哈佛知識分享: 第三集(合共七集) What is competitive advantage? What is your value chain? 什麼是競爭優勢? 什麼是企業價值鏈?
仲記得我喺哈佛讀行政人員課程嘅時候,教授 Michael Porter 考考我哋, "In business, is strategy more important or excution more important?" 做生意,策略重要啲? 定執行力重要啲? 等陣同你解釋。
上兩集同你講咗你應該點諗「競爭」? 行業的五加一動力點影響你嘅利潤。今集同你分享下企業價值鏈點影響你的競爭優勢? 策略/執行力,邊個重要啲?
全文內容:
https://docs.google.com/document/d/10iTzUHyqrhcLvrfYHqZhu8tNpT-jnzKWVhVls09ciWk/edit?usp=drivesdk
。。。。。
My hobby 《星期六早餐會》!
七/八/九月份早餐會 Topic: Applying "Michael Porter" to your business: How to compete and win!
哈佛分享: 如何應用「米高波特」於你盤生意? 點競爭? 點贏?
講起哈佛策略教授, 無人出名過 Michael Porter. 有幸我2017年在哈佛親身上過他教的課程, 今次早餐會同你分享,希望對你做生意亦有所啟發。
有興趣參加啦 😃 每次限四位 (包括我)。 人多傾唔到計。
7月/8月/9月份,逢星期六早上9時開始,約三小時半。地點中環。
對象: 中小企老闆/創業者/公司管理層,連我限4位。
有興趣參加的話,請 whatsapp 你的名片給 Suki (我助手) (+852) 5566 1335。
我唔係靠呢行搵食,免費,我請食早餐 😉 Be friends ..... 有機會到時見你。李根興 Edwin
www.edwinlee.com.hk
www.bwfund.com
聯絡李根興 whatsapp (+852) 90361143
。。。。。。。。。
先講何謂「競爭優勢」Competitive Advantage?
Michael Porter 話 "If you have a real competitive advantage, it means that compared with rivals, you operate at a lower cost, command a premium price, or both."
如果你有真正的「競爭優勢」,相比起競爭對手,你就有低啲嘅成本,或高啲嘅售價,或兩個都有。
"Competitive advantage is a relative concept. It's about superior financial performance." by Michael Porter
競爭優勢是相對的。 係代表你財務回報做得好過你同行的競爭對手。
唔單止做得好,而係要賺錢多過人。記住,上集我同你講:
"The real point of competition is not to beat rivals. It's to earn profits."
競爭,最重要唔係打低競爭對手,而係要賺錢!
何謂賺錢? Michael Porter 嘅定義唔係純粹睇個大數。 他話賺100蚊嘅公司,唔係一定叻過賺90蚊嘅公司。 因為話唔定賺100蚊嘅公司,佢就投資咗1000蚊,先賺100蚊。 但賺90蚊嘅公司,投資咗500蚊已賺賺到90蚊。 咁後者又何必再投資多500蚊,去賺嗰剩餘嘅10蚊。 因為呢500蚊可以投資喺第二度可能有更高回報,何必為做而做呢?
因此 Michael Porter 睇嘅賺錢,係 measured by ROIC (Return On Invested Capital) 資本投資回報。 即係話你放咗幾錢入去盤生意,equity and debt combined, 資本又好、借又好, 賺錢回報率有幾多呢?
例如,你開間茶餐廳,你自己放咗100萬入去,問銀行借咗100萬裝修,合共投資200萬。開業後,未扣除銀行利息及稅務 (EBIT - Earnings Before Interest and Tax),每年就賺40萬,咁你嘅 ROIC (Return on Invested Capital) 就係40除200,等如20%。
如果你再另外開多一間, 道理上因為經驗多咗啦,總部人手成本一樣,額外投資金額應該就會少咗,開始有 economy of scale (經濟規模效益),當今次只係投資160萬,回報一樣每年40萬。ROIC 就係 25%。
Michael Porter 話, 如果你每開一間,你嘅投資回報 ROIC 會因為 economy of scale (經濟規模效益)而提升,why not! 開多幾十幾百幾千間都得。
但如果你開到某個程度,每開一間,你嘅投資回報 (ROIC) 就下降。 例如依家總投資要成200萬,由於市場開始飽和,每年賺錢只得額外20萬,資本投資回報只得10%。Michael Porter 話咁又何必再開呢? 因為咁樣只會把你整體嘅 ROIC (資本投資回報率)拉低。
做得大,唔代表賺錢。唔好為大而大。有時 Small is beautiful. 細有細嘅美麗。
美國最賺錢嘅航空公司 Southwest Airlines, 睇下呢幅圖, 過去幾十年佢嘅嘢 ROIC (Return on Invested Capital),上面黑色條線,一直保持行內最高, 行內其他航空公司平均係每年回報3.1%, Southwest Airlines 就能夠做到每年回報11.4%,高出同行2.7倍, 肺炎前年年賺錢。
Southwest Airlines 創辦人 Herb Kelleher 曾經講過 ”Market share has nothing to do with profitability. Market share says we just want to be big; we don't care if we make money doing it. In order to get an additional 5% of the market, some companies increased their costs by 25%. That's really incongruous if profitability is your purpose."
