Now, in case you haven’t realised from our other Blogs we are HUGE Shark Tank fans. I personally started out getting addicted to the UK version Dragons Den, went over to the US edition and was SO excited when the Australian one came out.
One of my favourite sharks is Naomi Simson.
She is the founder of Red Balloon – an online experience gift retailer that has had tremendous success.
One of our mentors, Ben Simkin from Businessnet invited her to share some business insights at the recent event at The Mastermind.
Below are some of the key takeaways, and one that really stood out to me was that consistency of execution around delivery of product. If you can consistently deliver a great quality product it can literally make or break your business.
Next she mentioned that there are 3 things you NEED to be successful are;
- You need to REALLY want to grow. You must have a B.H.A.G. (Big Hairy Audacious Goal) that you are working towards, something for you to focus on. However you need to make sure you are measuring your success, as what we measure, we can manage and what we can manage we can scale. Have scoreboards EVERYWHERE so you can see how you are progressing.
- Improbable VS Impossible. Focus on something that is improbable, NOT impossible. Red Balloon had a focus on capturing 10% of the Australian Small Business Market, not something impossible like have 1 billion clients.
- You need to bring people on a journey with you. Team is one of the MOST critical components to growing a successful business. If you can enrol your team in the vision of where you are heading they will be able to help you achieve your goals (and maybe even your BHAG’S!). Lastly you need to be able to identify the difference between Leadership and Management. Usually someone great at leadership will not be great at management, and vice versa. Leadership is taking people on the journey, and management is making sure we all keep on track to get to the end of the journey. Red Balloon have implemented this really well culminating in being in the BRW best place to work list, twice.
We’d love to know what you think are the three things most important keys for success in your business? Comment below and let us know!
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