The 22 Immutable Laws of Marketing, by Al Ries and Jack Trout - Animated Book Summary

Summary

This video explores 'The 22 Immutable Laws of Marketing' by Al Ries and Jack Trout, offering insights into brand success. It highlights the importance of being first in the consumer's mind, the power of category creation, and the significance of perception over product quality. The laws cover marketing strategies like focus, exclusivity, ladder positioning, and the inevitability of market duality. The video also addresses the risks of line extension, the necessity of sacrifice for focus, and the paradoxical benefits of admitting negatives. It concludes with the reality of failure, the deceptive nature of hype, the distinction between fads and trends, and the critical role of resources in marketing success.

Takeaways

• 🏆 The Law of Leadership: Being first in a category is crucial as it establishes the brand in the consumer's mind as the leader.
• 🏷️ The Law of the Category: Creating a new category where you can be the first can be a successful strategy if you can't lead in the existing one.
• 🤔 The Law of the Mind: Being first in the market doesn't guarantee success; it's more important to be first in the consumer's mind.
• 🔍 The Law of Perception: Marketing is about shaping perceptions rather than just the physical attributes of the product.
• 🎯 The Law of Focus: Owning a word or concept in the consumer's mind is a powerful marketing tool.
• 🚫 The Law of Exclusivity: Avoid using a word or concept in your marketing if it's already owned by a competitor.
• 🔑 The Law of the Ladder: Your marketing strategy should reflect your position in the market hierarchy.
• 🥇 The Law of Duality: Over time, markets often consolidate into a competition between two main players.
• 🔄 The Law of the Opposite: Being an effective second requires differentiating yourself from the market leader.
• 💡 The Law of Division: Categories evolve and split, creating new opportunities for brands to lead in the new segments.
• 🕰️ The Law of Perspective: Marketing effects are long-term, and short-term strategies should not compromise long-term success.
• 🔄 The Law of Line Extension: Extending a brand to new products can dilute its original identity and weaken its market position.
• ⚖️ The Law of Sacrifice: To gain market share, a company must be willing to make strategic sacrifices.
• 🔁 The Law of Attributes: Brands can position themselves against competitors by emphasizing opposite attributes.
• 🗣️ The Law of Candor: Admitting a negative can sometimes reinforce a positive perception in the consumer's mind.
• 🎯 The Law of Singularity: Focusing on one key marketing strategy can yield the most significant results.
• 🔮 The Law of Unpredictability: Flexibility is essential in marketing to adapt to unforeseen changes.
• 🏆 The Law of Success: Success can breed arrogance, which can lead to a loss of objectivity and ultimately failure.
• 📉 The Law of Failure: Failure is an inevitable part of marketing and should be accepted and learned from.
• 📣 The Law of Hype: Excessive media hype can be a sign of financial instability, and true success often operates under the radar.
• 🌊 The Law of Acceleration: Sustainable success is built on long-term trends rather than short-lived fads.
• 💰 The Law of Resources: Adequate funding is necessary to establish and maintain a brand in the market.

Q & A

What is the primary focus of 'The 22 Immutable Laws of Marketing'?

The book focuses on the fundamental principles that successful brands follow to achieve and maintain their market positions.

According to the Law of Leadership, why is it better to be first than to be better?

Being first in a category is almost always the first brand into the prospect's mind, which is more important than simply being a better product.

What does the Law of the Category suggest for brands that are not the first in their category?

The Law of the Category suggests that if a brand can't be first in an existing category, it should create a new category where it can be the first.

Why is it said that marketing is more about perceptions than products according to the Law of Perception?

Marketing is about how consumers perceive a product or brand, as their perceptions often dictate their purchasing decisions, not necessarily the actual product features.

What is the significance of owning a word in the prospect's mind as per the Law of Focus?

Owning a word in the prospect's mind means that the brand is strongly associated with a particular attribute or benefit, making it the go-to choice for that need.

Why is it important for a brand to be exclusive in its marketing according to the Law of Exclusivity?

The Law of Exclusivity emphasizes that two companies cannot own the same word or perception in the prospect's mind, so it's crucial to differentiate.

What does the Law of the Ladder imply about market positions and strategies?

The Law of the Ladder implies that a brand's strategy should be based on its position in the market hierarchy, with different approaches for leaders, followers, and niche players.

How does the Law of Duality describe the long-term market dynamics?

