Tag Archive | "Dollar"

Chris Barnes: School Teacher Turned Game Creator Explains How He Launched A Million Dollar Escape Room Board Game Online Subscription Business

 [ Download MP3 | Transcript | iTunes | Soundcloud | Stitcher | Spotify | Raw RSS ] In late 2018 I received an application for a new InboxDone.com client. His name was Chris Barnes and he explained how he had a hugely successful online subscription business. As I listened intently to Chris during his discovery call […]

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Jeff Bezos: We Need To Have Billion Dollar Scale Failures

“At Amazon, we still take risks all the time,” says Amazon CEO Jeff Bezos. “We encourage it. We talk about failure. We should be failing. Our failures have to grow with the company. We need big failures if we are going to be moving the needle. We need to have billion dollar scale failures. If we are not, we are not swinging hard enough.”

Jeff Bezos, CEO of Amazon, discusses how to be a successful entrepreneur by being customer obsessed in a conversation at the Amazon re:MARS conference in Las Vegas:

The Most Important Thing Is To Be Customer Obsessed

If you want to be an entrepreneur, the most important thing is to be customer obsessed. Don’t satisfy your customers, figure out how to absolutely delight them. That is the number one thing whoever your customers are. Passion. You have got to have some passion for the arena that you are going to develop and work in. Otherwise, you are going to be competing against people who do have compassion for that. They are going to build better products and services.

You can’t be a mercenary. You have to be a missionary. Missionaries build better products and services. They always win. The mercenaries are just trying to make money. Paradoxically, the missionaries always end up making more money.

We Need To Have Billion Dollar Scale Failures

You have to pick something that you actually have a genuine passion for. You have to take risks. You have to be willing to take risks. If you aren’t going to take risks, if you come up with a business idea where there are no risks there, those ideas are probably already being done. There being done well by many many people. So have to have something that might not work. You have to accept that your business is going to be in many ways an experiment. It might fail. That’s okay. That’s what risk is.

At Amazon, we still take risks all the time. We encourage it. We talk about failure. We should be failing. Our failures have to grow with the company. We need big failures if we are going to be moving the needle. We need to have billion dollar scale failures. If we are not, we are not swinging hard enough.

Disagree and Commit

If I have a new idea and I want to see it pursued I do have to build support for it. You need very smart people to embrace the idea and move it forward. We have a framework at Amazon, it’s one of our leadership principals, it’s called disagree and commit. That is extremely useful. After you discussed an idea, you do need to make a decision and move forward. The whole team needs to really commit to that. When I really feel strongly about something and the team disagrees with me I have a helpful phrase that I look to use which is, “I want you to gamble with me on this.”

The truth is when you are in a position like that nobody knows what the right answer is.  You’re not saying I’m right on this. Go do this. You’re saying I want you to gamble with me on this because I don’t know if it is right either. I disagree and commit all the time. I promise the people when I do it, I’m very clear in saying, “I don’t agree with this. I think it is probably not going to work. But I will never say I told you so and I’m going to be on your team. I will do everything I can to make it work.”

Broadband Access Is Going To Be a Fundamental Human Need

A recent big bet (we’ve taken at Amazon) would be Project Kuiper. This is our LEO satellite constellation. The goal here is broadband everywhere. One of the things this does, it’s just the way the systems work, you have equal broadband all over the surfaces of the earth. Not exactly equal, it tends to be a little bit more concentrated toward the poles, unfortunately. You end up servicing the whole world.

It’s really good because by definition you end up accessing people who are under bandwidth including rural and remote areas. I think you can see going forward that access to broadband is going to be very close to being a fundamental human need as we move forward.

