The Awesome Boston Consulting Group Matrix (with thanks to Marlou from SCRiBBR for the image use!)
I was very lucky to have the opportunity to work with Kappy Prasad from Google today. He is a positive and energetic man that I was very lucky to have him referred to me from an old friend of mine by the name of Michael Ow – a fine operator that I actually met at a Tony Robbins motivational seminar before I got wiped out in the Global Financial Crisis and came back as the “Crazy Persian / Marketing Mentor Entrepreneur” type of man today.
Just like Google who I love and look up too, Kappy reflects their positive can do entrepreneurial spirit and we were talking about Professional and Personal Business Goals. One big part of all this is being able to:
– Actually pay for your dreams.
Let’s say for example you are working full time, you have your own Small Business that you aren’t a fan of and have another passion that you want to fund to become your “Bread and Butter”. Kappy and I were reflecting on the cost of ones dream and that if you aren’t careful – you can run out of money in order to fund those dreams. This once happened to me in an earlier life and my “Dream” readily turned into a nightmare.
I am lucky to be considered an accomplished Small Business Marketing Mentor & Entrepreneur these days and I have suffered a lot to get here. For a few years, I tried really hard to become a Forex Currency Trader and guess what – I just sucked at it! I couldn’t get there, I was the D+ student of the class and my dreams of making money everywhere became shame and terror every time I booted up the software on my PC.
As a Marketing Mentor, it didn’t take me long to get to 6 Figures and enjoy the life I am leading and feel truly blessed for what I have. In reflection and talking with Kappy, whatever your dream is (say start a business, family, go away or whatever) you need to be able to fund it in a sustainable manner.
Throughout our discussion, it brought up some of my old training when I did my Graduate Diploma in Marketing (at Monash University in Melbourne, Australia). Boston Consulting Group were our heroes of the time and we studied a lot of tools from them. Of a Business or Product range they describe 4 main areas:
– Dogs: Basically products or businesses that make no money and need to be shut down or sold off.
– Question Marks: Products or businesses that the “jury is out” but it can be turned around.
– Cash Cows: The core of a business and what keeps the lights on and funds everything.
– Stars: The potential big earners of the company that are funded by cash cows.
The trick is that you need a BIG FAT CASH COW to really fund not only your personal life, but of course how you want to take your business and what to invest in. Kappy and I were reflecting on people that have lost out by chasing their dreams, WITHOUT the funding to do it.
We are all for chasing your dreams and enable that all the time in people, but make sure you have the money and stability to fund chasing your dream. Otherwise it can turn into a nightmare very quickly and not be fun for anyone.
Big Appreciation from Edward Zia – Failed Currency Trader, but Successful Marketing Mentor and Entrepreneur!
10 Responses
Image is faulty!
Thank you! Got it fixed and enjoy 🙂 Appreciate the feedback!
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Yes, I think that when you want to start a business, you should definitely need to fund it in order to avoid failures. Thanks for sharing this article.
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Yes, I think that you are right. I also think that it is necessary to have cash if you want to become successful. This article is very useful and informative. Thanks for sharing this article.
Love your work James!!!!!
Yes, we need cash in order for us to achieve our dreams. I want to start my own business too. I’m still saving money for me to be able to have more capital to support my business. Thanks for sharing this article.
Honoured and love your work!