The Entrepreneurial Blueprint with Verne Harnish

Episode Summary

How would your business change if there was, in fact, an entrepreneurial blueprint? Do you know the strange (and profitable) reason why you should only strive for a few percents of your marketplace? Would you like access to the most important pivot you’re going to have to make in your business…and…the reason why you have to make this pivot IMMEDIATELY if you want to stay ahead of your competitors?

Verne Harnish is the founder of the world-renowned Entrepreneurs’ Organization (EO) and chaired for fifteen years EO’s premiere CEO program, the “Birthing of Giants” and WEO’s “Advanced Business” executive program both held at MIT. Founder and CEO of Gazelles, a global executive education and coaching company with over 150 coaching partners on six continents, Verne has spent the past three decades helping companies scale-up.

If you would like access to the full video presentation, the special resources, and show notes for this episode please visit GeniusNetwork.com/54

Here’s a glance at what you’ll learn from Verne in this episode:

  • The strange (and profitable) reason why you should only strive for a few percents of your marketplace (This is a secret utilized by the largest companies in the world like Apple and Walmart, and it can work equally well for you too)
  • An overlooked business key that makes you money NOW…and… it’s also the key that most business owner make the WRONG decision about! Verne shares what it is and how to get it right.
  • The most important pivot you’re going to have to make in your business…and…the reason why you have to make this pivot IMMEDIATELY if you want to stay ahead of your competitors
  • There’s always a segment of a market, no more than 7% to 10% of the total market, that represents an inordinate amount of the profitability in that industry. Here’s how to find it, capture it, and capitalize on it…

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Show Notes

  • The key differences between successful entrepreneurs and just business owners. 2:40
  • Those who are the hungriest to learn are the most likely to produce the biggest countries. 3:10
  • You need to act on the things that learn. 4:25
  • The only thing of the eight fundamental parts of excellent companies that still applies is the bias for action. 5:15
  • Discipline and focus to practice is what makes the difference.5:50
  • Education is about drawing out the genius. 7:05
  • Creative arts will probably be the last thing to be automated. 7:35
  • Very few businesses manage to scale, the ones that do move economies and drive innovation. 9:00
  • Incubators prevent entrepreneurs from experiencing the basic learnings that they need to take it to the next level. 10:05
  • There are four major areas that business make the most mistakes. People, Strategy, Execution, and Cashflow. 11:30
  • The One Page Strategic Plan, the common set of music that allows everyone to play together. 12:25
  • Meshing the personal and the business sides enables you to be more successful in both. 15:05
  • Cash is the way you measure the value you deliver. 16:25
  • Cash flow is a good early indicator that you’re having problems when it’s not going in the right direction. 18:20
  • We have limited time and always have to focus on the one major constraint in front of us. If you miss the one that matters, that could be the end of your business. 19:15
  • The greatest business decision of all time. 20:25
  • Crowdsourcing has changed the game of business. 23:00
  • We all here to solve a customer’s problem. 24:20
  • Crowdfunding sites are not about crowdsourcing, they are about pre selling. 25:55
  • The fundamental functional weakness that constrains startups is marketing. 27:25
  • One great hire will save you thousands of hours in your life. 28:55
  • Growing a company is about figuring out which task to delegate next, something we are not taught how to do. 31:10
  • Build thermostats into your business. 32:00
  • Strengths are things that you’re good at and that give you energy. 32:45
  • Find people who love to do what makes you tired. 34:05
  • Hiring the right person is a numbers game. 35:15
  • Gazelles is about giving entrepreneurs 100% solutions, not pieces of the puzzle. 37:30
  • Start with fixing your relationships first, then focus on strategy. 38:00
  • You can increase the size of your company without increasing profit, you need to know your revenue per employee. 39:50
  • Sloppy process is a major constraint for nearly every organization. 41:00
  • Being driven is both a source of strength and a thing that gets in our way. 43:20
  • How to use focus days and time arbitrage. 45:45
  • If you don’t manage your life, your life will manage you. 48:40
  • Gathering the council and scheduling your think time. 49:00
  • The second weakness next to marketing is accounting. 49:50

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