Walt Disney gained worldwide fame with the animated film ‘Steamboat Willie,’ but Disney’s first studio went bankrupt. By the mid-1930s, he had produced over 400 animations, most of which suffered heavy losses. In 1938, Snow White and the Seven Dwarfs made $8 million in just the first half—more than ten times the earnings of other films. Meanwhile, with this animation, the company paid overdue wages to its employees and recovered the losses it had sustained. An unusual event that changes everything is called a “tail event.” 40% of publicly listed companies in the U.S. stock market lose nearly all their market capitalization 10 years after going public. Business and investing, after all, are based on probabilities. No one knows what the “tail event” will be. Therefore, to succeed, you need to try small, steady, many times with little impact, even if you fail. - Joseph’s “just my thoughts”
We all know that seeing your business through the eyes of your customers increases your chances of success. But most of us mistakenly think we're seeing it from the customer's perspective while we see it as a supplier rather than a customer. Uber and Airbnb executives regularly use their services as customers. Try getting your family to buy your product or service. The more non-face-to-face the transaction, the more detailed the information the customers have about the sellers. If not about the product information, at least about the purchasing information. It doesn't matter how good your product is if they don't buy it, that's it! - Joseph’s "just my thoughts"