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24 ASSETS – Create A Digital, Scalable, Valuable and Fun Business That Will Thrive in A Fast-Changing World By Daniel Priestley Full Book Summary 2023

24 ASSETS - Create A Digital, Scalable, Valuable and Fun Business That Will Thrive in A Fast-Changing World By Daniel Priestley Full Book Summary 2023
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About Book

Is your vision not reaching the right people and customers are unaware of your brand?
Are you unable to attract and develop highly skilled employees?
Is your business not getting the funding it needs because your assets aren’t convincing investors?

In this summary, you will learn how income and value are related to each other. You’ll learn about the importance of intellectual property and how your brand affects your ability to scale and get funding. You will also learn how to control the market and create a culture that attracts, develops and retains people who are more talented and capable than you.

Who should read this summary?

  • CEO
  • Entrepreneur
  • Founders of start-ups

About The Author

Daniel Priestley is an entrepreneur, keynote speaker, and co-founder of Dent. This company offers coaching to those people who want to grow their business. Priestley and his team have developed ‘Dent Business Accelerators’ which is a program to increase the scale of their business. Along with this, he has also created ScoreApp, which is a marketing tool to generate maximum leads.

24 ASSETS – Create A Digital, Scalable, Valuable and Fun Business That Will Thrive in A Fast-Changing World
By -Daniel Priestley

Introduction

Some businesses become successful in every industry. They hire talented people, make excellent products, attract loyal customers and earn a lot of money. These businesses make their own identity in the crowd and grow as soon as possible with the help of their investors, partners and media.

But unfortunately many businesses never reach this level of success. Many entrepreneurs are not able to make any such valuable thing. They work hard, struggle, dream and make plans too, but all this does not yield any result.

The solution to this problem is 24 assets. These 24 assets are needed for any business to flourish. They are divided into 7 categories: Intellectual Property, Brand, Market, Product, System, Culture and Funding Assets.

You will learn about all these in this summary. Find the assets that are missing in your business and discover where you need to improve.

By following them, you can build a company that will grow bigger in the future, solve big problems, create thousands of jobs and generate millions of dollars in revenue. With these 24 assets, you can become successful and make a big impact.

Intellectual Property Assets

Nowadays the fastest growing businesses are based on intellectual property assets. These are the ideas that are developed in business and are legally protected, such as pictures, text, audio and video files, code and algorithms.

Mark Zuckerberg, because of his idea of ​​how people can communicate online, at the age of just 30, made his place among the top 10 richest people in the world. All their assets are intangible: such as user data, algorithms, trademarks and other digital assets that combine to form Facebook.

These intellectual property assets are valuable because they drive the unique pattern of your business. If one of your employees copies and pastes these assets, that means he can steal your entire business. These assets are very scalable due to the nature of the digital universe.

Everyone has a lot of intellectual property. We all have our own unique perspective, exciting stories and a unique journey of our own. These can be transformed into these intellectual assets: such as – content, methodology and registered IP.

Content such as text, images and videos are the king of the digital world in today’s date. Your content gives you a unique fingerprints and tells people about your business.

It gives you a chance to think clearly. While making videos or writing articles, you focus on what you want to share and what you want your audience to think about you.

Content is easily scalable. Until a few years ago, if you wanted to get a book published, you had to find a publisher who could distribute it. If you had to record a video, you had to contract with the TV station. But today you can upload anything for global audience in few minutes and that too for free.

In today’s date, producing anything has become absolutely free. All you need is a phone and you can become a writer, photographer, video editor or any type of creator. It is not long ago when only big businesses could dare to produce content because then it used to be very expensive. Read More: Gadar 2 box office collection day 20: The Sunny Deol-Ameesha Patel film grosses Rs. 8.8 crore on Raksha Bandhan

As you keep creating content, a methodology develops. Methodology in business is a way to get the result you want to get. Like, Google’s ‘search’ algorithm is a methodology which is used by crores of people daily. People use its methodology by going to Google to search data. They don’t know how it works but as long as they are getting the desired result, that much is enough for them.

Having a good methodology gives your audience a chance to connect with your business. Your methodology can be made a poster using graph, image, algorithm, where people can know how it works and they can repeat it. Sometimes your methodology can also be developed into software that replicates it automatically.

Before you can use your intellectual property as a business asset, you must protect it legally. Your intellectual property should be registered in your name in the court. This includes registering your business name as a trademark, which has received recognition from the government.

