I was lucky enough to connect with Alan Sugar recently and interview him directly. Alan is best known for his consumer electronics company, Amstrad and being featured in the BBC series "The Apprentice." Alan became a billionaire in 2015 and his book is one that we have purchased copies of to give away as a gift at our investment mastermind and investor summits hosted by the Family Office Club.
Please review the interview answers below and if you get a chance to pick up a copy via the link provided here on the page we believe you will enjoy that as well.
1) What was the major turning point, point of increased momentum, or strategic choke point, that once you acquired or completed, made everything you were doing surge forward?
I always wanted to have something exclusive that no competitor had and the major tuning point was when I invested in machinery to make one of my innovations and that was a major turning point of being able to make a very high margins instead of hustling with lower margins to compete will competitors.
2) What is the most valuable strategy, worth far more than $1 million, that you wish someone provided you with early on that you can share here?
In my case it would be not to focus on me too products . Invent your own, understand what the end user wants and focus on mass market rather than niche.
3) What is the #1 most costly mistake you have made, seen many investors make, or business owners make that could be avoided?
My big mistake was not reinvesting our large profits into expanding our technical and research division resulting us losing the market due to our lack of technical understanding at the time.
Read Alan Sugar's highly reviewed autobiography on Amazon.
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