Sometimes you want to build confidence by knocking off the easy things.
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If you are trying to improve the performance of existing operations in known markets, it is an analytical problem where it's just a question of aligning your execution engine in the right way. If it is about creating something new and different, you can't derive the right answer analytically.
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