The Law of Duality suggests that over time, most markets become dominated by two major competitors, forming a two-horse race.

What is the strategic approach recommended by the Law of the Opposite for second-place brands?

The Law of the Opposite recommends that second-place brands should differentiate themselves from the market leader by being an alternative, not just a better version.

Why is it beneficial for a brand to admit a negative aspect as per the Law of Candor?

The Law of Candor suggests that by admitting a negative aspect, a brand can turn it into a positive by showing honesty and building trust with consumers.

What does the Law of Resources emphasize about the role of funding in marketing success?

The Law of Resources emphasizes that even the best ideas require adequate funding to be successful, as it takes money to establish and maintain a brand in the market.

Outlines

00:00

🏆 The Power of First Mover Advantage

This paragraph introduces the concept of marketing laws that can lead to brand success, focusing on 'The 22 Immutable Laws of Marketing' by Al Ries and Jack Trout. It emphasizes the Law of Leadership, stating that being the first in a category is crucial as it imprints the brand in the consumer's mind first, often leading to the brand becoming synonymous with the category itself, as seen with Hertz, Coke, Harvard University, and products like Kleenex and Band-Aid. It also touches on the Law of the Category, suggesting that if a brand cannot be first in an existing category, it should create a new one to lead.

05:01

🤔 The Importance of Being First in the Mind

The paragraph delves into the Law of the Mind, which posits that being first in the consumer's mind is more important than being first in the market. It uses the early personal computer market as an example, where Apple, despite not being the first to market, became the first in consumers' minds due to its memorable brand name. The Law of Perception is also discussed, highlighting that marketing battles are fought over perceptions, not products, with the difference in sales between Honda, Toyota, and Nissan in the U.S. and Japan as a case study.

10:04

🔑 The Key to Marketing Success: Focus and Exclusivity

This section discusses the Law of Focus, which suggests that owning a word in the consumer's mind is the most powerful marketing strategy. It provides examples of brands that have successfully done so, such as FedEx with 'overnight' and Coca-Cola with 'cola'. The Law of Exclusivity follows, stating that two companies cannot own the same word in the consumer's mind, and brands must avoid using words already claimed by competitors, as seen with Volvo's ownership of 'safety'.

15:09

📊 Market Dynamics: Positioning and Strategy

The paragraph explores the Law of the Ladder, which explains that marketing strategies should be based on a brand's position in the market hierarchy, using Avis' 'We try harder' campaign as an example. The Law of Duality is also covered, noting that markets often become dominated by two main competitors, as illustrated by the cola market's shift from three major brands to essentially a Coca-Cola and Pepsi duel. The Law of the Opposite is discussed, advising that being an alternative to the market leader is a winning strategy, as demonstrated by Scope's positioning against Listerine.

💡 Navigating Market Evolution and Consumer Behavior

This section covers the Law of Division, which states that over time, categories will split into multiple segments, providing new opportunities for brands to lead in these niches, using the evolution of the computer market as an example. The Law of Perspective is also discussed, emphasizing the long-term effects of marketing and the pitfalls of focusing solely on short-term gains, such as the negative long-term impact of frequent sales on customer behavior.

🛠️ The Pitfalls and Principles of Brand Extension

The paragraph discusses the Law of Line Extension, warning against the dilution of brand equity that can occur when a successful brand name is used for a new product. Examples include Tanqueray gin extending to vodka and Heinz ketchup to baby food. The Law of Sacrifice is also highlighted, suggesting that to gain market share, a company must be willing to give up something, as seen with Smucker’s focused success in the jam market compared to Kraft's diversified but less dominant position.

🔄 The Dynamics of Attributes and Market Positioning

This section examines the Law of Attributes, which states that for every positive attribute, there is an equally effective opposite, using Coca-Cola's 'Original' positioning versus Pepsi's 'New Generation' appeal as an example. The Law of Candor is also discussed, illustrating how admitting a negative can be turned into a positive in marketing, as Listerine did by embracing its 'medicine breath' to reinforce its effectiveness against Scope's 'good taste'.

🎯 The Strategic Approach to Marketing Success

The paragraph introduces the Law of Singularity, drawing a parallel to the Pareto principle and emphasizing that in any marketing situation, one key move can yield the majority of results. It advises focusing resources on this singular strategy. The Law of Unpredictability follows, stressing the importance of flexibility in marketing to combat the unpredictability of the future, advocating for a long-term direction over a rigid plan.