佢話:「市佔率往往同利潤率無關係。 市佔率只係講大, 但未必賺到錢。 有啲公司為咗攞多5%額外市佔率, 願意洗多25%嘅成本, 咁樣同做生意要賺錢嘅理念係互相違背的。」
我自己做商舖基金都係一樣,我成日都話:「我情願人少啲,賺多啲」,遠遠好過「人多多,每人賺少啲!」 人少啲, 社運肺炎,咩風浪都經過起。 人多, 一闊三大,一個浪冚,好易玩完。
記住我上面提過「競爭優勢」就係: 「相比起競爭對手,你有低啲嘅成本,或高啲嘅售價,or both!」 咁點樣同樣嘅產品或服務,你嘅回報就更高。
"Strategy choices aim to shift relative price or relative cost in a company's favor." by Michael Porter
策略的選擇,目的是向公司有利的方向把相對的價錢或成本調整。
咁點選擇呢? 就係睇你條 「Value Chain 企業價值鏈」啦。
"The sequence of activities your company performs to design, produce, sell, deliver and support its products is called the value chain. " by Michael Porter.
由產品的設計、生產、銷售、送遞、到售後服務,這個流程就叫做企業價值鏈。
"A company's value chain is the collection of all its value-creating and cost-generating activities." by Michael Porter.
企業價值鏈係由所有為客戶增值及令企業增加成本的活動總和。
睇圖,Value Chain 包括 Primary Activities 主要活動 and Supporting Activities 輔助活動。入貨、加工、出貨就係你服務顧客啲主要活動。 公司嘅架構、人力資源、科技應用就係輔助活動。Michael Porter 話如果你要贏人, 你就要明白你以上嘅價值鏈每一步、 每個活動、 每個細節對人客嘅價值製造 (value creation) 同相關成本 (cost incurred)。
要勝出,你有兩個選擇:
(1) Compete on execution. Better operational effectiveness. Perform the same activities as rivals, but execute better. Be better, be the best!
用「執行力」去贏人。每一步,設計/入貨/生產/出貨,都同爭對手差不多,但執行得更好、更快、更準。成個流程成本平啲,人客滿意啲。 等於一間茶餐廳, 落單準啲、上菜快啲、 炒餸好味啲。 但教授 Michael Porter 話咁就好似隻老鼠喺個圈入面,operational effectiveness, 跑快啲跑快啲 ,be the quickest, be the best! 但其實不斷地都喺個圈入面跑緊。長遠,人或老鼠,始終會攰, 你好啲,但人哋都會改善追上。競爭對手就遲早令你競爭優勢難以維續。
(2) Compete on strategy. Perform different activities from rivals. Meet the different needs of customers at lower cost or higher price. Be unique.
