Surge by Mike Michalowicz Flashcards
(90 cards)
What does Mike M say is “NOT enough” with regards to niches?
Picking a niche, serving that niche with singular focus, and ensuring your business is profitable with that niche.
Ensuring your business is profitable with your niche is {{c1::mandatory}} but what doesn’t it ensure?
Growth
More than just carving out a niche, what consumer behavior should you anticipate?
The natural direction your niche is moving.
Like a massive heard of animals, your customers may be seeking out what?
A new source of food, or water, or shelter, or comfort, or fighting for survival
Regarding our target market, what is our job to find, and what question are we asking ourselves?
Our job is to find “the surge.” WHERE IS YOUR MARKET HEADED?
What surging trend did skype catch?
The surging trend of people turning cameras on themselves.
What did skype launch as an alternative to?
An alternative to making long-distance phone calls.
How was skype’s growth when they caught the surge?
In 2013, Skype’s growth was bigger than all of the international phone companies combined.
What big surge did Skype catch?
Built in lap top cameras becoming mainstream. Apple did it first with the mac, then everyone else copied.
How much did Skype sell for?
$8.5 Billion
Mike M’s advice on perfect surge timing?
You likely won’t get it right every time.
According to Mike M, where must you shift your focus for collossal success?
You must concentrate your efforts on catching the surge.
What is catching the surge very similar to?
The holy grail of investors: They know if they can get ahead of the market by a day, a week, hours, or even seconds, there is CASH to be made.
What happens when investors can get ahead of the market repeatedly?
There are BILLIONS to be made.
How do brokerage firms invest?
They invest in an endless stream of companies. If they get the timing right even a few times, they make MILLIONS…
What is the story of Google’s surge?
When they launched, they were not a better search engine. Yahoo, Altavista, etc. was there 1st. The problem: Users were becoming distracted by rabbitholes of the news, emails, everything they could fit on the screen. They were frustrated because they just wanted to find what they were looking for. Google simply had a box and a logo.
Better search engines have come around since google’s success, but how has google been able to stay on top?
Google remains on top because the surge has now passed!
Were the founders of Skype the perfect fit to be successful?
No, they did not have the experience, knowledge, or history. But they had TIMING!
What are some examples from history of great timing?
Ford, Edison, The Wright Brothers, Capernicus, Galileo, the inventor of the Wheel [EVERY SUCCESSFUL PERSON EVER].
What epiphany did Mike M have after much trial and error?
He stopped trying to figure out “what’s hot” and ride that wave, since he realized that doesn’t work. It is like watching the waves others are already surfing.
Surge is about “capturing waves,” meaning…?
Spotting the imminent market trend that is on the verge of swelling, then riding it all the way to industry dominance.
What is Mike M’s metaphor about “creating” waves?
Just like you can’t create your own surfable waves in the ocean, you can’t create your own waves in the markets.
Explain the concept of what happens when someone creates a successful app:
You might make a killer app that everyone swarms to, but YOU didn’t make the market wave. The energy was already pent up in the customer base. They were already moving and looking, and they found you due to timing. (Pent Up)
Explain how entrepreneurs falsely assume the cause of their business’ success:
Many entrepreneurs think their solution is what created market demand. But the demand exists. You have to create the solution that people chase.
