As an entrepreneur, are your customers buying because they believe in your product, or because they believe in you? This week’s guest explains the difference, and why it’s important for entrepreneurs to know. He’s a skilled entrepreneur, and 4x founder with 2 successful exits. Please welcome to the show, Founder, Chairman, and CEO of Targatek, Bill Adams Jr!
Bill sits down with Host Wes Mathews to discuss the future of entrepreneurship. Bill shares the importance of humility, how for many entrepreneurs their most successful product is their expertise, and how AI will change business for the better.
Takeaways:
- One of the most important skills to have as an entrepreneur is humility. While you may have a game plan, it’s important to allow yourself to adapt to roadblocks that arise to prevent disappointment.
- In business, people are driven to success by either their ego, or their paycheck. While there is no wrong answer, it is important to know your personal motivations. For entrepreneurs, they tend to be more ego driven.
- When it comes time to scale the business, many entrepreneurs try to “clone” themselves. If you are working off of an established framework, it is easy to hire other people with those skills. But if you are unique in your offerings, it becomes more difficult.
- One of the best ways to acquire more business is through customer referrals. If you are targeting specific industries, there is a good chance that your customers know other people in the industry who are encountering the same problem.
- In the past 10 years AI has ushered in a level of change similar to the industrial revolution. While there are many key players, there is still a large degree of first mover advantage.
- While tools like Chat GPT have garnered attention, they are largely aimed at the corporate workforce. In the current landscape, there is a lack of AI tools that are aimed at executive leaders.
- For many entrepreneurs, it’s not the product they offer that customers are drawn to, but rather the skills and ability of the entrepreneur. Understanding what your true product is allows you to focus more strongly on what you offer.
Quote of the Show:
- “My job was to take all the technology pro-head and to figure out a way not to change a company, to change an industry” - Bill Adams
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