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The 3W’s for Growing Your Business

#108 - Travis interviews successful entrepreneur, physician, and professor Dr. Arlen Meyers. Dr. Meyers is a world-renowned physician in the field of ENT medicine as well as a professor at the University of Colorado. His valuable contributions to the medical and entrepreneurial field have helped entrepreneurs and physicians alike with their businesses and careers. Travis and Dr. Meyers spoke of valuable information that can help physicians and business owners in prioritizing what is important and taking vital steps in growing your business. Dr. Meyers’ experience in the medical field has been applied to his business acumen and philosophies that are practical and applicable in today’s market. Concentrating on a particular target segment and providing solutions for that particular niche is a great way to scale your business. He also believes that taking responsibility for your actions is a great way to learn from the mistakes you’ve made. These and so much more are what’s in store in this episode of the Entrepreneur’s Radio Show.

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The 3W’s for Growing Your Business

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  1. The 3W’s for Growing Your Business Turning failures and mistakes to opportunities Podcast available at TheEntrepreneursRadioShow.com for full interview with Arlen Meyers

  2. Are you creative enough? • Be innovative and creative in creating things that haven’t been created. • It’s not always easier, in fact it’s harder. The whole Apple story is a perfect example. • Well, that wasn’t easy but look at the result.

  3. Is this something that customers want? • Do they need it? • Create something people didn’t know they needed. • Focus on what products and services will solve their problem based on their value factor.

  4. Is this business worth it? Because you have to put an awful lot of time and effort into this either from a personal satisfaction standpoint or an economic standpoint, “Is it worth pursuing?” And you have to answer that with the hard facts. Market size, market growth, market potential, etc.

  5. Can you win at it? • Obviously there are entrepreneurs who create businesses and they’re simply lifestyle businesses. • They’re looking to create a reasonable living. • It could be a similar product in competing with an existing entity.

  6. Can you dominate the market? • Are you going to dominate a market and be first AB second? • Because if you’re not going to win then just fold-up shop and do something else.

  7. What is the common problem? • One of the common problems is most businesses have not set systems up where they can tell what’ generating profit and what’s causing them to lose money.

  8. The Answer • The general answer is creating a dashboard and key performance indicators (KPIs). • It really depends on the business and it depends on what the critical success factors are for your business.

  9. What are the key benchmarks or key indicator? • Clinical trial success, intellectual property protection, regulatory affairs and reimbursement clearance, that kind of stuff. • And if you don’t hit those benchmarks you’re dead in the water.

  10. THE ENTREPRENEUR’S RADIO SHOW Conversations with Self-made Millionaires & High-level Entrepreneurs that Grow Your Business a production of Rock Star Entrepreneur Network www.rockstarentrepreneurnetwork.com

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