Chapter
What Business Are You Really In?
28:15 - 30:10 (01:55)
A sales guy asked Ray Kroc, the founder of McDonald's, about how their business operation works. It's important to be truthful about the type of business you're in and not try to get valued as something you're not.
Clips
In this podcast, the importance of being focused on the core business rather than getting distracted by the shiny and cool features of a product is emphasized, using the example of McDonald's being in the real estate business rather than just selling hamburgers.
28:15 - 29:13 (00:58)
Summary
In this podcast, the importance of being focused on the core business rather than getting distracted by the shiny and cool features of a product is emphasized, using the example of McDonald's being in the real estate business rather than just selling hamburgers.
ChapterWhat Business Are You Really In?
Episode#96 - The Entrepreneur Betting Billions On American Passenger Trains
PodcastMy First Million
The importance of being honest about what business you are in because lying to yourself does not work, sometimes it does but eventually the truth catches up with you.
29:13 - 30:10 (00:56)
Summary
The importance of being honest about what business you are in because lying to yourself does not work, sometimes it does but eventually the truth catches up with you. Example given is a new company, Lemonade, that went public and is wanting to get valued as a tech company, when they are actually an insurance company.