Feb 18, 2020
Disruption in the Business World & Innovator's Dilemma
- BRT S01 EP3 2-16-20
Things We Learned This Week
- Disruption in the Business & Tech World - How to handle the Innovator's Dilemma
- All Business is Tech Biz - adapt to new ways of doing business, SaaS, Zoom, Remote Work
- Zero to One - Jump Curves to Innovate Tech
- Business Life Cycle has shortened, no longer have 5 - 7 years to grow the Co to capture the market
- Business Owners need to Diversify & Acquire Assets - multiple Income Streams
Guest: Denver
Nowicz, President - Wealth For
Life
http://wealthforlife.net/
Denver is an advisor with nearly 20 years experience working with clients in investments and insurance, designing retirement plans with a combo of both. He takes us through different strategies for clients to get the best allocations for their money over the long term. It is the Combo Strategy of both Offense and Defense, the synergy of the mix, not ‘All or Nothing’.
Disruption in Business and How to Manage Finances
Yellow cab passed over by UBER. Peloton threatening gyms, but competition is high – may not work. Nordic Track and Mirror.
Business life cycles are shorter now, tough to grab market share, grow and have mote.
Technology forcing so many businesses out. Barriers to entry are lower, need less capital money to start business.
Kaizen Japanese model of business efficiency and growth, take 7 years, may not have 7 years anymore.
The 100 year company like GE may not exist anymore.
Guy Kawasaki – 12 Lessons From Steve Jobs. Rarely does the market leader become the next generation – Ice picker did not create the ice box. The ice box did not create the refrigerator.
No barrier to keep competition out of market anymore, especially if you have capital. Is cost to get more market share worth it? Business owner must adapt and be aware of disruption. Build multiple streams of income – 90% of businesses do not sell. Amazon acquired other businesses to build new revenue streams. First killed off book stores like Borders, then took market share from Walmart, then AWS/Cloud business. Business still making cash, what to do, give yourself the dividends, distribute money, have a tax plan and reinvest money. Diversify to other assets to keep and grow net worth.
Guy Kawasaki – 12 lessons from Steve Jobs – discusses Ice 2.0
Ice Pickers did not move on to Refrigerator
12 lessons for entrepreneurs Guy Kawasaki learned from Steve Jobs: Experts are useless. ( Customers cannot tell you what they need. Biggest challenges beget the best work. Design counts. Big graphics. Jump curves, not better sameness. "Work" or "Doesn't Work" is all that matters.
Summary: Zero To One is an inside look at Peter Thiel's philosophy and strategy for making your startup a success by looking at the lessons he learned from founding and selling PayPal, investing in Facebook and becoming a billionaire in the process.
Guest: Eric Almassy
LinkedIn: https://www.linkedin.com/in/eric-almassy-4b10097
Eric talks disruption and tech challenges for business & sales
Tech Adjacent – older workers and sales people have to adapt. Business and sales have to know tech and saas services, emails, websites, social media, zoom calls – communication has changed. No more cold calls, less face to face, no drop in, harder to reach people. Email still personal and record sale and business process.
MB on The Innovator's Dilemma book by Clayton Christensen
The Innovator’s Dilemma is a business classic that explains the power of disruption, why market leaders are often set up to fail as technologies and industries change and what incumbents can do to secure their market leadership for a long time.
Clayton Christensen’s book, “Innovator’s Dilemma”
Tech disruption – technology changes and small company’s startup up-end big tech companies. Hence, disruption.
Innovator’s Dilemma – how can big companies stay up with tech changes and pivot without hurting core business?
All businesses (including tech companies) have trouble with disruption. Example: Blockbuster – rented movies, DVDs, lost market share to Red Box (vending movie rental), then both disrupted by streaming movies.
Music industry went from records to cassettes to CDs to streaming (Napster).
To solve Innovator’s Dilemma, big companies acquire smaller tech companies; have in house R&D to be ready for next wave.
Steve Jobs of Apple was very influenced by Innovator’s Dilemma and took this seriously.
If you do not try to put your company out of business, someone else will.
Jobs was not afraid to innovate and cannibalize his own company and products to stay relevant.
MySpace taken out by Facebook. Yahoo search taken out by Google (75% of market)
Apple created iPhone, and now computer is in your pocket
Peter Thiel – “Zero to One” book. Great innovation is not A to B to C, it is vertical, jumps curves.
Current smart phones have more computing power than a computer 20 years ago.
Disruption Notes:
Blockbuster to red box to streaming services
Kodak had digital photo but did not want to cannibalize bus
Xerox had personal computer idea – gave it to Jobs, and stuck to copiers
“12 Lessons From Steve Jobs” by Guy Kawasaki
Kodak afraid to get out of film business and passed on digital film, lost market share.
Tech Topic: https://brt-show.libsyn.com/category/Tech-Startup-VC-Cybersecurity-Energy-Science
‘Best Of’ Topic: https://brt-show.libsyn.com/category/Best+of+BRT
Investing Topic: https://brt-show.libsyn.com/category/Investing-Stocks-Bonds-Retirement
More 'Best of Investing': Here
Link to Taxes Show on 10/31/2021 w/ Denver: Here
Link to Offense / Defense Show on 6/6/2021 w/ Denver: Here
Link to Shows, Denver was a Guest: Here
Thanks for Listening.
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