Category: Entrepreneurship

Dan “The 50 Billion Dollar Man” Pena Review

Dan Pena is the man when it comes to mentoring millionaires and creating wealth. Dan is called the $50 Billion Dollar man because he has created that kind of value as a high performing coach.

Dan’s stuff is free online too. Click on this photo to get it!

[embedyt] https://www.youtube.com/watch?v=0rCQ1UTYkjQ[/embedyt]

 

If you really want to learn his fundamental methods, you have to attend one of his seminars

How to gain information on your competitor using the OODA Loop

Gaining information on a competitor is very easy with the use of technology. Gathering the information is the first step. I believe using Colonel John Boyd’s OODA loop is a great way to do this.

The OODA loop is the decision cycle of observe, orient, decide, and act, developed by military strategist and United States Air Force Colonel John Boyd. Boyd applied the concept to the combat operations process, often at the operational level during military campaigns. It is now also often applied to understand commercial operations and learning processes. The approach favors agility over raw power in dealing with human opponents in any endeavor.

The OODA in OODA Loop is an acronym that stands for:

Observe
Orient
Decide
Act

The following OODA Loop is useful for small business owners:

  1. Observe: First thing you do is to observe what your competitors are doing. You do this by looking at their webpage, social media presence, ads they are running, and good ole spying by walking in their establishment (if a standard business) or watching what they do online (internet business). Then you take this information and analysis it.
  2. Orient: Secondly, you orient by reviewing what you are doing in business, understanding where you are financially and in the market. This phase is used to understand what your strengths, weaknesses, opportunities and threats are.
  3. Decide: Third, you decide how you will respond to your competitor’s advantages or disadvantages. You analyze and synthesize the information and come up with ideas on how you will copy (legally) or counter what your competitors are doing by understanding their tactics, techniques, and procedures.
  4. Act: the last option is to use the information and act on it. If you want to copy what your competitor is doing, go for it. If you want to counter and exploit a weakness your competitor has from what you have learned in the previous steps, go forth and conquer. The key to OODA loop is stay fluid and having a plan to flex when you need to. The resilient small businesses consistently find new innovations to succeed, and that starts with having an entrepreneurial mindset.

How Chip Kelly Revolutionized the NFL with the OODA Loop

 

Dan “The Man” Lok’s F.U. Money Review

Dak Lok is an entrepreneur who gives it to you straight. He pulls no punches. I learned the following things by reading his book, F.U. Money:

  1. Do something you love

  2. Find something stable, long-term

  3. Make sure it is portable

  4. Profit margin >100%

  5. Scalable business

  6. Low startup costs

  7. Little to no staff

  8. Low overhead

  9. 24hr money coming in while you sleep (Source: F.U. Money)

Check out his webinar!

Get his book here…or Audiobook.

Bonus Video…

 

 

Introduction to Entrepreneurship

Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are called entrepreneurs.

An entrepreneur is someone who has an idea and who works to create a product or service that people will buy, by building an organization to support those sales. Entrepreneurship is a popular college major, with a focus on studying new venture creation.

Introduction to Disciplined Entrepreneurship with Bill Aulet

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Entrepreneurship 101

What Entrepreneurs Get Wrong

The Psychological Price of Entrepreneurship

Business People and Creativity Concept