Amazon’s Jeff Bezos: We Need To Have Billion Dollar Scale Failures

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James Mel: Unknown Canadian Rises To Become Eben Pagan’s Business Partner While Also Building A Multi-Million Dollar Property Portfolio

[ Download MP3 | Transcript Coming Soon | iTunes | Soundcloud | Stitcher | Raw RSS ] Up until the last few years you probably would never have heard the name James Mel before. He was one of those guys working hard behind the scenes in a company that was led by a very well known marketer, in […]

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Mike Rhodes: How This English Entrepreneur Ended Up In Australia And Launched A Multi-Million Dollar AdWords Agency

[ Download MP3 | Transcript | iTunes | Soundcloud | Raw RSS ] Last podcast episode I brought back on to the show Will Swayne, who gave us an amazing recap of the 13 year history of his online marketing agency in Australia. In purely a coincidence, months earlier I had booked in Mike Rhodes, another Aussie […]

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The Million Dollar Milestone And The Cash Cow

The small picture below is from my Stripe account, the platform I use to collect payments in my business. The number represents total sales. In 2018 my coaching business crossed that magic one million dollars milestone. Back in the ‘old days’ (2007-2011), before Stripe I used a combination of Paypal and Clickbank to collect payments […]

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The Power Of Consistent Coaching For Million Dollar Outcomes

Earlier this year I stopped over in Hawaii on the way from Japan to Canada. I was there to meet up with my Canadian family who were escaping winter. I was also there for one other very important reason — to record this video with Mitch Wilson. Press play to watch: Mitch is a special […]

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What Is A Many-To-Many Business And How Can This Model Produce Billion Dollar Outcomes

During the dot-com boom around the year 2000, and the years that followed (before I started this blog in 2005), I was a guy in his early twenties looking for a business idea to make my riches. At that stage, I had built a handful of websites. They were hobby…

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Alibaba CEO Jack Ma Makes Multi-Million Dollar Investment in ‘Rent the Runway’ Fashion Business

It seems that Chinese billionaire investor Jack Ma is planning to expand his business interests to include women’s fashion. Mr. Ma and his Alibaba co-founder Joseph Tsai, are now eyeing a stake in Rent the Runway, a New York-based designer clothing rental for women.

Jack Ma and Joe Tsai, through Blue Pool Capital, will inject $ 20 million in fresh capital into Rent the Runway based on details on a filing uncovered by research firm Lagniappe Labs. Blue Pool Capital is a multi-billion dollar fund tasked with investing the wealth of Ma, Tsai and other Alibaba executives.

With the additional capital, Rent the Runway is now valued at a little under $ 800 million. During the company’s previous fundraising activity, it was valued at $ 750 million after it was able to secure $ 60 million in Series E investment led by Fidelity back in 2016. The latest deal with Blue Pool will carry the same terms as the Series E deal.

Rent the Runway was established in 2019 by Harvard Business School students Jennifer Fleiss and Jennifer Hyman. It was previously a purely online-based service business that allowed women to rent designer dresses for special occasions rather than spending a substantial amount to buy them.

The business idea became a hit and, veering from its pure eCommerce model, Rent the Runway soon opened up retail locations in major US cities like Chicago, Los Angeles, New York City, San Francisco and Washington DC. Now, the company rents other high-end accessories such as handbags and jewelry.

Aside from rental earnings and such, Rent the Runway’s revenue is now boosted by sales in lingerie, cosmetics, shapewear, and tights. In addition, the company introduced a subscription model where clients can rent a rotating closet assuring a wider variety of clothing options even for everyday wear.

It is still unclear if Ma and Tsai plan to eventually acquire Rent the Runway. According to Jennifer Hyman, Rent the Runway co-founder and CEO, the deal is “good for us whether we IPO, or we sell the business, or we stay private.”

[Featured image via YouTube]

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What Is A Many-To-Many Business And How Can This Model Produce Billion Dollar Outcomes

During the dot-com boom around the year 2000, and the years that followed (before I started this blog in 2005), I was a guy in his early twenties looking for a business idea to make my riches. At that stage, I had built a handful of websites. They were hobby…

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Sol Orwell: Examine.com Founder Reveals How He Taps Into Content Marketing And Partnerships To Create Multi-Million Dollar Businesses

[ Download MP3 | Transcript | iTunes | Soundcloud | Raw RSS ] Financially retired by 23 years old, Sol Orwell certainly had a rapid rise to success at a very young age. In this podcast interview, you’re going to hear about Sol’s early days running a multi-million dollar video…

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