Confused

[Louis Ang]

Hi I'm Confused as hell ,I'm currently Wrestling with the idea. So basically My Father Has a company that will be soon take over in the span of roughly 2 years later or more. Keep in Mind I'm still 16 But I feel that situations are Drier soon and I have to take over quick ,And the Business that He has is Foodware manufacturing (Spoons ,glasses ,cups) The thing we use to eat with. How do I Leverage the Business when I fully know that It has a Market cap And my biggest fear is We are being Dominated or out run by other competitors or that we ran out of business? Any Idea people? It would be very helpful ,thanks.

 

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[Kung Fu Steve]

Hi I'm Confused as hell ,I'm currently Wrestling with the idea. So basically My Father Has a company that will be soon take over in the span of roughly 2 years later or more.

To clarify: you are expected to take over the family business when you turn 18?

Keep in Mind I'm still 16 But I feel that situations are Drier soon and I have to take over quick

The best thing you can do at this moment is to educate yourself. Read every Fastlane book, read every marketing book, read every sales book, read every retail book -- everything you can get your hands on.

,And the Business that He has is Foodware manufacturing (Spoons ,glasses ,cups) The thing we use to eat with. How do I Leverage the Business when I fully know that It has a Market cap

The global kitchenware market size was estimated at USD 59.30 billion in 2019 and is expected to reach USD 62.01 billion in 2020.

A market cap? Is your family business currently doing approximately 62 billion dollars per year? ... If not, that's not something you need to worry about. You got a lot more forks to sell, my friend.

And my biggest fear is We are being Dominated or out run by other competitors or that we ran out of business? Any Idea people? It would be very helpful ,thanks.

No offense intended but your company probably isn't even considered competition by the behemoths in that industry.

P&G is probably the biggest conglomerate in that business... followed by Wal-Mart and Target (who I believe manufacture their own kitchenware)... and thousands of others...

The hard part is, you will always be beaten by these giants on price. It would be damn near impossible to try to beat that "competition" (I don't believe you ARE competition for them) by matching them in price.

(Side note: as I write this I realize this next part might be a little advanced but it might help more than one person who reads this)

A long time ago, a guy named Dan Kennedy taught me there is no strategic advantage to being the 2nd lowest-priced product in the market.

I didn't get it at the time but about 2 decades later I finally get it.

It means you should create superior quality products and charge superior prices.

The more you charge, the better quality products you can develop. The better quality your products, the more they sell themselves. Cutco is a perfect example. Everyone knows those knives are expensive, I've never heard of a single person EVER complain about a Cutco knife.

Anyways, before I get too far into the weeds, I'll just leave it at that. Better quality products is how you can compete in the shifting economy we'll experience over the next several years.

 

[missinfinity98]

The best thing you can do at this moment is to educate yourself. Read every Fastlane book, read every marketing book, read every sales book, read every retail book -- everything you can get your hands on.

Not every, don't advise him to go mad. But yes, I in his place would read a lot, and mindfully, to start to connect the dots and know what book I need to read next.


I am speaking from experience - I had a mental breakdown from over-education partly

 

[Kung Fu Steve]

Not every

Yes, every. In the categories of: "Fastlane book, read every marketing book, read every sales book, read every retail book"

don't advise him to go mad.

I try to refrain from that.

I am speaking from experience - I had a mental breakdown from over-education partly

I also try to refrain from projecting my challenges onto him. If *I* struggled with something, it doesn't mean HE would.

BUT, you're absolutely right -- giving advice on a forum to strangers without having a real conversation and asking real questions is damn near impossible to get perfect.

 

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[missinfinity98]

Yes, every. In the categories of: "Fastlane book, read every marketing book, read every sales book, read every retail book"



I try to refrain from that.



I also try to refrain from projecting my challenges onto him. If *I* struggled with something, it doesn't mean HE would.

BUT, you're absolutely right -- giving advice on a forum to strangers without having a real conversation and asking real questions is damn near impossible to get perfect.

I struggle with perfectionism, it is painful, don't mind me

Yes, every. In the categories of: "Fastlane book, read every marketing book, read every sales book, read every retail book"



I try to refrain from that.



I also try to refrain from projecting my challenges onto him. If *I* struggled with something, it doesn't mean HE would.

BUT, you're absolutely right -- giving advice on a forum to strangers without having a real conversation and asking real questions is damn near impossible to get perfect.

Thank you

 

[Kung Fu Steve]

I struggle with perfectionism, it is painful, don't mind me

Thank you

I struggle with perfectionism, it is painful, don't mind me

Thank you

Coaching you didn't ask for (feel free to ignore me ):

"In the PAST, I struggled with perfectionism."

"Now I ____(insert empowering belief and identity here)____."

In the past I struggled with the idea everything had to be perfect but now I believe...

...Done is better than perfect...

...perfectionism = poorhouse...

...my ideas will die on my lips if I don't put them out there...

...perfectionism is actually the lowest standard I could ever have in my life because you can't get to version 2.0 until you launch version 1.0 and perfectionism keeps me at 0...

Just some random ramblings...

 

[missinfinity98]

Coaching you didn't ask for (feel free to ignore me ):

"In the PAST, I struggled with perfectionism."

"Now I ____(insert empowering belief and identity here)____."

In the past I struggled with the idea everything had to be perfect but now I believe...

...Done is better than perfect...

...perfectionism = poorhouse...

...my ideas will die on my lips if I don't put them out there...

...perfectionism is actually the lowest standard I could ever have in my life because you can't get to version 2.0 until you launch version 1.0 and perfectionism keeps me at 0...

Just some random ramblings...

I love it, you're a sweetheart - now my turn - don't devalue yourself with "just some random ramblings" - or you were fishing...? No way, you couldn't ^^

Anyway @Louis Ang
go out there and figure it out - networking, therapy, just refining yourself, and finding a meaning in this will make it healthy for you, surround yourself with the right people.
I have friends who were in the same position as you and that was what helped them to successfully run businesses further. (one is a big hotel chain in Germany, other big bakery chain in Poland)

 

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[Louis Ang]

Yes, every. In the categories of: "Fastlane book, read every marketing book, read every sales book, read every retail book"



I try to refrain from that.



I also try to refrain from projecting my challenges onto him. If *I* struggled with something, it doesn't mean HE would.

BUT, you're absolutely right -- giving advice on a forum to strangers without having a real conversation and asking real questions is damn near impossible to get perfect.

I love it, you're a sweetheart - now my turn - don't devalue yourself with "just some random ramblings" - or you were fishing...? No way, you couldn't ^^

Anyway @Louis Ang
go out there and figure it out - networking, therapy, just refining yourself, and finding a meaning in this will make it healthy for you, surround yourself with the right people.
I have friends who were in the same position as you and that was what helped them to successfully run businesses further. (one is a big hotel chain in Germany, other big bakery chain in Poland)

My Goodness Thank you guys ! Wow and yeah I should really be wary of losing my mind ,But hey this is the journey I'm willing to part take at any cost.