Along with a raft of legislative change, the Australian Securities and Investments Commission (ASIC) has also introduced new licensing requirements for accountants who work with and advise Self Managed Superannuation Fund (SMSF) Trustees. Only approx. 10% of accountants have complied with these changes to date.
As such if you, as many, consider your accountant would be your 1st port of call for Financial Advice, they will likely advise you, they are unable to provide the information you require & should consult a qualified Financial Adviser / Planner.
This is general advice only and you should seek expert financial advice from a qualified financial adviser before acting on any of the information covered in these topics.
The top 5 things ‘Netflix’ can tell us about Disruption & Innovation
I was reading an article recently where ‘Marc Randolph’ the co-founder of ‘Netflix’ revealed the 5 core secrets to the success of their business.
To set the scene, in 2000 ‘Blockbuster Video’, a $6B company listed on the New York Stock Exchange, turned down an opportunity to invest in ‘Netflix’. 10 years later Blockbuster Video was bankrupt and Netflix is now ranked the 20th largest company on the S&P500 Index with a market capitalisation of $281B.
The top 5 secrets Mark exposed are:
- There are no bad ideas – eventually ‘Netflix’ was testing 2 or 3 new ideas per day.
- Be persistent.
- Constantly look at ways to disrupt your own business.
- Taking risks is a must.
- Look for ‘pain’ in businesses / industries – think of anything that frustrates you, then look at ways to solve it.
“The price of success is hard work, dedication to the job at hand, we have applied the best, and determination that whether we win or lose, we have applied the best of ourselves to the task at hand.” – Vince Lombardi.