The 90% Rule is a philosophy that Ken Tencer, CEO of Spyder Works, has always used in building businesses. Understand what you’re already 90% capable of and ask yourself, “What’s the next 10%?” “What’s the next product, service or process innovation that you can introduce?”
Ken believes that, as entrepreneurs, we must always focus on understanding where our business is today and what the next logical step is to better engage our customers tomorrow. In this episode, Ken joins host, Anita Campbell, to discuss his new book, The 90% Rule: What’s Your Next Big Opportunity, and the importance of focusing on what you’re already 90% capable of doing to achieve success.
Below are the questions we asked Ken:
- (1:38) Ken, can you tell us a bit about yourself and your background and what compelled you to write The 90% Rule?
- (2:49) John Paulo Cardoso is also listed on the book. Can you tell us, who is John?
- (3:39) Can you tell us a little bit more about the 90% rule? What can the 90% rule do for you?
- (5:20) Does this rule work for small and large businesses? Do you have to have a staff or can you be a solo entrepreneur? Who does this rule work for?
- (7:23) You have a section where you say, “You have to explore what you can be, not what you are.” And you talk about certain types of benefits and the need to expand on those. Can you talk about those a bit?
- (9:53) What is your real definition of innovation when it comes to small business? What does that mean to you?
- (11:54) What does it take to get something off the ground, if you’re a small business and you don’t have enough money to do what you would like to be able to do?
- (13:16) How do you know what to focus on? There are a million opportunities that look attractive, fun and interesting. How do you know which ones to pursue and which ones to pass on?
- (15:18) Let’s delve into more detail about that. Can you give me an idea of what a financial criteria would be that you would compare against these financial opportunities?
- (16:25) So understand what your margin is and if you can make money on it? And if you can’t, is the answer no? Or is there ever an exception to the rule?
- (17:50) So you’re a small business owner, you’ve looked at your opportunities and you’ve chosen to innovate by pursuing one of them. Afterwards, how do you know if it’s working?
- (19:23) How can a small business keep innovation going? How do you keep from drifting back into a rut?
- (21:24) You talk about the importance of marketing and communication. You mention common communication shortcomings. Can you talk about those things and how to avoid that?
- (23:35) Can you wrap up with any points we haven’t discussed but that you think are important?
- (24:52) Ken, where can people find out more about you, The 90% Rule and what you’ve discussed today?
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Listen to Ken’s interview now by clicking the red and yellow player below