用「策略」去贏人。設計/入貨/生產/出貨嘅價值鏈,同行內其他爭對手唔同。 明白唔同顧客,有唔同需求。 用低啲嘅成本或者高啲嘅售價,or both, 去滿足佢哋嘅需求。做唯一! Michael Porter 話咁就會令你 好似隻老鼠咁,跑出個圈,走條捷徑,帶你想去嘅地方。 只是專注,長遠你嘅競爭優勢更容易持續。
例如, 美國嘅航空公司過去幾十年都係非常之難做嘅行業,1980年起,ROIC Return on Invested Capital 資本投資回報平均只得每年3.1%。
但我上面提及的西南航空 Southwest Airlines,佢過去幾十年,由(1) 訂票 (只用自己網絡,唔用 agent, 慳番啲手續費) 、(2) 機種 (只用一種波音737,方便機司培訓同保養, 唔似得其他航空公司乜飛機種都有)、(3) 坐飛機無飛機餐(慳返成本及方便清潔)、(4) 無編定座位 (先上機先揀位坐, 唂啲人快啲上飛機,早啲開機)、至 (5) No connecting flights 無轉駁航班 (只有直接 point to point, 唔使等你或你啲行李轉機), 仲有更多更多, 成條嘅 Southest Airlines Value Chain 價值鏈嘅活動,都係同行內競爭對手唔同。 雖然機票售價平啲,但佢成本更加平。咁亦都解釋咗點佢能夠咁多年來平均嘅資本投資回報率 ROIC 高達11.4%,高過同行競爭對手近三倍。
我自己做商舖基金都係一樣, 都係 compete on strategy. 如果我純粹低買,高賣舖。 我只可以靠買得平過人,沽得快過人去賺錢。 但長遠好難持續跑贏大市的優勢, 一個社運肺炎冚埋嚟, 馬上冚旗。
呢條係我哋公司商舖增值嘅價值鏈 (insert graph), 由投資者集資、買舖、解除 order /裝修/分契、至「服務式商舖」搵合適租客 (諗計仔幫佢做多啲生意)、至宣傳推廣出售商舖及「三大保證」售後服務, 加上公司基本設施、人力資源、科技應用、採購流程嘅配合, 我相信香港無任何一個商舖投資者同我哋一樣為商舖增值。 我係舖市要跑贏大市,都係靠呢條 Value Chain 價值鏈。包括,買賣我基金單位嘅交易成本,遠遠低過買賣成間舖。租我哋舖做生意嘅風險,都遠遠低過租間不知名、無人跟進的舖。
咁亦都解釋咗點解,我哋用咗五年時間,今個月就用基金買入咗港幣第一個「10億」舖,前後60間街舖。萬事起頭難,我相信第二個「10億」舖,大約兩年內會完成。
根據哈佛教授 Michael Porter,只要條 value chain 企業價值鏈夠獨特及專注, 好難有另一個競爭對手入嚟係香港街舖嘅層面打低我哋。好多人會嚟抄我哋嘅 business model 商業模式,但佢唔會做舖。 佢會做工廈、商廈、住宅、農地、骨灰龕位、大灣區、非洲、火星,但佢唔做香港街舖。 因為個地頭已經畀我哋霸咗,佢點做都唔夠我哋熟。 唔通我講話我要買1000間香港街舖,佢講話要買2000間,邊個人會信佢! 佢話500間就不如唔好講。
當然,教授話任何 good strategy 都需要 good execution,無好嘅執行力,所有說話只係空談。因此我成日話「持續性、持續性、持續性地執行」好重要。
Both strategy and excution are important. 好嘅「策略」及好嘅「執行力」同樣重要。 只有好嘅 「執行力」,無「策略」,你會賺到錢,不過好大機會係細錢。 加埋好嘅「策略」,配合好嘅「執行力」,大錢就會嚟!
你盤生意呢? 你條企業價值鏈 Value Chain 又係點呢? 同人哋有乜唔同? Are you competing on good execution or good strategy? 你係執行力上贏人、定策略上贏人? 點樣做到成本平啲或收費高啲,or both 呢?
有興趣一齊研究多啲點做? 聽多啲 Michael Porter,就來我七/八月份星期六嘅早餐會啦! 下集我再同你講 (4) What is strategy? How do you create value? 什麼是策略 ? 你如何創造價值?
全文內容:
https://docs.google.com/document/d/10iTzUHyqrhcLvrfYHqZhu8tNpT-jnzKWVhVls09ciWk/edit?usp=drivesdk
。。。。。
My hobby 《星期六早餐會》!
七/八/九月份早餐會 Topic: Applying "Michael Porter" to your business: How to compete and win!
哈佛分享: 如何應用「米高波特」於你盤生意? 點競爭? 點贏?
