As part of the Bold pre-order I had received the first chapter audio download via SoundCloud. So far Bold is proving to be an engaging read that is at least on par and may even exceed Peter Diamandis’ previous book Abundance. Here I will discuss a few of the key points that I have taken away from the first chapter of Bold.
The Relationship Between Problems And Opportunities
The following relationship may seem obvious at first glance but it is worth deeper reflection:
“The world’s biggest problems = The world’s biggest opportunities.”
Big problems affect many people and therefore provide an equal level of opportunity. Upon further consideration big problems do not only equal big opportunities, but big wealth for entrepreneurs. Wealth is reserved for the entrepreneurs who tackle the big problems that improve the most lives.
Another theme in the first chapter is that of the exponential entrepreneur. Exponential entrepreneurs are those entrepreneurs who go after problems that lead to exponential growth. Exponential growth is defined by Google as:
“Growth whose rate becomes ever more rapid in proportion to the growing total number or size.”
Basically exponential growth as defined within Bold is doubling in power on a regular basis.
Exponential entrepreneurs do not simply build a business that has incremental growth, but taps exponential growth, or as demonstrated by a reference to Steve Jobs in Bold:
“When Steve Jobs said to make a dent in the universe he didn’t mean to create the next Angry Birds.”
Exponential entrepreneurs think big.
Another key point was particularly relevant to business decisions I recently had to consider relating to product cannibalization.
Bold discusses the history of Kodak and how they had actually developed the digital camera twenty years earlier. When presented with the technology from within their own company, they had decided to bury it for fear that it would cannibalize their existing product sales. Decades later Kodak went bankrupt and Instagram was acquired for $1 billion, the events occurring within months of one another.
My takeaway from this business history lesson is that when facing uncertainty about releasing a new product due to concerns about the new product cannibalizing existing product sales, it’s likely better to just press onward. Who knows? You can have the next hit product on your hands even if it would be at the expense of existing sales. Sales from the new product may dwarf existing product sales in comparison.
Similar to Abundance, Bold is proving to be a valuable experience and I look forward to reading the remainder once I receive the book in it’s entirety. I am also really looking forward to the Bold webinar in March!
For more information on Bold by Peter Diamandis visit the Bold website.
Photo Credit: Bold