You may not think of Breaking Bad as the first place to go to learn about starting your company, but Rhondalynn Korolak has written a great article about the lessons you can glean from the popular series. She outlines nine startup issues and the subsequent startup lessons you should take away. Who would have thought that a show about a crystal meth chemist would have so much business moxie?
Breaking Bad – 9 Lessons That You Can Use To Grow Your Business
For those of you who haven’t seen it yet, the series is set in a post-GFC, recession ravaged America. The protagonist Walter White is an understated high-school chemistry professor who is forced to take on a second job at a car wash to make ends meet for his young family. After being diagnosed with lung cancer and realizing that he does not have enough health care to cover his treatment, he puts his expertise in chemistry to use and begins cooking the most pure crystal methamphetamine (meth) on the market. But as this career teacher quickly realizes, starting and learning to grow your business successfully, isn’t as easy as it looks.
But there’s more to Breaking Bad than exciting science, shocking drama and riveting character development – there’s plenty here for you to take and apply to grow your business. If you want to succeed as an entrepreneur and be even more profitable than you are right now, you should consider these practical lessons from Walter White at Heisenberg College.
1. Technical Expertise is Not Enough
When faced with insurmountable medical bills, Walt realizes that he is never going to make enough money working as an employee. Like so many other entrepreneurs, Walt is passionate about his technical skill (chemistry) and he starts a business that has the potential to maximize the return he can get from that expertise, albeit in this case, an illegal activity.
What he quickly discovers is that he knows nothing about actually running a business – inventory, distribution, marketing, collections etc. So he does what most entrepreneurs do – he wings it and finds out with disastrous consequences that he needs to educate himself quickly on how to operate a successful business and how to outsource the things that he does not have the skill or the time to do himself.
The Lesson: If you really want to grow your business, you need to invest in your development, put a good strategic plan in place, outsource tasks to others who can do them well and learn to manage your team members properly. Don’t expect success to be easy. Every business faces its own obstacles and challenges. Those who succeed, do so because of their ability to adapt quickly and take responsibility for their actions.
2. Establish a Premium Brand Then Establish a Premium Price
Walter White was a world class chemist and as a result, he consistently produced the highest quality crystal meth that you could buy. In fact, his trademark “blue sky” was widely recognized by both the Drug Enforcement Agency (DEA) and drug users as “the bomb”. Walter could easily have cut corners and produced a mediocre range of product that appealed to the mass market at a discount price, but he didn’t. His pride in his own expertise and his commitment to excellence meant that he owned the upper end of the market.
By creating unprecedented demand for his unique formulation, he could dictate the terms his product was sold under and the price consumers would have to pay. In Walter’s own words – “Corner the market, then raise the price,” White says. “Simple economics.”
The Lesson: If you insist on competing based on price, you are doomed to failure. Anyone can cook crystal meth (or make a mediocre version of the product/service that you are currently selling) but only one person can truly be the best in the world at creating the most pure version on the market. To grow your business and succeed, you must be willing to do what it takes to cure the #1 pain that your customer has with buying your product/service.
3. If You’re Good Enough, You Can Get Away With Murder
There is no denying the fact that Walter White was the best in the world at cooking crystal meth. This fact rendered him virtually