In a recent interview with Ric Bratton on This Week in America, DNotes Global CEO Alan Yong talked about his book, Improve Your Odds: The Four Pillars of Business Success, and DNotes Global’s vision for achieving mass adoption of its digital currency. The resulting discussion provided Yong with an opportunity to share some of his unique insights with Bratton’s audience.
Yong, who has devoted much of his adult life to helping entrepreneurs develop the skills they need to enjoy business success, asserted that even veteran entrepreneurs often fail to achieve the type of success that they initially envision.
The two men discussed everything from well-established companies that continue to underperform even after a decade in business to the finer details of the four principles of business success that form the foundation of Yong’s book.
The host noted the high failure rate of new business ventures – 80% of new businesses fail within the first ten years – and then referenced Yong’s assertion that it’s not enough to just survive that-year mark. According to Yong, one of the most common problems in business today is that too many entrepreneurs launch their businesses without any real plan for achieving either growth or profitability.
“It’s important to realize that the most critical thing is that a company must have the potential to grow and it is also extremely important that it must be rather profitable. Before even jumping in, it is extremely important to pick something that you’re truly passionate about, make sure that it has the growth and profitability potential.
If not, even if you survive the ten years, you still could continue to struggle. In fact, many of them do. Just because they remain successful, it doesn’t mean that they are truly successful from a growth and profitability standpoint.”
As Bratton noted, Yong’s book was written to help entrepreneurs avoid that pitfall by learning how to improve their odds of success and turn those odds in their favor so that they can build companies that achieve sustainable growth and profitability. The interview covered many of the most critical topics from the author’s book, including why people should never launch a business with what Yong calls a “me too” attitude.
“I think it’s very tempting, especially for someone who’s really good at one or two things. What they forget is that in business it takes much more than just one or two things to be successful. It’s important that everything that matters must be executed to the best extent possible,” Yong said. “It’s extremely important for the entrepreneur to realize that business success includes many different things.”
The conversation then turned to the key components of the book. They discussed the importance of ensuring that the company’s great idea resolves real customer problems, and the critical role that vision plays in achieving any company’s goals.
Yong cited his company’s digital currency, DNotes, as an example of why vision is so critical. He suggested that the cryptocurrency industry will probably eventually be one of the most massive industries, and noted that DNotes has a solid vision for that future:
“What is DNotes vision in this case? The DNotes vision is to help guide the digital currency to gain mass adoption – it means to have DNotes be accepted by the masses one of these days. That is our vision. So now that we have a vision – that we want DNotes to be accepted and used by everyone on a worldwide basis – what is it that we need to do?
We need to define a path to that ultimate realization of that vision – that is, mass acceptance. And in order to define the path, we have got to know which way we are going and make sure that everything is directed and positioned to reach that final objective or destination: the realization of our vision.”
Earlier in the discussion, Yong had mentioned the first two pillars: the business owner and his or her great idea for a product or service. The two closed out the interview with a discussion of the other two pillars of business success Yong describes in detail in his book: the company’s employees and its customers – both of which Yong defined as critical to any company’s long-term prospects for success.