How To Build A Business That Works | Brian Tracy #GENIUS | Summary and Q&A

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February 9, 2021
by
Joe Polish
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How To Build A Business That Works | Brian Tracy #GENIUS

TL;DR

Success in business requires focus on high-consequence tasks and the ability to think critically.

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Key Insights

  • 🎓 Much of the entrepreneurship education taught in universities is outdated and irrelevant to building a successful business.
  • *️⃣ Focusing on tasks with high potential consequences is a key factor in achieving business success.
  • ⚾ Critical thinking and decision-making based on potential consequences are essential skills for entrepreneurs.
  • 💼 Investing in product/service quality and customer satisfaction is crucial for long-term business success.
  • 💼 Prioritizing and efficiently allocating resources is essential for business growth.
  • ⚾ Regularly analyzing and improving business processes based on numerical data is vital.
  • ✈️ A strong leadership, sales, and marketing plan are essential for driving business growth.

Transcript

number one reason for success is people focus on things that have high potential consequences number one reason for failure is people focus on things that have low or no potential consequences exactly what joe was saying earlier the famous drucker quote very worst use of time is to work entangling on something that need not be done at all i've dedi... Read More

Questions & Answers

Q: What are the common reasons for failure in business according to the speaker?

The speaker believes that the main reason for failure in business is focusing on tasks that have low or no potential consequences. Many business owners waste time on irrelevant or outdated practices taught by academia.

Q: How can focusing on high potential consequences lead to success in business?

Focusing on high-potential consequences helps entrepreneurs prioritize tasks and allocate resources efficiently. By identifying and tackling tasks that have a significant impact on their business, entrepreneurs can achieve success faster.

Q: Why does the speaker emphasize the importance of critical thinking?

Critical thinking allows entrepreneurs to make informed decisions based on the potential consequences of their actions. It helps them assess the value and effectiveness of business plans and adapt their strategies accordingly.

Q: What is the role of customer satisfaction in business success?

Customer satisfaction is crucial for business success. Satisfied customers become loyal and often recommend the business to others, leading to growth and increased profitability. Prioritizing customer service and creating a positive customer experience is essential.

Q: What are the common reasons for failure in business according to the speaker?

The speaker believes that the main reason for failure in business is focusing on tasks that have low or no potential consequences. Many business owners waste time on irrelevant or outdated practices taught by academia.

More Insights

  • Much of the entrepreneurship education taught in universities is outdated and irrelevant to building a successful business.

  • Focusing on tasks with high potential consequences is a key factor in achieving business success.

  • Critical thinking and decision-making based on potential consequences are essential skills for entrepreneurs.

  • Investing in product/service quality and customer satisfaction is crucial for long-term business success.

  • Prioritizing and efficiently allocating resources is essential for business growth.

  • Regularly analyzing and improving business processes based on numerical data is vital.

  • A strong leadership, sales, and marketing plan are essential for driving business growth.

  • Being customer-centric and providing excellent customer service is crucial for building a loyal customer base.

Summary & Key Takeaways

  • Many entrepreneurship faculties and business advice focus on irrelevant or outdated practices, leading to the failure of many businesses.

  • Building a successful business requires learning how to prioritize high-consequence tasks and efficiently allocate resources.

  • The ability to think critically and make decisions based on potential consequences is crucial for success in business.

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