This also includes registering URLs and social media profiles. Even if your business is not using social media right now, you should create a basic profile for your business so that no one else can copy you. You can decide to use them later.

The last way to create an intellectual asset is to register an IP or an intellectual property. In this, you will have to partner with a third party company, which will help you to track and keep it safe. At the advanced stage, you will have to file a patent for this and register the name, slogan and design produced by you as trademarks.

Today’s fastest growing businesses are based on ideas that are legally developed and protected. These businesses scale rapidly due to the low cost of growing their intellectual property assets.

The most popular brand of any market charges almost 6 to 7 times more price than the second best popular brand of the market for the same product or service. Having a good brand will increase the value of your assets as customers always look at why you are popular, why people like your product and why people trust your product. For this quality of being trustworthy, they happily get ready to pay more money. A good brand also helps you to grow because it shows that you are a professional and have fully entered the market to do business.

Thanks to the internet, because of which we have access to the global market. This means that you can choose the product you want. Although many fake sellers are also present in every industry. Today, trusting a brand has become more valuable than ever.

A Swiss Army Knife sells for around $50 while a pocket knife of the same function and quality will be available for $10. Calvin Klein’s underwear is available for $ 25, while the same product without any brand can be found for $ 5. You will get Apple’s iPad for $ 400, while an android tablet with better performance will be available for only $ 80.

To build a trustworthy brand, you have to focus on your philosophy, identity, and brand ambassador.

Every great brand is based on a great philosophy. This philosophy is the vision and value of the company which sets its priorities and helps in taking the right decisions.

Microsoft’s vision was that every office and every home in the world should have a PC. For its initial 25 years, every decision was taken to make that vision a reality. That goal, when combined with Great Employees, made Microsoft the most unique company in the world.

Companies built with values ​​and goals in mind produce the best employees, the most loyal customers, and the least bad decisions. With this people can see what you will become as a brand. If he likes your philosophy, he will help you reach there too.

The identity of the brand means how it looks, hears and feels in the mind of the customers. If your brand continues to behave in a way that customers like, then they will trust you and will continue to support you.

Brand ambassador is the face of your brand. Your customers start associating the reputation, fame and liked quality of this ambassador with your brand.

In 1976, Nestlé corporation launched a new product called Nespresso, which was a coffee machine for office use. The division gradually grew over the years, instructing its sales agents to demo one customer at a time.

In 2005, the CEO of the company thought why not give it a brand ambassador so that their product can go to the global market and attract premium customers. They wanted to market Nespresso as a stylish home machine that was simpler to use than boring and complicated office machines.

For this, Nestle made American actor George Clooney the face of its brand. He is an attractive and trustworthy man who lives by the lakeside in Italy, after which many people started buying Nespresso saying that they have the same coffee machine that is in George Clooney’s house. Thus, it became a leading brand in less than 10 years.

Having control over the market is a great asset for the business. The only problem is that the market you are imagining is slightly different from the real one. The market is that which the seller sees as customers. If you sell seeds, you will imagine a market full of farmers.

Customers do not consider themselves a part of the market. They are such people who want to buy the goods of their need. All they have to do is buy from a brand they like and trust.

The companies that control the market do not see the market as full of customers who want to buy something. They know that their customers have unique wants or needs, so they try to meet their needs perfectly.

Controlling the market gives you the opportunity to communicate, sell and spread your idea to the right people instantly and that too at a lower price than your competitors. Positioning, channels and data are the assets that you need to control the market.

Positioning is your action that influences the awareness of customers about your and your competitors’ brands. Your goal is to create a unique, clear and strong position in the minds of your customers.

Your position in the market is based on 5 important questions that customers ask before buying any product :: Who has the best quality product? Which brand is the most affordable or cheapest? Who is closest to the customers or has the fastest delivery? Who is most reliable? Who has the best customer service?

Channel means how you deliver your products and services to reach the customers.
Michelle Mon is the owner of Ultimo. It is a lingerie brand which she started from zero. She created the push-up bra and wanted every woman to have one. First Michel found out who is controlling the market. She then moved from her small town to central London to display her products at the large department store Selfridges.

Michelle managed to get a contract at Selfridge’s and thought of a way to market her push-up bra. They used a publicity stunt in which they portrayed men posing as cosmetic surgeons on strike in front of Selfridge’s, complaining that Michelle’s product left them jobless because women were not allowed push-up bras. After wearing Ultimo there will be no need to go to these surgeons.