🏁 The Path to Sustainable Marketing Achievement

This section discusses the Law of Success, warning of the dangers of arrogance in marketing and the importance of maintaining objectivity and customer-centric thinking. The Law of Failure acknowledges that failure is an inevitable part of marketing and encourages taking calculated risks and learning from failures, using Sam Walton's 'ready, fire, aim' approach as an example. The Law of Hype is also covered, suggesting that excessive media hype can signal financial instability, contrasting the New Coke launch with its massive publicity and quick failure.

🌊 The Tide of Marketing Trends and Resources

The paragraph concludes with the Law of Acceleration, differentiating between fads and trends, advising marketers to focus on long-term trends for sustainable success. The Law of Resources is highlighted, emphasizing the necessity of adequate funding for any marketing idea to succeed, using the story of Apple's initial funding by Mike Markkula as an example. The video ends with a call to action for viewers to engage with the content and subscribe to the channel.

Keywords

💡Leadership

Leadership in the context of marketing refers to the position of being the first or most dominant brand in a particular category. It is crucial because the leading brand is often the first to come to mind for consumers. The video script emphasizes that being first in the prospect's mind is more important than being better, as seen with Hertz in rental cars, Coke in cola, and Harvard University in American colleges.

💡Category

A category in marketing is a group of products or services that are closely related and satisfy a similar consumer need. The script discusses the importance of being first in a category or creating a new one to dominate if you cannot be first in an existing one. Amelia Earhart is cited as an example of someone who became famous by being the first in a new category: the first woman to fly the Atlantic solo.

💡Mindshare

Mindshare refers to the share of a consumer's mind that a brand occupies. It is better to be first in the mind than to be first in the marketplace, as the script explains. Apple is used as an example of a brand that, despite not being the first personal computer to market, became the first in the consumer's mind due to its simple and memorable brand name.

💡Perception

Perception in marketing is about how consumers view and interpret a brand or product. The video script points out that marketing battles are fought over perceptions, not just the actual features of products. The discrepancy in sales between Honda, Toyota, and Nissan in the U.S. versus Japan illustrates how perceptions can vary by market and affect sales.

💡Focus

Focus in marketing means concentrating on a single word or concept that the brand will own in the consumer's mind. FedEx, Xerox, Hershey’s, and others are given as examples of brands that have successfully focused on a single word like 'overnight,' 'copier,' or 'chocolate bar,' respectively, to dominate their categories.

💡Exclusivity

Exclusivity in the context of the script refers to the idea that two companies cannot own the same word or concept in the consumer's mind. Once a brand has claimed a word, competitors should avoid using it to prevent reinforcing the leading brand, as seen with Volvo owning 'safety' and other automakers still advertising safety features.

💡Market Positioning

Market positioning is the strategy of how a brand is placed in the consumer's mind relative to competitors. Avis's 'We try harder' campaign is an example from the script where the company leveraged its number two position to create a unique position in the market, differentiating itself from market leader Hertz.

💡Duality

Duality in marketing suggests that over time, most markets become dominated by two main competitors. The cola market example in the script illustrates how Coca Cola and Pepsi emerged as the two major players, with Royal Crown's market share diminishing, reflecting the eventual two-horse race.

💡Line Extension

Line extension is the practice of using an existing brand name to launch a new product. The script warns that this can weaken the original brand's identity in the long term, even if it provides short-term revenue gains. Examples include Tanqueray gin extending to Tanqueray Vodka and 7-Up extending to 7-Up cherry.

💡Sacrifice

Sacrifice in marketing means giving up something to gain a competitive advantage. The script uses Smucker’s and Kraft to illustrate how focus on a single product category (jam for Smucker’s) can lead to a larger market share compared to a diversified company like Kraft, which has a smaller share in multiple categories.

💡Attributes

Attributes in marketing are the characteristics or qualities of a product or brand. The script explains that for every positive attribute, there is an effective opposite. Coca-Cola's positioning as the 'Original' and Pepsi's as the 'New Generation' cola demonstrate how brands can successfully position themselves against each other based on contrasting attributes.

Highlights

The Law of Leadership emphasizes the importance of being the first brand in a category as it is better to be first than to be better.

