In his book How to Win in at the Sport of Business, Mark shares some of his insights he gained over the years while becoming one of the most successful Businessmen.
Everyone is a genius in a bull market
Do you remember the crypto hype a while back? All of a sudden everyone seemed to be an expert in investing and crypto. Therein lies the lesson, in a bull market everyone is a genius. The same applies in Business which is why you have to practice to be brutally honest with yourself. It might just be that your business is in a very profitable place not because it creates more value compared to other similar businesses, but because it is riding a success wave.
But those waves don’t last forever. And as Warren Buffet says, when the tide goes out you see who’s swimming naked. Make sure you are offering the best possible value!
Win the battles you are in before you take on new battles
Often as entrepreneurs, we are tempted to tackle new things, take new business directions. But that could be a big mistake as Mark points out, taking on new challenges will only dilute your ability to win the wars you are in and increase the risk of injuring your primary business or core competencies. Win the battles you are in first, then worry about expansion internationally or into new businesses.
Don’t drown in opportunity
Entrepreneurs like to go crazy with ideas, especially if they encounter some rough patch or challenge. But you shouldn’t fall prey to the temptation to take new directions. Instead, you should know what your business’s core competencies are and make sure that your company focuses on being the absolute best on them.
Also published on Medium.