Alan Payne is the Author of Build to Fail the story of Blockbusters Bust and These are His Top Tips for Business Owners | Ep. 154 | Business Podcast
Summary
Alan Payne started his career working at a grocery store.
In episode #91 he explains how he managed to start a chain of Blockbuster stores that became the most profitable across all franchises in the U.S.
In this episode he shares his top tips for fellow business owners.
Alan is the author of an Amazon best selling book
Built to Fail. The Inside Story of Blockbuster’s Inevitable Bust
that you will want to buy after listening to episode #91 where he shared his whole story.
Get the book here >>>
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Brandon:
Hello Friends. Welcome to the show. Today we’re doing a recap of our episode number 91 where we talked with author and entrepreneur Alan Payne who wrote a book called built to fail and it was all about the blockbuster experience.
Allen ran a number of franchises of blockbuster stores. He talks about it in our episode #91 and lays out even how he got there, which ironically or weirdly was from a grocery store company in texas that wanted to own a video business.
And from there he got into owning blockbuster chains and he ran a number of the most profitable chains in the entire blockbuster portfolio.
And we talked all about it.
You’ll love that episode and in this episode he drops his three H. Pts high percentage tips that you’ll love and can save your business from failing.
Here we go, Welcome to build the business success secrets.
The only podcast that provides straight talk for entrepreneurs, whether you’re an entrepreneur, starting with an idea or growing your business.
This show is for you.
We’ll teach you how to build a strong mindset, powerful body and profitable business so you can achieve success and here’s your host Brandon C White, if you were to say three piece of as a pieces of advice for an entrepreneur out there, what what would you give them?
Alan:
Well, I think the first one is you play off what we’ve been talking about a lot the early success does not ensure sustained success.
Alan:
There’s and what I learned through this whole process is there’s a lot of people when I say I’m not entrepreneur, I’m not the kind of person that’s going to go mortgage my house to start a business because I think I’ve got the secret sauce, you know, I’m not gonna, I’m not, I’m not the kind of person that does that, but a lot of people are and, and I’m not sure that those are the kind of people that can transition a business into a great operating business.
Alan:
Wayne housing.
Alan:
It was one of the great entrepreneurs of all time, but he had very, very little interest in the inner workings of a blockbuster store.
Alan:
So for anybody that studying the story of blockbuster, that’s the first lesson, I mean, as great as Wayne, hi zinger was, he didn’t have a clue what was going on a blockbuster store other than it made a lot of money, he really didn’t, and he put people around him that didn’t understand it very well either.
Brandon:
He tried to offset that, that lack of knowledge with bringing in retail people, but he didn’t give them the real authority to establish the culture in the company, I don’t think, and I think the evidence proves it, there’s a lot of examples of founders that were great operators, but if you’re a founder and you’re not a great operator, find one, because if you don’t, bad things are gonna happen.
Brandon:
I think that the next thing is, and I’ve always thought this from going back to my grocery days no more about your competition than they don’t know more.
Brandon:
I know about you.
Brandon:
And by doing that, you’ll know your business better than anybody.
Brandon:
If you allow a competitor ever to know more about you than you know about them, then you’re in trouble.
Brandon:
I just, I think that’s a very simple rule to follow and last measure what matters and then kind of an inside definition of that is you got to know what matters, figure out what matters and then measure it relentlessly and make sure that you never deviate that from that.
Brandon:
And we did that in our company.
Brandon:
And it was difficult at times because blockbusters management information systems were so elementary that we had to come up with ways to get information that they didn’t have readily available to us.
Brandon:
So most businesses, there’s not that many things that are really, really important, but whatever they are, I mean zero in on and make sure everybody organization understands what they are.
Brandon:
I think those are some great pieces of ice.
Brandon:
Thanks for being generous with your time and joining us for this episode of build a business success secrets before we go.
Brandon:
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Brandon:
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Brandon:
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Brandon:
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