When Quitting Is Success And Not Failure | Ep. 009

09/24/18 • 9 min

GlobalTQM | Sourcing and Manufacturing product in China for all entrepreneurs by David Hoffmann

When you've put 6-months and thousands of dollars into a business idea and ultimately have to give it up...

Have you failed?

This kind of situation is something all CEOs face at one point or another.

And if it hasn't happened to you yet, IT WILL.

In this episode of the podcast, David Hoffmann teaches you how to think through these decisions.

And avoid situations that can leave you worse off than when you started.

You'll discover:

If you follow the process you'll always win, right? WRONG!
What to do when you just can't get the numbers to work.
The right questions to ask to figure out what the hell went wrong.
When to decide, "it's time to quit."
How to think like a real CEO.

Helpful Resources

For a full transcript of this interview, visit our blog.
Get a free copy of our book, China Sourcing For Startups.
Book A free 15-minute consultation with our team.

Subscribe To The Show On Your Favorite Podcast App

Follow Us On Social Media

When you've put 6-months and thousands of dollars into a business idea and ultimately have to give it up...

Have you failed?

This kind of situation is something all CEOs face at one point or another.

And if it hasn't happened to you yet, IT WILL.

In this episode of the podcast, David Hoffmann teaches you how to think through these decisions.

And avoid situations that can leave you worse off than when you started.

You'll discover:

If you follow the process you'll always win, right? WRONG!
What to do when you just can't get the numbers to work.
The right questions to ask to figure out what the hell went wrong.
When to decide, "it's time to quit."
How to think like a real CEO.

Helpful Resources

For a full transcript of this interview, visit our blog.
Get a free copy of our book, China Sourcing For Startups.
Book A free 15-minute consultation with our team.

Subscribe To The Show On Your Favorite Podcast App

Follow Us On Social Media

Previous Episode

How To Reduce Production And Delivery Delays | Ep. 008

When dealing with Chinese manufacturers, attention to detail will make, or break you.

Delays and hidden costs all add up.

They can vaporize your profit or, in the worst case, you may take a massive loss.

In this episode of the podcast, I'll tell you how to minimize production delays and run the numbers right, so your business can operate profitably.

You'll discover:

The single biggest reason for production delays most businesses overlook.
Why there's no such thing as "avoiding delays" when manufacturing in China.
What to keep in mind when negotiating production and delivery dates.
What to include in your invoicing/shipping documentation so your goods don't get delayed at customs.
How to protect your investment once you've paid for the finished goods and they're in transit.

Helpful Resources

For a full transcript of this interview, visit our blog.
Get a free copy of our book, China Sourcing For Startups.
Book A free 15-minute consultation with our team.

Subscribe To The Show On Your Favorite Podcast App

Follow Us On Social Media

Next Episode

Trade Fairs In A World Of Online Marketplaces | Ep. 010

This episode (and the next few episodes) of the GlobalTQM podcast will share segments of a joint-webinar I hosted with Tom Pirenne of ShowSourcing.

A few weeks ago, Tom and I were having coffee and he asked me: "Will Trade Fairs exist in the future?"

I admit I hadn't really thought about it, so it prompted a good discussion.

That's what I hope we can convey to you today.

I've been doing business in China for 20+ years, so I really believe trade fairs will be around for a very long time, and that they're the best way to build long-term relationships with quality suppliers and manufacturers.

10 Reasons Why Trade Fairs Aren't Going Anywhere

Trade fairs come with a significant added value over online marketplaces
Face-to-face interactions with manufacturers beat any other form of communication.
You can have lengthy discussions with dozens of suppliers to get all the information you need.
Manufacturers debut their latest designs, ideas, etc. at trade fairs.
You get to inspect hundreds of products in person.
You can take advantage of peer support and networking with like-minded business owners and manufacturers.
Attending a trade fair lets you focus completely on product research and development for 2 to 3 days..
Being at the trade fair, walking around the booths, talking to people, checking out the products, are a huge source of inspiration.
Building business relationships after the trade fair is much easier because the initial interactions getting to know each other are out of the way and you can get straight to business.
Suppliers and manufacturers will be much more open to talking to you via WeChat and Skype, and generally more generous with their time, because you've taken the time to meet and get to know them.

Helpful Resources