The 3Ws for Growing Your Business

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The 3Ws for Growing Your Business

• Turning failures and mistakes to opportunities

Podcast available at TheEntrepreneursRadioShow.com
for full interview with Arlen Meyers
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Are you creative enough?

• Be innovative and creative in creating things
  that havent been created.
• Its not always easier, in fact its harder. The
  whole Apple story is a perfect example.
• Well, that wasnt easy but look at the result.

3
Is this something that customers want?

• Do they need it?
• Create something people didnt know they needed.
• Focus on what products and services will solve
  their problem based on their value factor.

4
Is this business worth it?

• Because you have to put an awful lot of time and
  effort into this either from a personal
  satisfaction standpoint or an economic
  standpoint,
• Is it worth pursuing?
• And you have to answer that with the hard facts.
  Market size, market growth, market potential,
  etc.

5
Can you win at it?

• Obviously there are entrepreneurs who create
  businesses and theyre simply lifestyle
  businesses.
• Theyre looking to create a reasonable living.
• It could be a similar product in competing with
  an existing entity.

6
Can you dominate the market?

• Are you going to dominate a market and be first
  AB second?
• Because if youre not going to win then just
  fold-up shop and do something else.

7
What is the common problem?

• One of the common problems is most businesses
  have not set systems up where they can tell what
  generating profit and whats causing them to lose
  money.

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The Answer

• The general answer is creating a dashboard and
  key performance indicators (KPIs).
• It really depends on the business and it depends
  on what the critical success factors are for your
  business.

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What are the key benchmarks or key indicator?

• Clinical trial success, intellectual property
  protection, regulatory affairs and reimbursement
  clearance, that kind of stuff.
• And if you dont hit those benchmarks youre dead
  in the water.

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