Lessons from companies who did and did not make it!
During the Corona Virus Quarantine, I had a chance to up my reading time in place of watching sports.
One book I just finished and that I want to recommend is “Billion Dollar Brand Club” by Lawrence Ingrassia .
While it reads a little difficult at times, the author takes you behind the scene of many companies whose name you will be familiar with. The attention to the details that make a story personal is absolutely there.
What is most important however are the detailed examples of strategies that worked or did not work and the explanation as to why.
If you are thinking about an E-Commerce Start-Up or a Brick and Mortar company, the book is a must read. You will learn about the importance of supply chains and the need to visit suppliers in person before committing. You will also be introduced to areas of Big Data that you may not have considered.
One common theme is that you need a viable and robust network of personal contacts. You cannot count on being able to present your pitch deck to a venture capitalist and sweeping them off their feet. Reality is, that if you do not get a warm introduction, your idea may wither on the vine.
Another important lesson is the need for good advertising. Test, re-iterate and test again, over and over and over.
Finally, listen to your customer! Many of the Unicorns have new hires work the customer service line for a week and more. Listening to the customer improves innovation and once you stop doing that, your company is on the way to the graveyard.
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