BOLD
In a world of 7.3 billion people, it’s easy to give up on your idea or business that you want to establish. One of the main reasons for this is the lack of growth of your business. Although we put more work and effort into our business, often times, there are no increase in revenue. On the other hand, there are people that put change their strategy slightly and their revenue increases exponentially. How do you create your business to grow exponentially? In this book, Peter Diamandis talks about characteristics of a exponential technologies and businesses that are disrupting the world.
In the 1800s, there were multi-million dollar businesses that started on the Dow Jones Industrial. These were companies that were called the “impossible” to take down business. What happened to all these companies? Out of many companies that started on the Dow Jones Industrial, only one of the companies are still in business which is General Electrics. What caused these companies to collapse? They failed to keep renovating and improving their technology. Let’s take a look at one company that suffered from this, Kodak.
Kodak was worth more than 30 billion dollars at its peak. Only about 10 years have passed and Kodak’s net value is only worth ten percent of how much it used to be. What caused this company to lose their customers and plummet in stock prices? Kodak at one point had a complete monopoly in the film business. Kodak was afraid of developing their products as they didn’t want to lose out on their chemical department. This led them to forget about their technology development. All their products were a low-resolution photo, which caused consumers to eventually move on to another company such as Cannon that kept innovating their products. Although Cannon didn’t start out with the market share of 90% in the business, it was the innovation that allowed them to replace Kodak. Let’s take a look at another example, Facebook and Myspace. Myspace was the social media that people used in 2005 and it was worth 580 million at its peak. Fast forwarding ten years, Myspace is now only worth 35 million dollars. On the other hand, Facebook was started by a college student in his dorm room. What made Facebook successful and Myspace fall? When people were using myspace, they would get random messages from random strangers. Many people did not like this aspect of Myspace as they wanted some privacy on their social media. My space didn’t add a privacy feature on to their website. Facebook wasn’t a new idea. It was not too different from Myspace. It had the same concept and ideas, it just had one additional feature:privacy. This again shows that you no longer need to start off with a large market share to be at the top. What this also shows is you can easily be replaced by another company if you fail to keep innovating your business.
The founder of snapchat has made over a billion dollars under 23. Snapchat was a good idea that Evan Spiegel put into action. In the 21st century, an idea can become a billion dollars very quickly. In the 19th century, it was something that would have been impossible. But an idea doesn’t change to a billion dollars for everyone. It only happens to the people that are bold enough to stick with and develop their idea. If Evan Spiegel worried about how his idea might not work, he might have been replaced by the next social media. But since he was bold enough, he had a good idea and put it straight into action. Jeff Bezos had the idea for Amazon, but had a 200k job and he wasn’t sure if he should quit. Jeff Bezos realized he can miss out on a big opportunity and quit his job. This is a bold move as he risked his salary to start Amazon. We all know that Amazon is now worth over 300 billion dollars.
This book has fresh insight from the CEO of Xprize. This book definitely put me into a new perspective and shows how quickly the changes in the world is happening. I really think this is a book you should keep on your shelf and read every year to reset your mind to know what kind of world that we are living in right now. Always know that even if you have a trillion dollar idea, if you can’t be bold, your bank account will never have what you deserve in it.
Stay strong!
In a world of 7.3 billion people, it’s easy to give up on your idea or business that you want to establish. One of the main reasons for this is the lack of growth of your business. Although we put more work and effort into our business, often times, there are no increase in revenue. On the other hand, there are people that put change their strategy slightly and their revenue increases exponentially. How do you create your business to grow exponentially? In this book, Peter Diamandis talks about characteristics of a exponential technologies and businesses that are disrupting the world.
In the 1800s, there were multi-million dollar businesses that started on the Dow Jones Industrial. These were companies that were called the “impossible” to take down business. What happened to all these companies? Out of many companies that started on the Dow Jones Industrial, only one of the companies are still in business which is General Electrics. What caused these companies to collapse? They failed to keep renovating and improving their technology. Let’s take a look at one company that suffered from this, Kodak.
Kodak was worth more than 30 billion dollars at its peak. Only about 10 years have passed and Kodak’s net value is only worth ten percent of how much it used to be. What caused this company to lose their customers and plummet in stock prices? Kodak at one point had a complete monopoly in the film business. Kodak was afraid of developing their products as they didn’t want to lose out on their chemical department. This led them to forget about their technology development. All their products were a low-resolution photo, which caused consumers to eventually move on to another company such as Cannon that kept innovating their products. Although Cannon didn’t start out with the market share of 90% in the business, it was the innovation that allowed them to replace Kodak. Let’s take a look at another example, Facebook and Myspace. Myspace was the social media that people used in 2005 and it was worth 580 million at its peak. Fast forwarding ten years, Myspace is now only worth 35 million dollars. On the other hand, Facebook was started by a college student in his dorm room. What made Facebook successful and Myspace fall? When people were using myspace, they would get random messages from random strangers. Many people did not like this aspect of Myspace as they wanted some privacy on their social media. My space didn’t add a privacy feature on to their website. Facebook wasn’t a new idea. It was not too different from Myspace. It had the same concept and ideas, it just had one additional feature:privacy. This again shows that you no longer need to start off with a large market share to be at the top. What this also shows is you can easily be replaced by another company if you fail to keep innovating your business.
The founder of snapchat has made over a billion dollars under 23. Snapchat was a good idea that Evan Spiegel put into action. In the 21st century, an idea can become a billion dollars very quickly. In the 19th century, it was something that would have been impossible. But an idea doesn’t change to a billion dollars for everyone. It only happens to the people that are bold enough to stick with and develop their idea. If Evan Spiegel worried about how his idea might not work, he might have been replaced by the next social media. But since he was bold enough, he had a good idea and put it straight into action. Jeff Bezos had the idea for Amazon, but had a 200k job and he wasn’t sure if he should quit. Jeff Bezos realized he can miss out on a big opportunity and quit his job. This is a bold move as he risked his salary to start Amazon. We all know that Amazon is now worth over 300 billion dollars.
This book has fresh insight from the CEO of Xprize. This book definitely put me into a new perspective and shows how quickly the changes in the world is happening. I really think this is a book you should keep on your shelf and read every year to reset your mind to know what kind of world that we are living in right now. Always know that even if you have a trillion dollar idea, if you can’t be bold, your bank account will never have what you deserve in it.
Stay strong!