Hello, my name is Steve Brown, I’m a polisher at Simply Magazine and we’re simplymagazine.net and we do business books. My wife owns a company and my daughter works for this. And we wanted to tell you today is what Mitt Romney the founder of Bane Capital says the three things that we required to make a business work. And I ask this question long before Mr. Romney was in politics this is running we are still in Bane Capital about what it took and most people do not realize how brilliant he is. He graduated with a summa from Harvard law school highest honors at Harvard business school and from Brigham Young where he got his under graduate degree. Now I am not in the Mitt Romney committee and this is nothing to do with his politics. It does have to do with his sense of focus which usually takes a brilliant person to do. And he said there is only three things that make a business work. And it was interesting cause I asked them. What is to take, he said three things and here they are: first, you have to focus on a nitch. The second things is you have to have enough capital and money to support your reference and the third thing is you have to stick to the nitch.
So, we got three with that, I asked that is interesting. And I said, so what is the hardest? He said, the hardest is to stick to the nitch, to stick to your focus. And that is what I wanted to talk about today with entrepreneurs and so fort. Is it Romney were saying here as an observer and investor in large and small companies from start ups all the way to fortune 500 companies? Is strength is staying focus? I was evolved early with American Pelican version to UPS’s and one of the interesting thing with the CEO stayed focused on UPS’s and power supplies. He never varied the presentations. So, when you thought of APCC you thought of power supplies. Now lets think of another one. You think of so many like Scott. Is that paper, is it toilet paper, is it this, is it that? You don’t know what they are. If you think crashed you know its toothpaste. Now it is interesting because you see cut me like McDonalds that drifted away from what it did. And all of the sudden you go to McDonalds and there is a lot of money. So, they went back to dollar menu and got refocused and the CEO is kind of funny about anything. You know, we thought it was the salads because that was fancy, no! It was the low prices, they went back to their roots.
You go to McDonalds for a low price. And what is interesting is you take a look at company succeed and do it and it is hard. But Romney said it is very hard not to listen to the sirens on the diversification. The key thing is to say focus, so think of this, get your nitch, get enough capital to support the offered and stay focused. Interestingly he said turning a profit was not very hard or it’s certainly not as hard as doing those three things as long as you stay focused. So, any business activities less is more has it is many things and the problem with many lawyers is that they have long list a little late for everything and MBA’s are trying focus, focus, focus. Well these are the three things that being capital look for it.nitch, stay focused, have enough money to run it.
Transcription by:
Scribe4you Transcription Services