pg. 37 "In the end you have to put every great idea to that test:... Will the dogs eat the dog food?" To me I think this is a great question for new business owners and people who want to sell a new product to keep in mind. It doesnt matter how appealing the idea sounds to you, all that matters is how appealing it sounds to other people. With out customers you cant sell a product and without sales you dont have a business.
Page 44: "If you're going to have a drink, at least make sure it's gin, so our customers will smell it on your breath. I'd rather they think you're drunk than stupid." I found it intersting how Sam described the strictness of working at IBM and how a small mistake could have an individual end up fired.
The title of chapter 5 is what I think of when thinking about saving, investing, managing, etc., with money. "Reach for a star, Not s Handful of Mud" which means progress and grow other than staying the same or dropping down. at the end of the chapter there is an interesting quote to know, "An entrepreneur knows when to move on. And that time had come for me." (54 Sam Wyly) Showing progression.
Chapters 3-5 were much more interesting to read than the opening chapters. As Mr. Wyly explained, when he was younger and saw a fairly wealthy salesman come to his door he was inspired. He noticed that this man was fairly dressed, drove a Cadillac, spoke intelligently and was an IBM salesman. At that point Wyly knew he wanted a life of prosperity. I can relate to Wyly in terms of education because he took a finance class in college which is quite similar to the financial class I am currently in. In his class he made a stock portfolio including stocks he invested in, which is exactly what I am doing. However his class took it to the next step by researching stock exchanges and studying their stocks day to day. It seems that Wyly has always been interested in money.
By Brendan Kane "Since the 1970s, the majority of new jobs in America have come from small businesses, while jobs at the Fortune 500 companies have been steadily declining." I like this quote because I think it is interesting that these huge companies with tons of money are laying people off and not hiring while these small businesses are growing.
Page 37, Mr. Wyly talks about the book The Practice of Management and how it was his own Bible when he was attending Michigan Business School. Two main ideas in the book as follows: "The only thing that differentiates one business from another in any given field is the quality if its management on all levels", and "The purpose of business is to create consumers." This struck me as important because it outlines exactly what you need to know in order to be a successful entrepreneur. Many businesses do not always focus on these goals. Mr. Wyly asks the question to the businesses, "Are you really going to be able to create customers with this product or service? This is a great example of what entrepreneurs should be asking while starting their own business.
I found these couple of chapters to be very informative on how to know when you need to move on to the next idea when one doesn't work out, and I liked how it showed that not every idea works, and you have to move on from the ones that aren't succeeding so that you can reach success in other areas. I also like that it shows how tough business is and how people aren't afraid to hurt your feelings, it's very realistic.
"The purpose of a business is to create customers" pg 48 Sam at first thought that being an ibm sales rep would be the American dream, but being a natural Entrepreneur he eventually became reckless and wanted to branch out. Even though he was becoming successful (married with children and a home) he still wanted something better for himself and his family, and was willing to take a risk to reach success.
In the book 1000$ & an Idea here is one quote that I really liked. It went something like this, If you aim for the stars, if you miss, at least you will not land in the mud. I like it because if you shoot for a billion dollars, and if you miss, at least you will land somewhere around a million dollars.
Sam wily is an IBM salesman who had customers and now selling the new IBM 704 until the IBM CEO had to make cut backs on (training, job changes and firing people). Sam wyly was now a machine operator and then 1 year later he’s back on the same job, but some of his friends were fired and then he quit the ICM Company to find another job. Until Sam wyly met the Honeywell Company that started the computer business (they used to sell thermometers) and the Honeywell is competing with IBM to see who has the better computer
On pg 44 "If you're going to have a drink, at least make sure it's gin, so our customers will smell it on your breath. I'd rather they think you're drunk than stupid." I thought this was an interesting quote. I believe that if you have an idea you should run with it but if it's unsuccessful, might as well make the most of it.
"I was learning to see how manufacturing, financing, accounting and selling components were locked together like a jigsaw puzzle. I wanted to know how each piece affected the other pieces and how to keep it all running smoothely. It was beautiful." This is interesting because I wouldn't think of this stuff as a jigsaw puzzle.
In the chapters 3-5 i liked the quote "In the end you have to put every great idea to that test:... Will the dogs eat the dog food?" p. 37. I liked this qoute because it is a really good metaphor because it explains that you need to create a product that other people will like. not just something that you like. it has to apeal to the people that you are selling it to.
There was one quote that I found could apply with absolutely everything you do in life. "Without passion, you will not find much personal fulfillment and are unlikely to do outstanding work" (p.41) - I feel like this is true when it comes to anything and everything you do in life because unless you truely care about it or are interested in what your doing then you aren't going to try 100%. Only way to do outstanding work is by being passionate about the subject.
“The purpose of a business is to create customers” (49) This quote means that you an have the best product in the world but you need to go out and find customers if you want to make money. Finding customers is were Sam Wyly shined. He was master at going to companies an convincing them that they needed his product.
He says on page 27, that he can see that the company is going to be a winner and says "This company represents the very spirit of America." I chose this quote because I think it has a very strong meaning and I felt like it was rather important.
again , not an easy read for me . not something im usually interested in . but i like the concept ; like , how not every idea is going to work . you have to alter and change them to spark interests .
page 41 "Without passion, you will not find much personal fulfillment and are unlikely to do outstanding work."
ReplyDeletepg. 37 "In the end you have to put every great idea to that test:... Will the dogs eat the dog food?" To me I think this is a great question for new business owners and people who want to sell a new product to keep in mind. It doesnt matter how appealing the idea sounds to you, all that matters is how appealing it sounds to other people. With out customers you cant sell a product and without sales you dont have a business.