Successful brands like Hertz, Coke, and Harvard are examples of being the first in their categories, leading to their dominance.

Brands like Kleenex, Band-Aid, and Scotch Tape have become generic names in their categories due to being first in the prospect's mind.

The Law of the Category suggests creating a new category to lead if you can't be first in the existing one, as demonstrated by Amelia Earhart.

The Law of the Mind highlights the importance of being first in the consumer's mind rather than just in the market, as illustrated by Apple's success.

Marketing is about battling perceptions, not products, as shown by the different market perceptions of Honda between the U.S. and Japan.

The Law of Focus advocates owning a simple, benefit-oriented word in the prospect's mind, such as 'overnight' for FedEx and 'safety' for Volvo.

The Law of Exclusivity warns that two companies cannot own the same word in the prospect's mind, which can lead to marketing conflicts.

Avis' 'We try harder' campaign is an example of leveraging the Law of the Ladder by acknowledging its number 2 position and differentiating from Hertz.

The Law of Duality predicts that markets often become dominated by two major competitors, as seen in the cola market with Coca Cola and Pepsi.

The Law of the Opposite suggests positioning as an alternative to the market leader by being different, as Scope did with its 'good-tasting' mouthwash.

The Law of Division explains how categories evolve and split into new segments, providing opportunities for new leaders to emerge.

The Law of Perspective reminds us that marketing effects are long-term, and short-term gains can lead to long-term losses, as with limited-time sales.

The Law of Line Extension cautions against diluting a brand's equity through line extensions, which can weaken the original brand's identity.

The Law of Sacrifice states that to gain market share, companies must be willing to give up something, as Smucker's did by focusing solely on jam.

The Law of Attributes highlights the importance of identifying and positioning against the opposite of a competitor's attribute, as Pepsi did with 'New Generation'.

The Law of Candor shows that admitting a negative can lead to a positive perception, as Listerine did with its 'medicine breath' campaign.

The Law of Singularity suggests that in any marketing situation, one bold move can produce the majority of the results, aligning with the 80/20 rule.

The Law of Unpredictability emphasizes the need for flexibility in marketing strategies to combat the unpredictability of the future.

The Law of Success warns that arrogance from success can lead to failure, and marketers should remain objective and customer-focused.

The Law of Failure encourages marketers to expect and accept failures as part of the process, taking calculated risks and learning from them.

The Law of Hype suggests that a company seeking excessive media attention may indicate financial struggles, as seen with New Coke's launch.

The Law of Acceleration differentiates between fads and trends, advocating for building on trends for sustainable success.

The Law of Resources underlines the necessity of adequate funding for a marketing idea to succeed, as demonstrated by Apple's early days.

Transcripts

Let me ask you a question:

Do you ever wonder how successful brands achieve their success

or how they maintain their positions in the market once they become successful?

Could it be that there are marketing laws out there that create massive success for

the brands that obey them?

The answer is YES.

So, Stay Tuned!

Because we are about to discuss these laws in the timeless marketing classic:

The 22 Immutable Laws of Marketing by Al Ries and Jack Trout.

Let’s get right into it.

Law No. 1: The Law of Leadership

It’s better to be first than it is to be better.

The leading brand in a category is almost always the first brand into the prospect’s

mind.

So, let’s talk about some categories and their leaders.

What about rental cars?

Well, that’s Hertz.

What about cola?

That’s Coke.

What’s the leading American college?

Harvard University.

All these leaders were also first in their respective categories.

Being first into the prospect’s mind can even lead to your product’s brand name becoming

the generic name in the category.

Some examples of this phenomenon include Kleenex, Band-Aid or Scotch Tape.

Law No. 2: The Law of the Category

If you can’t be first in a category, set up a new category that you can be first in.

Many people know that Charles Lindbergh was the first person to fly across the Atlantic

Ocean by himself.

Bert Hinkler was second, and almost nobody remembers him.

However, everyone remembers the third person to fly the Atlantic Ocean solo: That’s Amelia

Earhart.

She’s famous because she found a new category to be first in: she was the first woman to

fly the Atlantic Ocean solo.

Law No. 3: The Law of the Mind

It’s better to be first in the mind than to be first in the marketplace.

In the early days of personal computers, there were 5 real competitors:

The MITS Altair 8800 The Apple II

the Commodore Pet, the IMSAI 8080, and

the Radio Shack TRS-80.