This controversial marketing campaign was widely discussed in national newspapers and magazines where everyone was talking about this bold claim of Michel. Due to this Ultimo got a lot of publicity and lakhs of women also liked this product very much.

A few years later, Michelle got free publicity worth $1 billion and millions of followers on social media. Through these channels, more people came to know about these products and Michel launched more of his products and services without any help or permission.

The final asset you need to control the market is data. This is a key point to build relationships with people. With a strong data collection system, you can build a personal relationship with millions of your customers.

Now take the example of British Airways. A passenger named Daniel was looking out the window of the plane waiting for take-off when a cheerful flight steward came up to him and said, “Hello, Mr. Daniel. Thank you again for traveling with us. Would you like to have an aisle seat as usual?”

Daniel was very surprised to hear this question. When he checked-in, all the aisle seats were occupied and now that the aisle seat was empty, the flight steward already knew about his choice. More than 50 million passengers travel on British Airways a year, so how do they know where a person wants to sit?

It was later revealed that they have a software called “know me” which is a data collection system designed to reflect the likes and needs of frequently traveling customers. The more you travel with British Airways, the more they will know about you and the more they will try to make the service special and personal for you. This is a very intelligent approach to keep your old customers loyal and attract new ones.

That’s why you have to create a strong position in the mind of your customers, organize fast channels for distribution and use customer data to improve your system. This thing will make you the first choice of customers in the market.

For people a product means any physical item that comes with packaging like a phone inside a box. This definition ignores the value of the product. A product is more than just physical components. It’s a replaceable and consistent way of giving customers exactly what they want.

Many people will not understand why an Hermes handbag costs $10,000 more than a Louis Vuitton bag. If we talk about production, quality and design then for most people there is no difference between these two brands. But Hermes bags are more expensive and prestigious. Socialites use Hermes bags to show off in front of their friends.

That is, a large part of the value of the product comes from its non-physical elements, which are: the identity of the brand, the rarity of the product, the reaction of people to it and the social status that the product gives.

You have to follow some rules to create a successful product. It is also important to name your product. Such as Air Jordan, iPad and X5. These are all unique names that reflect the elements of the product.

A product is a complex package of many smaller products. Many suppliers work together only then your product gets made. A complex package reflects the value of your product. There are more than 2500 parts in a Porsche car, which are provided by different suppliers. All of them are packaged together to make an elegant car.

Even if a product is non-physical, if it can be reproduced and duplicated, then it becomes a product. Same direction, story and delivery are followed every time in Romeo and Juliet play. You will get the same experience of this play in New York, London or Sydney. Of course its cast may change but the product is almost the same everywhere.

When you display the physical and non-physical elements of a product on a web page, you will get a document that defines that product. Every product should have a web page that explains its value.

Now just one product is not enough to make the business successful. You should have a product ecosystem with a free, affordable and core product, each of which is built for a specific purpose.

First type of product is gift. You give it to the customers for free. This simple product does not take much energy or time to create. You can make some such gifts like podcasts, videos and presentations which are especially digital. Their aim is to tell new customers the value of your paid products.

The second type is product-for-prospects or P4P. These are the first products that your customers can think of buying after receiving a gift from you. After getting their attention by offering a free product, P4P guarantees that your customers will pay for more valuable services. There can be P4P books, there can be webinars, there can also be consultations or workshops.

The third type is the core product. This is your main source of revenue. The core product should solve the problem of the customers or fulfill their need. You have to be fully committed to deliver the purpose of the core product.

The fourth type is products-for-clients or P4C. These are unique services for your loyal fans who are ready to pay extra to enjoy more benefits. For example, a car company sells cars as its core product. It may also provide car insurance and maintenance services as a P4C.

Your business will be profitable only when you have products in every category. In this way, you can give free product to prospects to attract their attention, you can give P4P to win their trust, you can give core product to create revenue and you can give P4C to make your customers loyal fans.

A system means a set of simple, repeated steps that consistently produce the same results. Successful businesses usually do not face any wasteful problems because if there is a system which is giving them results, they copy that system again and again.

A system can be in the form of an operations manual, a spreadsheet or a to-do list that simplifies big tasks into smaller ones.

