Focus On Customers Not Competitors

0:00I lost $35 million. I had a competitor come out and make a new offering and I thought I had to change my business in response to that. And so what I did was I added more services to my main service [music] and I decreased my cost and nothing happened. The same amount of customers stayed, they just paid less and I took all of that off of my profit. When I sold my company for $46.2 million a few years later, I never had recovered that profit that I lost and the difference was $35 million. All because I was thinking about my competitors more than my customers. [music] Losers focus on winners, winners focus on winning.