講起哈佛策略教授, 無人出名過 Michael Porter. 有幸我2017年在哈佛親身上過他教的課程, 今次早餐會同你分享,希望對你做生意亦有所啟發。
有興趣參加啦 😃 每次限四位 (包括我)。 人多傾唔到計。
7月/8月/9月份,逢星期六早上9時開始,約三小時半。地點中環。
對象: 中小企老闆/創業者/公司管理層,連我限4位。
有興趣參加的話,請 whatsapp 你的名片給 Suki (我助手) (+852) 5566 1335。
我唔係靠呢行搵食,免費,我請食早餐 😉 Be friends ..... 有機會到時見你。李根興 Edwin
www.edwinlee.com.hk
www.bwfund.com
聯絡李根興 whatsapp (+852) 90361143
#michael_porter, #競爭策略, #企業競爭優勢,#價值鏈
同時也有113部Youtube影片,追蹤數超過86萬的網紅Joseph Prince,也在其Youtube影片中提到,This clip is from: Joseph Prince—Follow the Promptings of the Spirit (6 Dec 2020) @josephprince If you're wondering how to start sensing God's leadin...
「that's a good point」的推薦目錄:
that's a good point 在 Facebook 的最讚貼文
Halfway through 2021.. (a pretty lengthy post)
It's a time to remind me to relook at my goals and focus again😌 This would mean there will be some changes in my social media content and choosing what is good for me. Focusing on my work, trying to stabilize it and setting out the new plans.
Now when it comes to my kids... at every stage of their life, I'm always learning how to handle them and making changes to how we can all improve. Recently, I have adopted a reward point system, which I was against it previously. WHY?🤔 Because I did not feel the need to reward something which I feel that it's their responsibility or duty?
Sometimes, we do need to take a step back and try if it works WHEN ALL ELSE FAIL 🤣. Like I always tell my kid, "If you never try, you will never know."
So I started the rewards system. Initially, I used an app (@wearesmoresup) that was shared in my IGS, but I encountered a problem. I did not allow my kids to use gadgets, so the app became pointless even though I really love it and how I wish they have web version too.
Anyway, back to rewards, so I set the rules even on basic stuff, so they can feel that goals are easily achievable which in turns helps to motivate them on tougher work.
Steps on making rewards work
1. Give each other a time of adaptation (磨合期), like a week. So you will know what to adjust and the kids know how the system works.
2. Points are rewarded when they do it automatically. Once you have to remind them, they will not be rewarded any points.
3. Be fair. Especially if u have more than 1 child, both tasks and consequences are to set the same, unless the age gap are too big.
4. Encourage them to help remind each other on the task they need to do.
5. Pin it up at the living room or place where they spent most of their time.
6. Give simple rewards, like extra TV time, play time, outdoor activity instead of toys all the way.
I set their rewards according to the points. So whenever they hit the points, they can redeem it. So example:
Extra play time 20 points
Superpark 150 points
Science Centre 50 points
so if they have 200 points, they can choose to redeem any of the rewards above.
Ok, that's about the rewards. Here comes the schedule.
All along, I did the schedule just for myself and one to put outside. But this time round, I made a slight change, I do for the girls too. So each one of them have their own schedule chart. They will have to follow the schedule that is given to them.
It's just less than 5 days of trying how this whole thing works, but so far I have seen slight improvement especially on Xin He. No more screaming at her to wake up in the morning. That's is very important, because we all want to start our day nice. 🤭
When I shared about the rewards and schedule in my IGs, many people has requested for my template, so I have put up the template here lnk.bio/missyqiqi. Feel free to download and use it. Hope it helps, and welcome any suggestions or ideas 💡 that we can all improve together!
that's a good point 在 Eric's English Lounge Facebook 的最佳貼文
母語者比較不會用英文溝通?
Wut...?
★★★★★★★★★★★★
When it comes to communicating in English with an international audience, native speakers don’t always do so well.
若要以「英語」與國際聽眾進行交流,母語者未必能與非母語者進行有效地溝通。
Sometimes, such inability to accommodate non-native speakers can lead to substantial financial losses for multinational companies.
有時,無法考量非母語者的溝通需求,可能會使跨國公司蒙受巨大的經濟損失。
★★★★★★★★★★★★
《NPR》報導:
Picture this: A group of nonnative English speakers is in a room. There are people from Germany, Singapore, South Korea, Nigeria and France. They're having a great time speaking to each other in English, and communication is smooth.
