Growth Stages: The strategies that get you to early success (e.g., $1-3 million) are often different from those needed for larger scales (e.g., $10-30 million).
Selling vs. Improving: Initial success requires aggressive selling. But later, focus on product improvement to drive referral-based business.
Equilibrium and Niches: Overreliance on selling can lead to stagnation unless the product itself drives organic growth.
Selectivity in Opportunities: Evaluate opportunities based on market potential, gross margin potential, and competitive dynamics.
Leverage Types: Labor, capital, software, and media are key types of leverage that can amplify productivity and revenue.
Importance of Leverage for Wealth: Successful individuals understand and apply leverage better than others.
Personal Success and Entrepreneurship
Opportunity Evaluation: Measure potential by examining market size, margins, and competition.
Market Example: Luxury brands effectively use scarcity by controlling supply.
Avoiding Stagnation: Regularly evaluate your business