18. Focus, focus, focus
Harvard Business School professor Theodore Levitt wrote: "The purpose of a business is to create and keep a customer."
When you think about it, this is precisely what Nike is doing: they specialize in marketing, branding and advertising. In other words, they are experts at "getting" and "keeping" customers.
Although the company's signature slogan is "Just do it", they chose NOT to do it. That is, they outsource manufacturing and distribution to other companies (in other countries)!
The lesson here is that even a big company cannot do everything; they have to specialize and focus on what they do best.
A first-time entrepreneur usually is cash-strapped, so he/she should focus even more. We advise participants in our BMW workshop and in private consulting to focus on either:
When you think about it, this is precisely what Nike is doing: they specialize in marketing, branding and advertising. In other words, they are experts at "getting" and "keeping" customers.
Although the company's signature slogan is "Just do it", they chose NOT to do it. That is, they outsource manufacturing and distribution to other companies (in other countries)!
The lesson here is that even a big company cannot do everything; they have to specialize and focus on what they do best.
A first-time entrepreneur usually is cash-strapped, so he/she should focus even more. We advise participants in our BMW workshop and in private consulting to focus on either:
- marketing
- selling or
- production
posted by Super Peter at 1:58 PM
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