The Four-Step Formula for Entrepreneurs

November 13, 2017
Updated 8mo ago
Here at Cheddar we talk a lot about what makes a business succeed or fail. Business advisor Mark Goulston says he has a four-step formula for entrepreneurs to turn their business into a "Gotta have it." Cheddar Anchor Alyssa Smith talks with Goulston about this formula from Cheddar's studio at WeWork in Los Angeles. Goulston's formula includes these steps: "Whoa," "Wow," "Hmmm," and "Yes." Goulston says entrepreneurs such as Steve Jobs and Elon Musk share these qualities in creating Apple, and Tesla. The theory he says also applies to Apple's latest hit product iPhone X. Analysts expect iPhone X production to hit between 25 million and 27 million units this holiday quarter, and are on track to sell through about 22 million. Meanwhile, sales for the iPhone 8 are expected to fall. Goulston says his formula supports this because people don't remember "better than," but rather "different." The ability for iPhone X to stand apart in facial recognition and other innovative technology is why consumers can't resist, says Goulston.