The first of these to market was the MITS, introduced in 1974.

Apple didn’t introduce the Apple II until 1976, two years after the MITS.

Which name do you think got into the mind of the consumer first?

That’s right, the simple, easy-to-remember brand name that changed the world: Apple.

Law No. 4: The Law of Perception

Marketing is not a battle of products, it’s a battle of perceptions.

For example, at the time this book was written, Honda, Toyota, and Nissan were the top three

best-selling Japanese imported automobiles in America.

At the same time, in Japan, Toyota was the best-selling brand, followed by Nissan, and

then Honda.

This begs the question: If the cars were pretty much exactly the same, why the discrepancy

between sales in the two countries?

It’s because Honda got into the mind of the Japanese consumer as a manufacturer of

motorcycles, not cars, and most people don’t want to buy a car from a motorcycle company.

Law No. 5: The Law of Focus

The most powerful concept in marketing is owning a word in the prospect’s mind.

Let’s talk about several brands you know and the words they own.

Fed Ex owns the word “overnight.”

Xerox owns the word “copier”

Hershey’s owns the word “chocolate bar”

Coca Cola owns the word “cola”

Volvo owns the word “safety”

BMW owns the word “driving”

The most effective words are simple and benefit oriented.

Once you decide on a word that will define your brand, narrow your focus and own that

word in the marketplace.

Law No. 6: The Law of Exclusivity

Two companies cannot own the same word in the prospect’s mind.

Once a competitor owns a word, you need to avoid using that word in your marketing campaigns.

For example, Volvo owns the word “safety,” yet automakers like GM and Mercedes continue

to make advertisements that focus on the safety of their vehicles.

Advertisements like this make customers think about safety, which makes them want to go

buy a Volvo.

Law No. 7: The Law of the Ladder

The strategy you use depends on which rung you occupy on the ladder.

Avis executed perfectly when it ran an advertisement acknowledging its number 2 position on the

ladder.

The advertisement went like this:

“Avis is only No. 2 in rent-a-cars, so why go with us?

Well, we try harder.

When you’re not the biggest, you have to”

This message perfectly related Avis to Hertz within in the mind of the consumer and gave

Avis an unshakable position on the rent-a-car ladder.

Law No. 8: The Law of Duality

In the long run, every market becomes a two-horse race.

In 1969 there were three major brands of cola:

Coca Cola, which held 60% of the market Pepsi, which held 25% of the market

And Royal Crown, which held 6% of the market

In the 1990s, Coke held 45% of the market Pepsi held 40% of the market

And Royal Crown held only 3% of the market.

Law No. 9: The Law of the Opposite

If you’re shooting for second place, your strategy is determined by the leader.

The key here is not to be better than the leader.

The key is to be different, to be an alternative.

Scope presented itself as the good-tasting mouthwash by hanging the “medicine breath”

label on Listerine.

In so doing, Scope perfectly attacked the leader’s weakness and became the alternative

for prospects that didn’t like the burning, medicine flavor of Listerine.

This strategy quickly carried Scope to the number 2 position in the mouthwash category.

Law No. 10: The Law of Division

Over time, a category will divide and become two or more categories.

Take computers for example.

Over time, the category split into other segments, like mainframes and mini computers and then

mini computers split into personal computers and laptops.

Then, it split again into smart phones and tablets.

Each segment of a category is a separate and distinct entity, and each segment is thus

an opportunity for a brand to become the leader.

Law No. 11: The Law of Perspective

Marketing effects take place over an extended period of time.

Companies and people often forget the old adage: short term loss for long term gain.

Let’s use a limited-time sale to illustrate this law.

In the short term, a sale will get consumers in the store and increase revenue.

However, these limited-time sales often decrease business in the long term because they teach

customers not to buy the stuff at regular prices.

After all, why would I buy at the full price if there’s going to be a sale later on this

year?

Law No. 12: The Law of Line Extension

There’s an irresistible pressure to extend the equity of the brand.

A line extension typically involves taking the brand name of a successful, established

product and using that name on a new product.

When a company does this, it ultimately weakens the long-term stability of the established

brand for a short-term increase in revenue from the new product.

Here are some examples of established brands and their line extensions:

Tanqueray gin and Tanqueray Vodka 7-Up and 7-Up cherry

Heinz ketchup and Heinz baby food

Law No. 13: The Law of Sacrifice

You have to give up something in order to get something.

