Time flies – It’s the start of a new week already.
Alright – lemme share some of the stuff I’ve been up to last week and a couple of my musings.
What I’m Reading:
I’m reading HedgeEye – it’s a financial newsletter that highlights the actual situation we’re in.
So I can study next moves for my investment and my business 🧑💼
What I’m Watching:
I’m currently watching Shadow & Bone.
It’s a really good fantasy story – it’s quite different from the book though.
One of my biggest takeaways is that you have to adjust your marketing message for your audience.
A hook may work on one platform and not another.
What I’m Thinking:
One of the biggest things I’ve been thinking about is how to create incremental improvements for WYODC.
We’re already doing that for our programs.
We’re already doing that for our tech stack.
We’re in the process of doing that for our sales process.
In case you’re wondering why I am so particular about Implementing “Kaizen” or incremental improvements…
During the last financial crisis, there were two incredibly powerful electronic companies.
They were very much alike – both had a significant market share and were incredibly ambitious about the future.
However, there were some differences.
One of the companies had at one point 50% of the market share of the mobile phone market in the US.
The other company only had 10% of the entire handphone market.
However, things took a drastic turn after the financial crisis – the giant LOST 90% of its market share in the next 6 years…
And the smaller company, with initially a fraction of its business, was eating the titan up whole.
These companies are Nokia and Apple.
So what went wrong?
How did Nokia lose when they were in such a dominant position?
The answer is apathy and complacency.
Nokia had a long dynasty of being the best-selling mobile phone in the market, and when consumers started shifting their behavior in the early 2000s (presumably due to the internet)…
They were indifferent.
They were making phones with better specs but there was nothing revolutionary.
The executives had their heads too high up in the clouds to think about what the customers wanted.
As a result, Nokia stopped innovating and improving.
That led to their downfall after the last recession.
There’s a lot we can learn from this case study.
One of my biggest learnings is that nearly ALL industries change after an economic crisis (well, except if you’re working for the government).
And the businesses that adapt quickest to the change make the most gains.
As for those who fail to adapt, they get eliminated altogether.
(It doesn’t matter if the subsequent trend is in their favor; tech was booming in the last 10 years, but Nokia got destroyed regardless).
If you’re apathetic, complacent, and indifferent – you’ll be punished for it.
If this story is something that you can relate with… you might want to adjust and pivot your business/career for The Great 2023 Recession.
And if that’s something you want to work on, come for my upcoming Mastermind “The Vault,” where I’ll be sharing the secrets of how you can turn this impending economic crisis into exponential opportunity.
I’ll be hosting WYODC’s first LIVE In-Person event in Malaysia, Penang, on June 1, 2023.
Here, you’ll experience the wealth-creation action that usually happens behind closed doors. (SNEAK PEEK: I’ll share the finest mental models and advanced strategies about business, wealth-creation, and marketing.)