A system can be a video that trains your employees, an animation that explains complicated ideas, or documents that help your customers solve common problems on their own. It can also be in the form of an automatic software.

Amazon is an example of a business that has automated most of its systems and the need for humans to maintain them is minimal. One-click payment, product recommendation and Alexa are all systems that have made Jeff Bezos one of the richest people in the world.

Amazon has the fastest delivery system due to which it is the first choice of most of the people. Good luck with their automated warehouse where robots move products from here to there and orders always reach people within 24 hours.

Automating your system end to end is very difficult and expensive. Therefore, its solution is that you use technology for complicated tasks and hire people for the rest of the work. That way you have a powerful yet affordable combination.

You will need a strong system to boost your leads, sales and referrals. You must focus on three areas –

First is marketing and sales system. It can be based on Facebook ad, Google ad or SEO content. You have to keep images, videos, marketing copy and targeting criteria. When leads keep coming, it means you have a good lead generation system.

Marketing and sales systems do not mean just getting people’s attention. You also have to motivate them to buy your product. Your system should be such that it guides prospective clients to salesmen.

After the sale, your system should make customers feel great about their purchase. For this, you can set-up something that email or video can be sent to the customers. Finally, if your sales keep decreasing, then do not forget to review your system.

The second area of ​​focus is the management and administration system. It is useless to spend energy and time in repetitive tasks. Management and administrative systems record past events, predict future problems, and make decisions easier in the present.

Dashboard is such a useful tool that informs the team about the performance of the business. For this, you can choose some metrics like collected payment, cash kept in the bank, monthly users or per employee revenue and keep them in the display. This way everyone can work to increase them.

Software like Asana, Trello, Dropbox, Zoom, Skype, Office 360 ​​and Google Docs are free management and administrative systems that you can use. You must also have a document that can explain how these tools can fit into your business. Keep it clear and simple so that new employees can also read this document. Install these apps and start your work easily.

The third area is the operations system. It refers to the process that helps to deliver your products or services safely and on time as promised. You have to exceed customer expectations and deliver an experience of unmatched value, surprise and delight.

For example, Uber became a top leading transportation company without spending much money on advertising. That’s because Uber’s operation systems are completely different from others.

New users can book an Uber car in just a few clicks, which reaches them on time. The destination and price are already displayed in their system so you don’t have to ask the driver anything. Due to the reliability and comfort of Uber, early users also told their friends about Uber and soon millions of people joined it.

You can use direct mail, videos, apps or events, etc. to make your customers feel important. The point here is that you have to make every experience of your customer extraordinary.

The vision and values ​​of your business come in the culture. To grow your business, your culture should be documented and easily explained to new team members.

Attracting, retaining and developing highly skilled people without paying anything above average means you have a great business culture. No one will want to leave their high-paying job for a low-paying job in your business unless they agree with your values ​​and believe in your vision.

Culture assets include flexible hours, open team dynamics, flat structure and training or mentoring programs. These are the factors that will attract talented people to your company.

You have to document these cultural assets to enhance them. Its basics include organization chart, job description and workplace contract. It also helps you create videos to explain your values ​​and vision, performance reviews and bonus schemes.

As a small business, you will not be able to attract the most skilled people in the industry, so you will have to start with passionate young people and help them develop their skills. By documenting and formalizing your cultural assets, you will attract many applicants. You have to keep managing your expanding team. Here you will also have to improve other culture assets, such as team handbook, rewards structure, complaints policy, key performance indicators etc.

As your team grows, things will get more complex. Relationships will also be formed between team members in a group of 50 people. People will also have problems with each other. Your employees are also humans, so you have to hold regular meetings to remind them about the culture of your company. Those who do not want to follow him will have to be removed from the company. When your culture will be able to attract more skilled people than you, will be able to keep them connected with you and will be able to develop, then understand that you have become successful.

You will need four types of people in your team –
First type is Key-People of Influence. These are the leaders who solve problems, hire A players and grow the business. These people innovate, inspire people and also represent the brand.

A good example of this is Richard Branson, owner of the Virgin Group. He attracted top CEOs to lead a division of the Virgin Group and built the brand through his extraordinary personality and marketing ideas. Richard has also written best selling books, due to which many more clients and A players have also been attracted towards Virgin to work.

The second type of people you need in your team are sales and marketing people. These people attract customers, tell them about your product or service and convince them to buy your product, take testimonials from people and put money in your pocket.

