In Episode 050, Jack has interviewed Dr. D. Anthony Miles who is an entrepreneur, award-winning researcher, award-winning professor, statistician, legal expert witness, business expert, and best-selling author.
He is the CEO and Founder of Miles Development Industries Corporation®, a consulting practice, and venture capital acquisition firm. He is also a legal expert witness, provides expert testimony on business scams, false advertising claims, and trade dress. He provides expert testimony for local, state and federal cases; both civil and criminal cases. He has presented his research at conferences around the country. We will find out why D. say that all businesses are guilty until proven innocent.
What is exactly "Entrepreneur Risk"?
"It is basically the things that caused are risky business that can cause the business to either fail or lose profitability. I'm not the father of the name and I was doing my doctoral research. I was fascinated that a lot of studies, especially in economics and business and entrepreneurship research but they never talked about entrepreneurial risk. What are some of the risky things that happens when you start a business? When I conducted my research, I did research on 500 plus my businesses in my particular area in the US, and I found certain patterns and I want to see if there are anything that stood out to me. And I basically came up with five categories, the risks that I've seen with business ventures based on my research on small businesses."
What is "market saturation" and why is this important?
"It will come up on or the market climate risk. And when you consider starting your business, you have to consider the market. You have to consider the climate. So the market climate has about four components that you need to be worried about in terms of market saturation. You have to worry about competition, you have to worry about market entry and exit. You also have to worry about competition intensity and what that translates into market saturation, right? Case in point, if you have 30 competitors in the marketplace, one of them is going to be the leader and everybody else is going to be the followers. So if you're trying to penetrate that market, you're going to have a hell of a time penetrating that market because the market is so saturated with all those competitors."
What are the first few steps someone has to take in order to survive in the first few years in business?
"The first thing that you want to do is obviously you want to do research, you want to look for gaps in the marketplace, look for gaps. Gaps are like gods. Maybe you should start a business where all the businesses have missed the gap and sometimes it's apparent and sometimes it's not, but you always want to look for gaps in the marketplace of like case in point ... You have to look at opportunities and they say, what is it? The third eye of entrepreneurship, you have the ability to see something before everybody else does. .Open your third eye or look for opportunities. Look for problems. If the businesses built like this and entrepreneurship. What problem are you solving for the customer? If you're not solving a problem for the customer, you don't have a business. That's the way you have to think."
D's Most Favourite Quote
"All businesses are guilty until proven innocent."
Want to know more about D?
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Jack HM Wong Is an author of his Amazon bestselling book Cracking the Entrepreneur Code: 7 Tips to Build the Business You Always Wanted. He has been featured on CBS News, Fox, ABC News and NBC News. His mission is to improve the quality of lives of over 1 million people worldwide. His message to people who are stuck in the rat race is straightforward - "Anyone can start Any Business, Anyhow, Anywhere and Anytime".
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