Risk & Business Magazine Cooke Insurance Group Magazine Winter 2018 - Page 21

GREAT IDEAS NEED GREAT IMPLEMENTATION and mechanical devices that allowed consumers to record their favorite television show onto a cassette tape. One year later, JVC introduced VHS, a rival format and Betamax began a long downward spiral into obsolescence. Why? JVC’s better implementation! Most people agree Sony made the better product. Betamax video quality was superior to JVC’s VHS. Sony was able to satisfy the technical purists, but JVC seemed to satisfy the rest of the world. The JVC design was simpler, making manufacturing easier and with fewer parts. Fewer parts brought the weight down considerably, bringing transportation costs down. And the simpler design was an incentive for other electronics companies to license JVC’s technology. But sometimes the simplest of decisions at the corporate level are the ones that resonate most with consumers. A Betamax tape held one hour of recorded video, the perfect length for a TV show. The VHS tape held two hours of recorded video, the perfect length for a movie. It didn’t take long for video rental stores to pop up in nearly every city and town with a sizeable population making the VHS format the clear favorite. One year after JVC launched VHS, Sony released its own two-hour version of the Betamax tape, but it was already too late. JVC had won the war through superior implementation. SOME DOS AND DON’TS Got a great idea? Don’t be so in love with it that you want to protect your idea from what you perceive as competition. That’s just crazy! Collaboration is the name of the game. No entrepreneur ever became successful on his own. Teams of entrepreneurs succeed. Single entrepreneurs with solid mentors or entire support communities succeed. Most importantly, entrepreneurs flush with capital succeed. Investors want to see how you’ve implemented your idea. Work with them and they’ll work with you. Get your idea out into the marketplace. Did you notice that in writing this article I didn’t go into a lengthy explanation of what implementation is, even though it can incorporate hundreds of little actions? I gave you a few key points (just enough so you’d get the gist of what I’m talking about) and then I moved on. Do the same with your idea. Don’t get bogged down with the little details but do address them when they become important. Take a look at the competition in the ride sourcing space as an example. Uber is the name that’s become synonymous with using your smartphone to hail a private car instead of a commercial taxi. But they weren’t the first company to do this. Others came before and quickly faded away. Their implementation sucked! Then for a while, there was only Uber. Now there’s Lyft and a host of other companies. Who will win and who will lose? Keep an eye on how each company implements their ideas. IT’S ALWAYS ABOUT THE THREE 10S It doesn’t matter how small the idea or how big the company that implements it, the success of any venture always boils down to The Three 10s. People say “yes” when they’re totally in love with you, your product and your company. This is an immutable law of my Straight Line Persuasion System. + All the best, Jordan Now let the testing begin. Your idea might fail as you begin to implement it, but that’s not the end of the world. You might have to go back to the drawing board, but now you’re that much closer to understanding what really resonates with customers. BY: JORDAN BELFORT In the 1990s, Jordan Belfort built one of the most dynamic and successful sales organizations in Wall Street history. During that time, he soared to the highest financial heights, earning over $50 million a year, a feat that coined him the name “The Wolf of Wall Street.” As the owner of Stratton Oakmont, Belfort employed over 1,000 stockbrokers and raised over $1.5 billion and started more than 30 million-dollar- companies from scratch. He’s acted as a consultant to more than 50 public companies and has been written about in virtually every major newspaper and magazine in the world, including The New York Times, The Wall Street Journal, The Los Angeles Times, The London Times, The Herald Tribune, Le Monde, Corriere della Serra, Forbes, Business Week, Paris Match and Rolling Stone. Today, his proprietary Straight Line System allows him to take virtually any company or individual, regardless of age, race, sex, educational background or social status, and empower them to create massive wealth, abundance, and entrepreneurial success, without sacrificing integrity or ethics. Jordan’s two international bestselling memoirs, The Wolf of Wall Street and Catching the Wolf of Wall Street, have been published in over 40 countries and translated into eighteen languages. His life story has been turned in to a major motion picture starring Leonardo DiCaprio and directed by Martin Scorsese. jordanbelfort.com 21