There are two types of marketing people. Some are creative and like to work with images to attract the prospectus. The second type of people test new opportunities by working with data and statistics. You will need both types of people in your team.

Salesmen have also been divided into two types. One, hunters who follow aggressive and playful roles for sales. The second type of people are farmers who believe in building long term relationships with their clients. You will need hunters to attract new customers and farmers to maintain a deep relationship with loyal customers.

The third type is the people of management and administration. Skilled managers transform the vision of the company into easy steps that the employees can follow. Also, they do things like dividing responsibilities, writing reports and measuring performance.

Administrators take care of the financial affairs of the company. His job is to track the financial progress and be prepared for any problems in future cash flow.

The fourth type of people you need in your team are technical people. These are the people who make your product and deliver the services. They solve the problems of the customers. For example, people who use Google Maps will never meet their developers, but they will definitely judge Google on its basis. If there are no good technical people in Google, then the quality of their product will be bad and this will affect the image of the whole company.

Fundings are the way through which you can collect money to develop your business. If you have assets that can be liked by investors, then you will not have any problem in getting funding. When you buy a house, the bank asks for income documents and builder’s inspection form. If you have these documents, the bank will gladly give you a loan to buy a house. Same thing applies to your business assets like shares, contracts and factories. Investors would like to see their documents which can prove that your asset is valuable.

Most start-ups are unable to show proper documentation to investors and then wonder why they are not getting funding. He shows a business plan which he has written himself, shows a random valuation which he has done and he shows a power point presentation of his future plan.

To persuade investors, you must have these high quality funding assets –
First is a well written business plan. It defines where your business is going, what challenges it may face and the opportunities it will develop. To make your business plan, you have to hire a reliable firm. In this way it will be able to become professional. Big companies pay thousands of dollars to firms like Boston Consulting to make their business plans. It is not that they cannot do this work themselves, but investors get satisfied seeing the stamp of a well-known firm.

Next is your valuation. Some entrepreneurs look at it from future cash flows, such as sales price, strategic value, cost of setting up the company, etc. But the most accurate definition of valuation is the amount people are willing to pay for your business. You must show a valuation that was produced independently and explain how it was calculated.

The valuation report should also contain your projected financial figures as compared to your competitors. This is so that investors can know what will be the value of the company when they want to sell their shares in future.

The best way to know your valuation is to publicly list your business. In this way, the valuation of stocks will keep on happening every moment. Now since you are publicly listed, you will be able to achieve higher valuations than private companies as investors will consider you less risky and more reliable.

The last funding asset is risk mitigation. It covers these types of issues, such as employees leaving the job, leaders taking wrong decisions, frauds, disputes, problems like under-performance, hackers and lawsuits. These problems can be solved with the help of well made shareholder agreement, experienced board of directors, firm’s policy, guarantee, warranty and insurance.

Conclusion

Let us repeat the 24 assets that you have learned from this summary. You have to improve them to grow your business. With these 24 assets, your brand will be able to differentiate itself from its competitors and survive in this fast changing world.

Intellectual property assets include – content, methodology and registered intellectual property or IP.

Brand assets include philosophy, identity and brand ambassador.
Market assets include – Positioning, Channels and Data.
Product assets include gifts, products-for-prospects (P4P), core products and products for clients (P4C).

System assets include marketing and sales systems, management and administration systems, and operations systems.
Culture assets include important people of influence, sales and marketing people, management and administration people and technicians.

Funding assets include business plan, valuation, structure and risk mitigation.
In the last part of this summary, the author talks about “Asset Zero”. It means having a purpose that is bigger than yourself. This is such a purpose for which you work apart from increasing your business.

For example, Bill Gates has a foundation that focuses on education and fighting against disease. Elon Musk, Zeff Bezos and Richard Branson want to explore space.

Being asset zero takes you ahead because you have a bigger purpose than getting money, power, fame and influence. Why did you start your business? What is the thing that motivates you to wake up in the morning? What is it that motivates you to overcome even the toughest challenges? How would you like to be remembered after you leave this world?

This is your asset zero. Find it and do your best. The world needs more extraordinary entrepreneurs.

Jai Hind

Finally, if you have reached the end of this summary, then Congratulations, there are very few people who invest time on knowledge, otherwise you could have wasted time elsewhere. See you soon with a new summary

Jai Hind

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