Planning for 2024 and beyond, the biggest factor determining your success is where you invest your resources.  Most of us invest in doing more of the same thing, only better, faster, cheaper.  But that has diminishing returns, and for most of us will have low payoff.  Greater success comes from investing in future trends, breaking out of our Lock-in to the past and investing in something new.

Using Tesla and the auto industry as a case example, this podcast explains how Tesla became #1 in EVs, while the entire auto industry ignored the opportunity.  Traditional competitors didn’t want to explore new opportunities, while Elon Musk made huge commitments to EV technology. Now he is reaping the rewards, while other automakers have uncertain futures.  And, simultaneously, we explain how BYD has transformed itself in just 5 years into the second biggest powerhouse in autos, growing revenues 6-fold and selling more electric vehicles than Tesla.  You could be Tesla or BYD if you follow our guidelines for investing, and recognize that increasingly success requires using external funding.

Thinking Points:

• Are you so bound up in your old business you don’t even have ideas for how to transform into something with more growth and profits?
• Do your plans for 2024 and beyond revolve around improving what you’ve always done, or are you planning to move into new growth opportunities where trends are more favorable?
• Do you recognize trends, and investigate what opportunities they create?
• Have you put in place skills to raise money if you hit upon an idea with serious growth potential?