|
Post by banessau on Dec 8, 2013 19:38:03 GMT -6
Tim Ferriss, Author of The 4-Hour Workweek | Smarta video interview
A very important thing i got out of this video was Tim mentioning to say no. Personally, i have always had trouble saying no. In the business world it is necessary to know when to say it because it can lead to loss of productivity. Also, he talks about promoting one's self. I completely think that is valuable in the business world because we need to explain why we are valuable and show it. The internet is a great way to promote, but there will always be negativity. Tim mentions that it doesn't matter about the negativity,but what the people gain from you.
|
|
|
Post by bgoree13 on Dec 8, 2013 21:04:55 GMT -6
TITLE - Tim Ferriss, Author of The 4-Hour Workweek | Smarta video interview
Companies should be able to make sure that they know what products and taking up too much time to create and are not creating enough revenue and the products that contribute a lot to the company's revenues. This is important information to know because companies need to know where they need to focus their time and energy. Products that are not bringing in much revenues should not be focused on as much as products that contribute a large sum to the company's revenues.
|
|
|
Post by jayjenkins on Dec 9, 2013 0:18:54 GMT -6
He explains that he uses a 80-20 rule to manage his time. he spends 80% of his time on products and 20% of profits. Try to polarize people so that you have people that love or hate your product. You must be strong at what your not when establishing a brand. Not all brands can be for everyone so its not bad to have a narrow group of customers.
|
|
|
Post by kformaggio on Dec 9, 2013 0:37:02 GMT -6
Tim Ferriss, Author of The 4-Hour Workweek | Smarta video interview
I think the most helpful part of this interview was Ferriss' take on the 80/20 rule. To maximize profitability and productivity identify the 20% of products that make 80% of profits and then identify 20% of activities that take up 80% of time. From this analysis, you want to cut the fat where needed with products and workforce. It is also important to use metrics to measure employee performance. I also like the idea that when branding your company it is best to find the niche where your product or service fits, and create a brand that fits that niche. People look for products that fit their unique lifestyle, so branding is an important part of allowing consumers to identify with your company.
|
|
|
Post by kselders on Dec 9, 2013 0:53:57 GMT -6
What I took away from this video is the 80/20 rule. Finding what requires less time to achieve the most profit is important. For example, in my current job we receive a list of tasks to complete each day but, it I could find a way to tweak and get the job done in less time then, I do so. It's all about finding balance and incorporating ways to make the most profit with less cost or work.
|
|
|
Post by abramt110 on Dec 9, 2013 8:46:12 GMT -6
Companies should be able to make sure that they know what products and taking up too much time to create and are not creating enough revenue and the products that contribute a lot to the company's revenues. This is important information to know because companies need to know where they need to focus their time and energy.I like the fact when he said that a brand is very important, its what people associate you with. We all have our own brand, as a person we are branded by our actions and what we say. Each person brand represents them and the tasks that they take during the day or during a lifespan.
|
|
|
Post by brittanyfury on Dec 9, 2013 18:31:07 GMT -6
TITLE - Tim Ferriss, Author of The 4-Hour Workweek | Smarta video interview
This article suggests a few methods to insure success in your business. It is important to use your time wisely. Using the 80/20 analysis will help you to decide what activities are worth your time consumption and if they are profitable or not. Keeping cost low is another key aspect. You want to focus more on activities that are high in profit and low in maintenance and eliminate any other activities. "Cutting the fat" can be done by comparing profit to actual revenue and eliminating costs where needed. Another important factor is to promote yourself to the public by being honest with the public. What do you want consumers to associate your brand with? Improving productivity can be done by saying no more often. It is important to say no to other when they ask certain things of you. By making promises to others, you are eliminated time for yourself.
|
|
|
Post by blaircavalier on Dec 9, 2013 22:08:48 GMT -6
TITLE - Tim Ferriss, Author of The 4-Hour Workweek | Smarta video interview
Profit is not the only thing that a company should measure their success on. There are other ways that management can see how well the company is doing and the video talked a little about that. In my field, Time management plays a use roll in everything that we do. Time is money in the audit field and every minute we are doing something measures our success. Overall the video was a good one. However, I wish I would have finished the links of the day when they were articles. These videos are rather long and I'm not a big fan of them.
|
|
|
Post by boris on Dec 10, 2013 1:52:24 GMT -6
Tim Ferriss, Author of The 4-Hour Workweek | Smarta video interview
This is a great video. The 80.20 example he uses is great adive In a company you need to identify what products are the 20% that produce the 80% of profits and also identify the 20% of activities that are consuming 80% of your time. The video advices that the activities that are not important you can delegate them and automate them. I think the brand is also one of the most important parts of business. A brand is how people recognize you, and you should be very narrow with the people you reach. If you are very broad you are not going to be unique. By being narrow you are also creating controversy, and perhaps create publicity for yourself.
|
|
|
Post by w0426116 on Dec 10, 2013 5:37:43 GMT -6
Ultimately I believe this video is talking about "cutting the fat" what is not producing compared to what is producing. He teaching managers and owners to find out what is being wasteful in your business to help you save money and turn it into profit, so you need to go through your company department by department and find out what you really need, and if you're not able to dictate what you need and what you need outsource for help.
|
|
|
Post by phenry on Dec 10, 2013 10:24:18 GMT -6
TITLE - Tim Ferriss, Author of The 4-Hour Workweek | Smarta video interview
For me the video was a little dry, but as always good points were made through out. In the beginning, the speaker talks about an 80 - 20 scenario a lot of companies find themselves in. Companies will spend too much time on products that are not contributing as much revenue or profit on to their business. A companies main focus should be on the money making product, which often times gets pushed to the side to innovate other products.
|
|
|
Post by rpajares41 on Dec 10, 2013 13:56:00 GMT -6
This video is basically breaking down what a business thinks and goes through on a daily basis. Mr. Ferriss answers questions that are posed to him and he responds in a way that would surprise most. He is very ambivalent with his answers, he states that the way we have done things aren't what makes businesses run at maximum capacity due to the fact that businesses are worried about the image they exhume. One instance he says that sometimes you need to be blunt with your advertising message, and who you are trying to reach out to, by being able to weed out all of the people who aren't remotely interested, you are left with people who truly like your idea. I really don't know how this would help but it seems like he is doing well for himself and I'm still in college.
|
|
|
Post by ebonisw on Dec 10, 2013 15:44:16 GMT -6
There is always so many rules, 50/50, 80/20, 60/40. You never really know which is which. In the business world, I have heard of the 80/20 rule more often and this helps you determine how much time to put in each activity. Ample time frames for each item is what helps determine your efficiency and profitability.
|
|
|
Post by alyssatudor on Dec 10, 2013 15:59:01 GMT -6
The 80/20 rule is so very helpful in the business world. You want to measure your performance and make sure that it is up to the quality that it needs to be. Knowing the goal you need to reach helps out the business as a whole. This is because as long as you are doing your job and making the goals that need to be made it is better to keep you on the job rather than to fire you or have someone else replace you.
|
|
|
Post by thomas129 on Dec 10, 2013 16:49:42 GMT -6
86 TITLE - Tim Ferriss, Author of The 4-Hour Workweek | Smarta video interview
The 80-20 rule was very interesting. Managers spend 80% of their time on products which brings 20% of profits and spend 20% of time on products that make 80% of profits. Managers need to realize that they need to focus on the Stars and Cash cows of their organization. They should not devote a lot of time into something that doesn’t contribute a lot to the company. Focus more on what is driving the profits. Not necessary the revenues, but defiantly the profits.
|
|