•picture(v.) 想像,設想
•have a great time doing sth 做某事很開心
•smooth 順利的,流暢的
想像一下:一群母語非英語的人同在一個房間裡。有來自德國、新加坡、韓國、奈及利亞以及法國的人。他們開心地以英語交談,而整體的溝通也相當流暢。
ᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯ
And then an American walks into the room. The American speaks quickly, using esoteric jargon ("let's take a holistic approach") and sports idioms ("you hit it out of the park!"). And the conversation trickles to a halt.
•esoteric 極不尋常的;只有少數人(尤指內行)才懂的;限於小圈子的
•jargon 行話,行業術語
•a holistic approach 全面性的方法 ; 完整取向、全方位取向
•sports idioms 體育相關的成語,慣用語
•trickle to a halt 遂逐漸停止
•trickle 從…向下滴(或淌)
*hit/knock the ball out of the park 字面上的意思是「把球打出棒球場」,慣用語的意思則是「某事做的非常好,令人驚艷」。
結果,有個美國人走進房間。這位美國人說話很快,使用少數人才懂的的術語(「讓我們採用整全的方式」)以及與體育相關的成語(「你把球打出了公園!*」)。整場談話遂逐漸停止。
ᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯ
Decades of research shows that when a native English speaker enters a conversation among nonnative speakers, understanding goes down. Global communication specialist Heather Hansen tells us that's because the native speaker doesn't know how to do what nonnative speakers do naturally: speak in ways that are accessible to everyone, using simple words and phrases.
•communication specialist 溝通專家
•accessible 可以理解的;易懂的
數十年的研究表明,當母語為英語的人參與非母語者之間的談話時,理解力會下降。全球溝通專家 Heather Hansen 告訴我們,這是因為母語者無法自然地以非母語者的方式來溝通:以大家都能接受的方式交談——使用簡單的詞彙與片語。
ᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯ
And yet, as Hansen points out, this more accessible way of speaking is often called "bad English." There are whole industries devoted to "correcting" English that doesn't sound like it came from a native British or American speaker. …It turns out that these definitions of "good" and "bad" English may be counterproductive if our goal is to communicate as effectively as possible.
•point sth out 指出
•turn out …地發生(或發展);結果是(尤指出乎意料的結果)
•counterproductive 産生相反效果的;産生相反作用的;事與願違的,適得其反的
惟正如 Hansen 所指出,這種所謂更容易理解的說話方式,通常被稱為「破英語」。也有行業致力於「糾正」那些聽起來不像英國或美國母語者的英語。⋯⋯事實證明,如果我們的目標是盡可能地有效交流,那麼這些對「好」英語與「壞」英語的定義可能會適得其反。
ᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯᕯ
A balance needs to be struck. There is also a clear difference between helping students improve their English in a classroom and being overly judgmental in a business meeting (or on the Internet ><).
就我個人而言,我認為在這種情況下需探求一個平衡點。在課堂上幫助他人提高英語能力,以及在國際商務會議(或網路上)中過於苛刻,這兩者顯然有極大的區別。
However, if the goal is to communicate effectively with an international audience, native speakers could be more accommodating. At least, that's the view taken by the articles below.
但以下文章認為,若母語者的目標是有效地溝通,那麼在以英語與國際聽眾交流時,母語者應表現得更加隨和。
*accommodating 樂於助人的;與人方便的;通融的
完整NPR報導:https://n.pr/3y6g9IM
BBC相關報導:https://bbc.in/3h5MkCy
★★★★★★★★★★★★
圖片出處: https://bit.ly/3x2lr7X
that's a good point 在 Joseph Prince Youtube 的精選貼文
This clip is from: Joseph Prince—Follow the Promptings of the Spirit (6 Dec 2020) @josephprince
If you're wondering how to start sensing God's leading, Pastor Prince shares that one of the best ways is simply to start moving! That's right, when you take a step forward towards a decision, that's when you can sense the peace (or lack of it) in your heart, signaling whether you're headed in the right direction. Just as a GPS system can't offer directions until the car starts moving, the Holy Spirit prompts you when you start taking the next step or two.
