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Page 118 GO IT ALONE!
meaningful size. Similarly, Laura Walker, the CEO of WNYC Radio, notes that as the station’s listening audience grew, “We were able to develop all kinds of new, innovative forms of underwriting and other revenue streams that were only possible because of our larger size.”
With growth, other businesses care about your success. Once you reach a size where you matter to others in the supply chain, you have become a valuable asset to these firms. This may mean that there are opportunities to create financial arrangements that reflect the benefits of success with your business. You may, for example, be able to negotiate a wide variety of benefits such as faster payments, vendor financing, and loans secured by anticipated receivables. As you think through setting up the business you want, seek to establish one that will allow you to achieve scale. Your enterprise doesn’t need to be the largest business on the block, but there are very real benefits to businesses that achieve a certain size or critical mass, and these benefits contribute to longevity and sustainability.
FOLLOW THE 60% RULE
The perfect is the enemy of the good.
—Voltaire The developer of a go-it-alone venture must have an obsession with time. What I call The 60% Rule, is essentially all about how you spend your time. In its simplest form, the 60% Rule holds that the best solution is to automate everything except the core focus of your business, using inexpensive plug-and-play services, even when these services only provide 60% of the functionality you want. This means, for example, that it is better to inexpensively
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GO IT ALONE! Copyright 2004 by Bruce Judson. Reprinted by permission of HarperCollins Publishers. All rights reserved.
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