Today I had the opportunity to participate in the X-Factor workshop put on by the Entrepreneurs’ Organization. The workshop facilitator, Barrett Ersek, is a serial entrepreneur based in Philadelphia and is passionate about finding break through bottlenecks in industries to produce a 7 – 10x competitive advantage over competitors, hence the name X-Factor. Here are a few stream of consciousness takeaways from the event:
- “Business is innovation and marketing” – Peter Drucker
- Outback Steakhouse’s X-Factor was transforming manager tenure from 13 months to seven years by shortening hours and significantly increasing pay over time
- Blockbuster Video’s X-Factor was guaranteeing in-stock new releases and funding it through revenue sharing with the movie studios
- Hyundai’s X-Factor was taking back cars if a buyer lost his or her job, resulting in them being the only car company that increased sales in Q4 2008
- Amazon.com Kindle’s X-Factor was reducing distribution friction, book costs, and increasing profit margins
- The word impossible contains the exact letters for “I’m possible”
I enjoyed the workshop and would recommend going through it.