Creating Value From Entrepreneurship With Daniel Priestley
Scale Up With Nick Bradley
Balancing Value and Profit in Business
This chapter explores the importance of understanding the balance between focusing on value and profit in a business, using the analogy of building a destination hotel. It emphasizes the need to look beyond immediate profits and consider future market demand and profitability for sustainable success.
Daniel Priestley is an expert on scale-up, start-up, and creating value on your entrepreneurial journey. The author of four books, including the incredible ‘Key Person Of Influence’, Daniel has joined Nick this week to talk about how to re-energise your scale-up plans when they stray into the “wilderness”.
Find out now if you’re building a high-value, exitable business (even if you have no immediate plans to sell it). You’ll get an instant PDF report with powerful insights specifically tailored to your business in just 4 minutes.
https://highvalueexit.scoreapp.com/
KEY TAKEAWAYS
- It used to be that larger companies were the best to work for in terms of culture and job satisfaction. But due to technological changes, people began to leave the corporate world and strike out on their own, as they could suddenly earn more money and have more fun as their own boss.
- The other large change in business is that larger companies have begun to get “entrepreneurial”. Through the use of data and technology, companies are able to pivot and adopt more of a bespoke, fluid approach to their culture.
- Technology has made it easier to disseminate the message of any business. By honing their craft, business owners are able to reach millions of people with a simple YouTube video or podcast episode.
- Mind-set in business is hugely important, but also hugely misunderstood. Purposeful moments in life, to be visionary, to feel uninhibited by challenges, and to see the bigger picture; all these things are pre-installed in the human brain, and we have all experienced the sensations involved. The act of harnessing them and learning how to “stay there" is the key to success.
- Start-Up is very much about creating a proof-of-concept in response to a need from the market. Scale-Up is recognising that your success needs to reach more people, and the subsequent process of making that happen.
- Having a small, highly-profitable per-person business is something to be enjoyed and savoured for a time. This period of success and innovation should never be discounted.
- Everyone has a moment in their business life when they imagine that their endgame is to sell up and live an easier life. But equally, moments will follow in which the value and appeal of their business will be recognised, and the value becomes truly apparent.
- The goal should never be “bigger is better”. Sometimes the “elegant design” is the most important thing. Sometimes we fit into a certain size and shouldn’t try to get bigger. There is always a maximum.
BEST MOMENTS
’Smart, intelligent, dynamic people were getting more value in an entrepreneurial company then in a larger company’
‘It’s like it’s never been harder and it’s never been easier’
’They’re not worried about functionality. They’re worried about outcomes’
‘Everything is pre-installed’
‘If I’m only accountable to myself then I’m not really accountable to anyone’
‘If you’re the most interesting person in the room, then you’re in the wrong room’
VALUABLE RESOURCES
Dent Global - https://www.dent.global/
Daniel Priestley LinkedIn - https://www.linkedin.com/in/danielpriestley/
Key person Of Influence by Daniel Priestley - https://www.amazon.co.uk/Key-Person-Influence-Revised-Five-Step/dp/178133109X/ref=sr_1_1?crid=LX8DTPJO1O1G&keywords=daniel+priestley&qid=1579095713&sprefix=daniel+prie%2Caps%2C147&sr=8-1
ABOUT THE HOST
Nick Bradley is a renowned entrepreneur, investor, speaker, and business growth expert.
His background is growing and scaling Venture Capital and Private Equity backed businesses globally. Over the last decade, he has completed 117 acquisitions and 25 business exits with a combined valuation of over $5bn dollars.
His mission is to help business founders build valuable businesses and create life-changing exits so they can realise freedom, wealth, and impact.
CONTACT METHOD
Nick’s Facebook page: https://scaleup.vip/FB
Nick’s LinkedIn: https://scaleup.vip/LI
Nick's Instagram: https://scaleup.vip/IG
Scale Up Your Business, coaching/consulting: https://suyb.global
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