ReplyDeletePage 44: "If you're going to have a drink, at least make sure it's gin, so our customers will smell it on your breath. I'd rather they think you're drunk than stupid." I found it intersting how Sam described the strictness of working at IBM and how a small mistake could have an individual end up fired.
ReplyDeleteThe title of chapter 5 is what I think of when thinking about saving, investing, managing, etc., with money. "Reach for a star, Not s Handful of Mud" which means progress and grow other than staying the same or dropping down. at the end of the chapter there is an interesting quote to know, "An entrepreneur knows when to move on. And that time had come for me." (54 Sam
ReplyDeleteWyly) Showing progression.
Chapters 3-5 were much more interesting to read than the opening chapters. As Mr. Wyly explained, when he was younger and saw a fairly wealthy salesman come to his door he was inspired. He noticed that this man was fairly dressed, drove a Cadillac, spoke intelligently and was an IBM salesman. At that point Wyly knew he wanted a life of prosperity. I can relate to Wyly in terms of education because he took a finance class in college which is quite similar to the financial class I am currently in. In his class he made a stock portfolio including stocks he invested in, which is exactly what I am doing. However his class took it to the next step by researching stock exchanges and studying their stocks day to day. It seems that Wyly has always been interested in money.
ReplyDeleteI thought that the quote about the star and the mud was very smart and that it is true.
ReplyDeleteBy Brendan Kane
ReplyDelete"Since the 1970s, the majority of new jobs in America have come from small businesses, while jobs at the Fortune 500 companies have been steadily declining." I like this quote because I think it is interesting that these huge companies with tons of money are laying people off and not hiring while these small businesses are growing.
Page 37, Mr. Wyly talks about the book The Practice of Management and how it was his own Bible when he was attending Michigan Business School. Two main ideas in the book as follows: "The only thing that differentiates one business from another in any given field is the quality if its management on all levels", and "The purpose of business is to create consumers." This struck me as important because it outlines exactly what you need to know in order to be a successful entrepreneur. Many businesses do not always focus on these goals. Mr. Wyly asks the question to the businesses, "Are you really going to be able to create customers with this product or service? This is a great example of what entrepreneurs should be asking while starting their own business.
ReplyDeleteI found these couple of chapters to be very informative on how to know when you need to move on to the next idea when one doesn't work out, and I liked how it showed that not every idea works, and you have to move on from the ones that aren't succeeding so that you can reach success in other areas. I also like that it shows how tough business is and how people aren't afraid to hurt your feelings, it's very realistic.
ReplyDelete"The purpose of a business is to create customers" pg 48 Sam at first thought that being an ibm sales rep would be the American dream, but being a natural Entrepreneur he eventually became reckless and wanted to branch out. Even though he was becoming successful (married with children and a home) he still wanted something better for himself and his family, and was willing to take a risk to reach success.
ReplyDelete"Some people have always known what they wanted to be...I have never been that way." Chapter 3
ReplyDeleteI like this quote because it applies to my life. I am also undecided on what I want to do in the near future.
In the book 1000$ & an Idea here is one quote that I really liked. It went something like this, If you aim for the stars, if you miss, at least you will not land in the mud. I like it because if you shoot for a billion dollars, and if you miss, at least you will land somewhere around a million dollars.
ReplyDeleteSam wily is an IBM salesman who had customers and now selling the new IBM 704 until the IBM CEO had to make cut backs on (training, job changes and firing people). Sam wyly was now a machine operator and then 1 year later he’s back on the same job, but some of his friends were fired and then he quit the ICM Company to find another job. Until Sam wyly met the Honeywell Company that started the computer business (they used to sell thermometers) and the Honeywell is competing with IBM to see who has the better computer
ReplyDeleteOn pg 44 "If you're going to have a drink, at least make sure it's gin, so our customers will smell it on your breath. I'd rather they think you're drunk than stupid." I thought this was an interesting quote. I believe that if you have an idea you should run with it but if it's unsuccessful, might as well make the most of it.
ReplyDelete"I was learning to see how manufacturing, financing, accounting and selling components were locked together like a jigsaw puzzle. I wanted to know how each piece affected the other pieces and how to keep it all running smoothely. It was beautiful." This is interesting because I wouldn't think of this stuff as a jigsaw puzzle.
ReplyDeleteIn the chapters 3-5 i liked the quote "In the end you have to put every great idea to that test:... Will the dogs eat the dog food?" p. 37. I liked this qoute because it is a really good metaphor because it explains that you need to create a product that other people will like. not just something that you like. it has to apeal to the people that you are selling it to.
ReplyDeleteThere was one quote that I found could apply with absolutely everything you do in life. "Without passion, you will not find much personal fulfillment and are unlikely to do outstanding work" (p.41) - I feel like this is true when it comes to anything and everything you do in life because unless you truely care about it or are interested in what your doing then you aren't going to try 100%. Only way to do outstanding work is by being passionate about the subject.
ReplyDelete“The purpose of a business is to create customers” (49) This quote means that you an have the best product in the world but you need to go out and find customers if you want to make money. Finding customers is were Sam Wyly shined. He was master at going to companies an convincing them that they needed his product.
ReplyDeleteHe says on page 27, that he can see that the company is going to be a winner and says "This company represents the very spirit of America." I chose this quote because I think it has a very strong meaning and I felt like it was rather important.
ReplyDeleteagain , not an easy read for me . not something im usually interested in . but i like the concept ; like , how not every idea is going to work . you have to alter and change them to spark interests .
ReplyDelete