Since having ideas and recognising opportunities is so crucial to your business. You need to do everything possible to heighten your awareness in this area. You also need to be able to use your knowledge of your customers and their needs, your industry and the new advances in your industry to come up with ideas for products and services for your business. For example, the internet is filled with ideas. Yet, how many do you think you will remember once you’ve closed down your browser?
Being exposed to a new idea is one thing, but what you do with it once you have it is just as important as getting it in the first place.
Studies on retention show that you remember:
- 10% of what you read,
- 22% of what you hear,
- 37% of what you see,
- 56% of what you see and hear, and up to
- 86% of what you see, hear and do.
So an idea that is heard but not acted on is only half as likely to be retained as an idea that is actually put into practice. With that concept in mind then, it is important to understand that if the information presented in this book is to be of any real value to you, it must not only be read, it must be applied. That is to say, it must be experienced, or acted on. And that means it’s going to take some effort on your part.
In their book, The Knowing-Doing Gap, authors, Jeffrey Pheffer and Robert L. Sutton mention that every year there are 1,700 new business books published, $60 billion spent on training, $43 billion spent on consultants, and our universities turn out 80,000 graduates with MBA’s. Yet, most businesses continue to operate day in and day out in much the same ways as they have always done.
Again, and this theme will keep coming up because it is so important, knowledge without action is no better than no knowledge at all. Just knowing isn’t enough. You’ve got to do something with what you to know.
The ideas presented in this blog work. They’re not theory. They’re not speculation on what “should” work. And they’re not philosophical musings. These ideas, concepts and techniques are currently in use by business owners across the country in one form or another. They’re being proven in actual field use day in and day out.
They work for others, and they can work for you. You are going to have to take the time to study them, understand them, and make the necessary modifications to tailor them to your own personal and business style and operation. And then finally, you’re going to have to apply them in your business.
“Murray Priestley has 25 years of commercial and asset management experience having served in board, CEO and senior executive positions with a number of global public and private companies.”