Take Smucker’s jam for example.

Smucker’s is a jam company.

Kraft, on the other hand, is an everything company.

At the time the authors wrote this book, Smucker’s had 35% of the jam market, and Kraft had 9%.

Hellmann’s is focused on mayonnaise, just like Smucker’s is focused on jam.

Is it any surprise then that Hellmann’s had 42% of the mayonnaise market, while Kraft

had only 18%.

Law No. 14: The Law of Attributes

For every attribute, there is an opposite, effective attribute.

For example, Coca-Cola positioned itself as the Original and the “real thing,” and

so it was the choice of the older generation.

Pepsi noticed this, and then successfully positioned itself as the cola for a New Generation.

Law No. 15: The Law of Candor

When you admit a negative, the prospect will give you a positive.

For example, Scope mouthwash marketed itself as the “good-tasting” mouthwash, exploiting

Listerine’s unpleasant taste.

In response, Listerine brilliantly invoked the Law of Candor with this message: “The

taste you hate twice a day.”

In judo fashion, Listerine used a negative, it’s not so pleasant taste, to reinforce

the idea that something that tastes like disinfectant must indeed destroy germs and freshen breath.

Law No. 16: The Law of Singularity

In each situation, only one move will produce substantial results.

This law is related to the Pareto principle or the 80/20 rule, which states that 80% of

results come from 20% of causes.

In any given situation, there is one marketing move that will produce substantial results.

Thus, rather than spreading a company’s resources over a multitude of marketing strategies,

the skilled marketer will study the marketplace and implement the one bold strategy that will

produce the greatest reward.

Law No. 17: The Law of Unpredictability

You Can’t Predict the Future.

Flexibility is the best way to fight unpredictability.

A company may increase its flexibility by focusing on a long-term direction rather than

a long-term plan.

A long-term plan contains assumptions about the future, while a long-term direction assumes

change and volatility.

A long-term plan is rigid, while a long-term direction is flexible.

Law No. 18: The Law of Success

Success often leads to arrogance, and arrogance leads to failure.

The key point here is that ego is the enemy of successful marketing.

As companies achieve success, they often become arrogant and lose the objectivity that made

them successful in the first place.

The best marketers don’t let their own views and biases infect their marketing campaigns.

They remain objective and think like the customer thinks.

The best marketers put themselves into the customer’s shoes and see the world as the

customer sees it.

Law No. 19: The Law of Failure

Failure is to be expected and accepted.

Failures are inevitable, but that doesn’t mean a marketer shouldn’t take risks.

Instead, the key is to take calculated risks, expect some failures, and recognize the failures

as early as possible.

Sam Walton, the founder of Wal-Mart, was a marketing genius who used what he called the

“ready, fire, aim” approach to marketing.

Unlike other big companies that punished any form of failure, Wal-Mart rewarded creativity

and encouraged risk taking and marketing experiments.

Law No. 20: The Law of Hype

A company’s financial situation is often the opposite of the way it appears in the

press.

When things are going well for a company, it doesn’t need the spotlight or hyped-up

press conferences.

In fact, if a company is seeking to maximize hype, this likely indicates that the company

is in financial trouble.

For example, Coca Cola spent hundreds of millions of dollars to launch New Coke in the 1980s.

New Coke received more hype than any soft drink in history, with over a billion dollars

in free publicity.

The brand was a miserable failure, and Coke brought back the Original formula within just

a few short months.

Law No. 21: The Law of Acceleration

Successful programs are not built on fads, they’re built on trends.

A fad is like a wave in the ocean.

It’s very visible, but it’s also volatile, and it swings up and down.

A trend, on the other hand, is like the tide in the ocean.

It’s nearly invisible at any one moment, but it has a very powerful effect over time.

Fads get lots of attention, while trends are rarely talked about.

Fads make a burst of money in the short-term, while trends make sustainable, long term money.

Law No. 22: The Law of Resources

Without adequate funding, an idea won’t get off the ground.

It takes money to get a brand into the mind of the consumer, and it takes money to keep

it there.

A mediocre idea with a million dollars to back it up has a greater chance of success

than a fantastic idea with no financial backing.

For example, Steve Jobs and Steve Wozniak had a great idea with Apple, but it was Mike

Markkula’s $91,000 that put the company on the map.

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