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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
Courses
Focusing
Course
Revenue
Business
Customer
Retention
Might
Employee
Metrics
Thinking
Meaningful
Revenues
Customers
Internally
Satisfaction
Launching
Profit
Profits
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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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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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I think it is only in hindsight that you can determine whether something is a mistake or not.
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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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Have a core concept, but wrap it in a full business model.
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A next-generation innovation writer and thought leader worth watching.
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One of the biggest mistakes large companies make is creating innovation teams that mirror all the functions of the core business. Those teams make no progress because they spent forever updating each other on what they are doing versus really crushing the most critical problems they need to address.
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You have to chip away at it and shape it to let the winning idea emerge.
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Three of our core corporate values are inclusiveness, collaboration, and humility.
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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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People who live in more than two countries are more successful innovators.
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I find social media as fun and engaging as the next person, but imagine if all the creative talent that was pouring into finding increasingly clever ways for us to broadcast daily banality (and then serve ads based on what is learned) instead focused on some of the UN Millennium goals? The world would be a better place.
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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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I have a fear right now that what I call the advertising-narcissism complex is sucking up way too much top talent.
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The need to be thoughtful about experiment design is particularly acute within large companies, since some of the behaviors, such as having small teams and tapping into low-cost resources to maximize flexibility, won't come naturally to many people inside huge companies.
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Good innovators are careful observers, network extensively, run experiments, ask lots of questions, and find ways to bring diverse ideas together. Overarching all of this is an intrinsic interest in working through puzzles.
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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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Make sure that you take the time to think about how other companies might respond to your idea, both those companies already in the market you plan to target as well as others that might imagine targeting that market.
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