Discover this podcast and so much more

Podcasts are free to enjoy without a subscription. We also offer ebooks, audiobooks, and so much more for just $11.99/month.

Why You Should Reinvent the Wheel

Why You Should Reinvent the Wheel

FromWizard of Ads Monday Morning Memo


Why You Should Reinvent the Wheel

FromWizard of Ads Monday Morning Memo

ratings:
Length:
5 minutes
Released:
Apr 12, 2021
Format:
Podcast episode

Description

“Don’t look where you don’t want to go.”Every mountain climber knows this rule, and I want you to know it, too.Your mind has conscious and unconscious power over your actions. When you imagine something, you begin bringing it to pass.What is the mountain you’re trying to climb?If you want a happy and joyful marriage, imagine what that would look like. Not just from your own perspective, but from your partner’s perspective, too. Think about it often.If you want to build a successful business, imagine what that would look like. Not just from your own perspective, but from your customer’s perspective, too. Think about it often.Think about how you can make the biggest difference in the shortest amount of time with the resources you have available. Don’t wish for what you don’t have. Do what you can, with what you have, where you are.If you do what I just told you, you will occasionally reinvent the wheel, but that’s okay. That wheel will be your wheel, and you will understand that wheel in ways that no one else understands wheels.Business writers like to write about companies who disrupt their categories.Disruptors are people who reinvent the wheel.In 2004, Blockbuster Video had 9,094 locations, 84,300 employees, and nearly $6 Billion in revenues. Things were fine. Why reinvent the wheel?Netflix reinvented the video-rental wheel when they eliminated the car drive to the video rental store. And then they reinvented the wheel again – their own wheel this time – when they eliminated the mailing of DVDs.I was intrigued with Roving Reporter Rotbart’s interview with Carl Schramm on MondayMorningRadio a couple of weeks ago. Schramm manages a $2 Billion foundation whose goal is to help entrepreneurs succeed. It’s safe to say he knows a lot about entrepreneurship.According to Schramm, successful entrepreneurs are marked by 3 characteristics: Determination, Experimentation and Innovation.“Experimentation and Innovation” sound a lot like reinventing the wheel to me.Blockbuster still has one location open in Bend, Oregon.Q: How did that Blockbuster store survive?A: Determination, experimentation, and innovation.They reinvented the wheel.Rachel Greenblatt of NBC reports the Covid lockdown had three big winners: The introverted, the productive, and Jeff Bezos.This makes sense to me because:1. Introverts do their best work when they are not distracted by social interruptions. (I do my best work in the 6 hours following 2:30AM each day. I am usually asleep by 7PM.)2. Highly productive people used the lockdown as an opportunity to reinvent the wheel.3. Jeff Bezos believes every wheel needs reinvention. Except the flywheel, of course. (Jeff Bezos fans will laugh at that line. The rest of you just need to Google, “Jeff Bezos flywheel.”)Indy Beagle says Aroo.I’ll tell him you said Aroo back.Or you can just meet Indy in the rabbit hole and Aroo him yourself.Roy H. Williams
Released:
Apr 12, 2021
Format:
Podcast episode

Titles in the series (100)

Thousands of people are starting their workweeks with smiles of invigoration as they log on to their computers to find their Monday Morning Memo just waiting to be devoured. Straight from the middle-of-the-night keystrokes of Roy H. Williams, the MMMemo is an insightful and provocative series of well-crafted thoughts about the life of business and the business of life.