Making Your First Million.pdf - Association of Net Entrepreneurs and ...
Making Your First Million.pdf - Association of Net Entrepreneurs and ...
Making Your First Million.pdf - Association of Net Entrepreneurs and ...
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<strong>Making</strong> <strong>Your</strong> <strong>First</strong> <strong>Million</strong><br />
Chapter 21 - How Do I Keep<br />
Exp<strong>and</strong>ing?<br />
By now the entrepreneurial spirit will be well-developed <strong>and</strong> burning strongly in you <strong>and</strong><br />
you'll be reveling in this new life <strong>of</strong> wealth <strong>and</strong> comfort <strong>and</strong> ease. And you'll be thinking<br />
expansion. But don't forget where you've come from. You can be a rooster one day, <strong>and</strong> a<br />
feather duster the next. If you forget the early lessons <strong>of</strong> childhood you could pay a heavy<br />
price. The ant <strong>and</strong> the grasshopper. Pride comes before a fall. Hold h<strong>and</strong>s walking across<br />
the street <strong>and</strong> be nice to your mother. These all have value regardless <strong>of</strong> your bank<br />
balance but they are crucially important here.<br />
But I'm getting ahead <strong>of</strong> myself. Expansion. Every business has a life cycle, or to be more<br />
accurate, its products have a life cycle. Pretty much a bell curve for each product. Slow<br />
start, solid middle, slow decline. If you're a one product company your fortunes will trace<br />
the curve <strong>of</strong> that product. The trick to growing your company is to tack bell curves<br />
sequentially on to each other. Once a product or service has peaked add another <strong>and</strong><br />
another. Add more outlets <strong>and</strong> more customers to boost your volumes. When you start<br />
running out <strong>of</strong> products or you start getting diminishing returns for your efforts start<br />
culling the bottom 30%. Products, customers, staff. To fine tune your business you'll need<br />
to constantly cull the bottom 30%. Be ruthless about it. <strong>Your</strong> company's future is at stake.<br />
Keep doing what you're doing right <strong>and</strong> cease doing what you're doing wrong. Advertise<br />
heavily <strong>and</strong> track your response. Don't fall into apathy about this. Just because you know<br />
everything about your company's goods <strong>and</strong> services doesn't mean the public do. The<br />
chairman <strong>of</strong> Coca-Cola was once asked why he persisted with advertising when Coke<br />
was clearly the market leader.<br />
"Well", said the boss "We're on this train heading for Atlanta. And we're holding a<br />
cruising speed <strong>of</strong> 80 miles an hour. What do you suppose would happen if we<br />
disconnected the engine?" Advertising is the engine that drives your business. Feed that<br />
engine.<br />
I read an interesting survey supporting this in Time magazine in 1992 which tracked the<br />
top 20 products sold through Coles supermarkets as recorded on their barcode readouts.<br />
They ran:<br />
1. 375 ml can Coke,<br />
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