[Episode notes of One-Man Business Strategies Ep05]
Business lesson from the Business giant: Nintendo
Before Nintendo put their focus on games. They actually started several business ventures like:
Playing cards
Taxi Services
Love hotel
Instant Rice
Wireless Vacuum Cleaner
Toys
And every one of them failed.
Watch the video to see photos of all the things they did!
Only after they come in contact with video games in 1972, they decided to go full force on it. And become who they are today with more than 200 millions of sales in USD.
1st Lesson:
It is ok to be confused. Chris once told his mentee this. Because being confused means you know you want to get to somewhere, you are just lacking of the know-how.
2nd lesson:
You just need 1 success. Most people expect to see success the minute they start something new. But they just give up when they met with difficulties, and go back to their normal lives. But the fact is we only need 1 success to take ourselves to the next level. So we have to keep trying, keep finding way to do it. Eventually you will find the 1 success you need.
After Playstation came out in 1994. Nintendo has been losing to playstation year after year.
But Nintendo started to catch up again in 2005 because of 2 things.
1. Focus on ideology, not technology.
After playstation came out, all the game production companies went focusing on high graphics, sound effects. But Nintendo decided to focus on their ideology, which is to make games fun.
2. Turn more people into customers, not fighting for existing customer.
Nintendo realise that it’s always the same people who are buying games. So they started to think of ways to capture people who are currently not playing games. And their first target is the elderlies.
And they produce a game called “Brain Age”, and it sold for more than 2 million copies in Japan alone as of jun 2006.
This success helped Nintendo to grow the sales of their Nintendo DS from 2 million in 2006 Q1, to 8 million in 2006 Q4.
And from then on, Nintendo’s new consoles (Wii, 3DS, Switch) all have far better sales compared to Sony and Microsoft.
3rd Lesson:
Win the competition by moving away from it. Most people fight back when they face a competition. But most of the time, moving away from the competition might be a smarter choice to make and win.
Watch the replay at:
https://www.facebook.com/groups/nlallstars/permalink/992817221155142/