If you're hesitating or fretting over some choices in your life, or even seeking to move in the gifts of the Spirit, can we encourage you to make a move first and allow the Lord to lead you along one step at a time? It's often a process and journey to eventually reach the end point but as you take each step with the Lord, you can be assured that He already knows where you're going to end up. Not only will He make sure you get there (see Phil. 1:6), you can be assured that it will be restful and for your good (see Rom 8:28). So, take heart and while you plan your path, let Him direct you step by step when to move ahead or stop, and even help you when you need to change your plans (see Pro. 16:9)!
Tag a friend to share this with them today!
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Decibel.one: A digital magazine and online channel by Joseph Prince Ministries. Check out at https://decibel.one/ for more grace-centered content.
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that's a good point 在 Jordan Yeoh Fitness Youtube 的最讚貼文
Closed caption is available in this video.
3 exercises you should start implementing in your workout routine in 2021! Remember, quality over quantity! Always execute each move with good form, and then add up the reps and sets. That's how you evolve!
▷Connect with Me
Instagram: https://www.instagram.com/jordanyeohfitness
Facebook: http://facebook.com/jordanyeohfitness
Personal Training Web App: https://ironmastery.com
DISCLAIMER
The exercises and workouts provided in this video are for educational purposes only. They are not to be interpreted as a recommendation for a specific treatment plan, product, or course of action.
Before beginning this or any exercise program, please consult a physician for appropriate exercise prescription and safety precautions.
The exercise instruction and advice presented are in no way intended as a substitute for medical consultation. As with any exercise program,
if at any point during your workout you begin to feel faint, dizzy, or have physical discomfort,
you should stop immediately and consult a physician.
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that's a good point 在 pennyccw Youtube 的最佳解答
All the Philadelphia 76ers had to do was win, and
home-court advantage was theirs for at least the first round of the
playoffs.
Instead, the 76ers had one of their worst first quarters of the
season and never quite recovered. Now home-court advantage rides on
the very last game of the season.
"I never thought it would come to the last game to decide our
playoff spot," Allen Iverson said after the 76ers lost to the
Chicago Bulls 115-106 Tuesday night.
The 76ers' third straight loss dropped them into a tie with
Indiana for third place in the Eastern Conference, and it also
clinched the Atlantic Division title for the New Jersey Nets. Both
teams wrap up their regular seasons Wednesday night.
A loss could drop Philadelphia to as low as fifth in the East.
"When you lose a ballgame, especially to a team not going to
the playoffs, and we're trying to get home-court advantage, that
opens the window to say a lot of negative things about your own
team," Iverson said.
Actually, nothing more really needed to be said. The box score
summed it up: The 76ers fell behind 35-18 in the first quarter,
when they shot 24 percent from the floor.
"That's about as bad a first quarter as we played," coach
Larry Brown said. ``We had no energy, and took awful shots."
Though Iverson matched his season high with 42 points,
Philadelphia shot 38 percent. Eric Snow was the only other starter
in double figures, with 17. The final score might have been even
worse if the 76ers hadn't gone 40-of-44 from the line, including
17-of-18 by Iverson.
They couldn't find an answer for Eddy Curry, either. Curry made
his first eight shots on his way to a career-high 31 points. He
might have scored 40 if he hadn't been in foul trouble.
The Bulls finished the season 30-52; Curry ended up shooting
.580 from the field, the highest percentage for the Bulls since
1982-83, when Orlando Woolridge put up the same figure.
Jamal Crawford matched his career best with 33, and the Bulls
shot 63 percent, including 10-of-15 from 3-point range. The team's
30 victories are nine more than last season, and just six fewer
than it managed in the two previous seasons combined.
"As a team, we just wanted to end on a good note and get our
goal of 30 wins," said Crawford, who also had eight assists.
"It's exciting for us."
The Bulls have Curry and Crawford to thank for this one. The two
opened the game with their own 13-4 run, and the 76ers were
overwhelmed. Curry had a monster first quarter, going 8-for-8 and
matching the entire Philadelphia squad with 18 points. He didn't
miss a shot until there was 6:30 left in the first half, and he
finished the half with 24 points on 11-of-12 shooting.
"When you are out of the playoffs, it is easy to come in and
not give your best effort," Bulls coach Bill Cartwright said. "I
thought our guys have been terrific and showed a lot of character.
They showed great spirit."
Philadelphia trailed by as much as 17 early in the third, but
Iverson scored six straight points to pull them to 94-90 with 7:24
left in the game.