Starting a business is not an easy feat. No one becomes an entrepreneur overnight. There may be a lot of hurdles and obstacles along the way. Amidst these, being an entrepreneur means not giving up. It is a continuous process, and it’s perfectly normal to look to the best strategists for business success tips.
In this episode, Max Carey discusses the essentials of formulating a business strategy or model to guide entrepreneurs for the long haul. He also shares insightful tips and advice for pre-entrepreneurs and how they can fully jump into this venture well-prepared and informed.
If you are an aspiring entrepreneur aiming for business success or someone who wants to be a market leader, this episode is for you!
Max Carey is the founder and CEO of Corporate Resource Development, a marketing and sales consulting firm. He is also the co-founder of Guardian Lion Wireless, which launched the world’s first 24/7 GPS cellular phone wristwatch for children to prevent child predators.
Max is the author of the best-selling book, The Superman Complex. He was awarded the Dr. Martin Luther King, Jr. Humanitarian Award. He is also a top-rated speaker and a business coach and mentor.
Max Carey’s Business Success Tips
- Max came from a dual immigrant family.
- He grew up in a family valuing achievement and excellence.
- His career started in a company owned by Partick G. Ryan.
- He was first in field sales and moved up to district manager, area manager, regional manager, and eventually the national marketing manager in 5 years.
- When Max got his dream job, he started to realize he was not right in the corporate environment. In 1981, he left his position and started his own company.
Starting His Business
- Max started with no existing relationships and no clients.
- He found himself in an embarrassing and humiliating situation because he doesn’t have any idea how to run the business.
- He just had his wife, who supported him throughout the process.
- It eventually worked out for him. His company broke along the way, but he was able to surpass the challenges.
Advice For Pre-Entrepreneurs
- “When you quit your job, you don’t become an entrepreneur. When you quit your job, you become unemployed.”
- Entrepreneurship is an art form of being employed in your new business.
- The most critical aspect of winning a war is to show up with a great plan.
- Entrepreneurship is simply about not quitting.
- Make sure to listen to the full episode for more juicy advice!
The Business Function
- Design your business function first. When things are not going your way, the solution is to pull back and find out where your strategy is broken.
- Your vitality, strategy, and business model are the most critical aspects of your business.
- There can be no success without a strategy. And there is no strategy without intelligence.
Doing Your Research
- It starts with being internet driven.
- In their case, they hire college interns to help on the intelligence side, as well as for every client.
- They also help their clients hire and select college interns to do their marketing.
Questions To Answer In Formulating A Strategy
- First, what is your value creation strategy?
- Second, how do your customers embrace your value, and how do they measure it?
- Third, what is your customer acquisition strategy?
- Fourth, what is your pricing strategy?
- Fifth, what is your exit strategy? Or, if you will be attacked, what is your defence strategy?
Addressing A Business Design Flaw
- Start with your intelligence. Grill on that intelligence until you find an avenue that aligns with your strength.
- Evaluate how your strategy is evolving.
- Redesign and test it.
- You can also have the interns take over it.
- Do not make a business decision out of fear.
Common Mistakes Entrepreneurs Make
- It always boils down to strategy and design.
- One mistake is selling using PowerPoint.
- You should be able to put your entire business model in a piece of paper.
Steps To Business Success and Being A Market Leader
- Change the game.
- Change the discussion.
- Control the dialogue.
- Have a new blueprint for execution.
- He believes that having a positive impact on the lives of others and creating opportunities for them is his greatest reward.
- He was able to hire a homeless person. It made him feel a better human being, and he would live to see the day that he prospers.