The Biggest Business Mistake

Both entrepreneurs and corporate employees often make the huge mistake of treating their service as a product.


Be invisible (It’s not about you…) People who work in payments eventually start to believe that consumers care and think about payments as much as they do. They don’t. Like good service at a restaurant, the best payment and loyalty systems are barely noticeable. The ugly truth is cards are still a fast, convenient (albeit “dumb”) transaction type. Unfortunately, the process of creating smart, digital transactions often means introducing new interactions and decisions. It’s a lesson we learned with the launch of Zync at American Express — consumers don’t want that much interaction with their payment product. It’s a means to an end, not an object of desire, like an iPhone, a Rolex or Denzel Washington.

Clip from Mistweeted on The McFuture podcast.

FULL EPISODE CONTENTS (clickable timestamps):

Killer Mistweeted edition of The McFuture podcast featuring wisdom & wisecracks about entrepreneurship, success and strategy for every entrepreneur, founder and freelancer.

  1. 00:04 Idea People vs Doers
  2. 01:16 How Eclecticism Kills Greatness
  3. 03:24 Heads. Must. Roll.
  4. 04:54 Employees Are From Mars, Entrepreneurs Are From Venus, Freelancers Are From Uranus
  5. 14:59 The One Question To Get What You Want
  6. 16:20 Why Only Repeat Business Is Good Business
  7. 17:56 Experience is the Last Line of Defense
  8. 19:06 BE INVISIBLE!
  9. 20:50 The Greatest Mystery In Business
  10. 21:35 Why Digital Businesses Raise Prices & Why They Shouldn’t
  11. 23:45 Will The Noise Innovators Please Stand Up? (Quietly)
  12. 24:30 YouTube’s New Creativity+Commerce Merger Could Be A Huge Opportunity
  13. 26:00 The Secret Power of Unglamorous Entreprenurs
  14. 30:35 American Alchemy
  15. 31:23 The Most Profitable Word in History
  16. 32:20 A Legit Instagram Business Model
  17. 34:09 The Only Entrepreneur I Hate, Hate, HAAAAAAAAAATE!!!!

#entrepreneurship #startups #services #strategy #NPD #payments #innovation #financialservices



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Steve Faktor

Steve Faktor

Provocative predictions & prescriptions from recovering F-100 exec — turned futurist author (, entrepreneur & podcaster (