In one of my blog post I recommended reading Robert Kiyosaki book CashFlow Quadrant. In that post I shared an excerpt from that book about the story of Ed and Bill. I couldn’t stop thinking about that story. So here are some key takeaways you can learn from. Before you read today’s post, I suggest you read this first. It will help you understand what I’m talking about here. After you’ve read that blog post. Then you can come back here.
Here are some very important lessons we can learn from both Bill and Ed’s approach to an opportunity.
Key takeaway. When Bill realized he can “franchise” his business model after the success he was having in his village he understood the probability that others may have the same problem.
- Key* if your product or services are successful in one place. It maybe needed in other parts of town. Other people can benefit from your idea not just your local or established customers.
For example people love your coffee in Westbrook, yet three towns over in Maytown they might also love it. Pay Attention to your success. See if you can duplicate it elsewhere.
One thing about Bill is he is a thinker. He assess a problem first then figure the best plan with the least amount of labor.
Bill represents many successful entrepreneurs who hire out or outsource many of the task in order to double his output. He creates systems to run itself with him not being the one doing the manual labor. (Similar to the train of thought in the E-myth).
Bill also is reluctant to just do it on impulse. There’s a biblical passage that states to “…count up the cost..”
Bill is one who thinks of the cost.
What I mean by cost is not just the profits to be made, but the labor involved. As an entrepreneur you need to consider the cost. Ed paid the ultimate cost with his time. His time was spent doing ALL the work. He never multiplied himself in the beginning I believe if Bill never showed up as competition Ed would still be hauling a bucket of water.
Now the question I pose to you is. In your business when competition shows up how do you adjust? Are you like Ed who does double the work with a failed system or do you learn from the competition and implement new procedures? Or do you just get eat up by the competition?
We can learn a lot from Ed and Bill’s approach. One thing I give Ed credit for is that he didn’t wait, for the “perfect” time to get in business. He didn’t wait, he simply went out and hustled. I mean that I can’t take away from him. We all need that hustle today mindset. Get your grind on from the start.
2. Key* takeaway: See what your competition is doing wrong then fix it.
Bill said his water is cleaner than Ed’s. Bill learned from Eds customers what could be done better. People’s complaints are a goldmine if you know how to mine it. A customers dissatisfaction can be the very thing that helps you take your business to the next level. Sometimes customers can be a pain. But if you know how to really listen. You can decode there wants and needs to create a solution to there problems equaling you profits.
This is what Bill did. Rather than dismissing the complaints about Ed’s water. He capitalized on it.
Those are some key takeaways I noticed in the story between Ed and Bill. You can apply these lessons in your business and in life as well.
Praying you have much success,