You would think music lessons, traditionally face-to-face, would tank during COVID. He founded London Contemporary School of Music.
Tom Donald is a Roundtable member from London. And it’s nearly invisible until it’s invincible. Network Effect for Mere Mortals only requires elbow grease. Network Effect for Mere Mortals is the invisible moat that grows more bulletproof the bigger your business grows – but unlike Uber and eBay, does NOT require millions or tens of millions of dollars of investment capital. It’s been 3 years since I coined the term “Network Effect for Mere Mortals” for the Rosetta Stone seminar. The problem is, nobody had worked out a formula for regular businesses to attain Network Effect before now. You could spend $100 billion, and you’d still never get eBay’s buyers and sellers to switch to a new auction site. The world’s greatest moat is Network Effect. eBay might seem stodgy now, but it’s more immune to attack than the presidential palace in North Korea. Network Effect is when eBay has buyers, which attracts more sellers, who attract more buyers. Network Effect is when Uber gets more riders which attracts more drivers which lowers the wait time – which then attracts more riders. We glimpsed it completely by accident! This castle was built in the Beowulf era! One mile from Ventry, we happened on the 1300-year-old Rahinnane Castle as we drove down a narrow road on a cold morning. Six days of un-rushed, father-son Renaissance Time. The Irish had eased travel restrictions, so we seized the opportunity.
My 16-year-old son Zander and I escaped COVID lockdown to Ireland during our winter break. Just after Christmas, in December, entirely by accident, I literally stumbled upon a real moat at a real castle. If your moat is strong… the hobby, the sport, and the new venture are all in the offing. Scuffling with fickle customers, wrangling with skinny profit margins, until the day you die. Because if your castle isn’t protected by a big fat moat, you will a-l-w-a-y-s be looking over your shoulder.
Your biz is so dialed in now, you’d better make sure you don’t ‘fix’ stuff that ain’t broken.’” “POST-SHIFT, their business castle grows more immune to competition the bigger they get. Taking clients guaranteed to make them miserable. Trying as hard as possible to disguise the fact that they’re selling commodities. “Average guys are assaulted from every side. They’ve transcended ‘the struggle for the legal tender.’ “Average entrepreneurs work 10-12 hours a day, just keeping their heads above water. “But for those who’ve experienced THE SHIFT, it’s 2-3 sentences. “When I give average business owners an online form and say ‘Describe your business,’ they give me 1-2 pages of rambling. Last week a stunning insight tumbled out of Joshua Long:
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