4 Entrepreneurial Strategies
By: Peter Drucker
7 Characteristics of Successful Entrepreneurial Firms
Finding a New Business Idea
Look into yourself. What qualities account for your greatest
successes in life so far? What personal qualities and abilities
have gotten you to where you are? And how could you apply those
qualities and abilities to
starting and building a new business?
Look for a product or
service about which you can really become enthusiastic. Sometimes people become
wealthy by translating or transforming their hobbies into a business.
be most successful doing something or marketing
something that you really love...
Entrepreneurship is the art of finding
profitable solutions to problems. Every successful
entrepreneur, every successful
businessperson has been someone who's been able to identify a problem and come
up with a solution to it before somebody else did. If you want to start a
business, read these five tactics for finding entrepreneurial success:
Find a need and fill it. When Ross Perot was working for IBM, he
saw that his customers who were buying IBM computers needed help processing
their data. He went to IBM with this idea, and they said they weren't
interested, so he started his own business. He eventually sold it out for $2.8
billion dollars. He found a need and he filled it.
Find a problem and solve it. A secretary working for a
small company began mixing flour with nail varnish in order to white out the
mistakes she was making in her typing. Pretty soon, her friends in the same
office asked if she could make some for them. So she began mixing it at her
kitchen table. Then, people in other offices started asking for it, and she
eventually quit her business and worked full time creating what is today called
Liquid Paper. A few years ago, she sold her company to Gillette Corporation for
Look for solutions. Find a way to supply a product or a service
better, cheaper, faster or easier. Clemmons Wilson saw that there was a need for
hotels that could accommodate families that were traveling, and he started
Holiday Inns. And Holiday Inns has now become one of the most successful hotel
chains in the world.
Focus on your customer. Become obsessed with your customer.
Fixated on your customer. Think of what your customer wants, what your customer
needs, what your customer will pay for, what your customer's problems are.
Thomas J. Watson, the founder of IBM, built his company on this principle. See
yourself as working for the customer.
Invest sweat equity in your business. Most great fortunes in
America were started with an idea and with personal effort and were started with
the sale of personal services.
This is called sweat equity. In other words,
instead of cash equity, put in sweat equity. Put in the sweat of your brow to
begin your business. Once you've come up with a product or anstart to invest your time, talent and energy instead
of your money, to get started.
Here are two things you can do immediately to put these tactics into action:
need and fill it. Look around you and search for needs that people
have for products or services that are not being met. One small idea is
enough to start you on the way to business success.
Find a problem and
solve it. Look around you for problems that you or other people have
that are not yet being solved. Look for solutions that nobody has thought of
and give them a try. One good solution could change the direction of your
Two Rules for Business Start-Ups
Entrepreneurship is the art of finding profitable solutions
to problems. Every successful
entrepreneur, every successful businessperson has been a
person who has been able to identify a problem and come up with
a solution to it before somebody else did. Here are the five
rules for entrepreneurship...
Seven Simple Steps to Small Business
achieve their greatest successes in unexpected areas. They begin a business and
then they find that it isn't as profitable as they had anticipated, so they
change direction, using their experience and their momentum, and strike paydirt
in something else.
The most important thing is to begin.
To take action. To move
forward one step at a time, learning and growing as you go. There is enough
information available in virtually every field for you to become knowledgeable
enough to achieve success. But action is necessary....
The Art of Innovation: 9 Truths
By: Guy Kawasaki
Break down the barriers. The way life should work is that
innovative products are easy to sell.
Dream on. Life isn't fair. Indeed, the
more innovative, the more barriers the status quo will erect in your way.
Entrepreneurs should understand this upfront and not get flustered when
market acceptance comes slowly. I've found that the best way to break
barriers is enable people to test drive your innovation: download your
software, take home your hardware, whatever it takes....
Steve Jobs' 12 Rules of Success
SWOT analysis. As soon as you join/start a
company, make a list of strengths and weaknesses of yourself and your
company on a piece of paper...
DOs and DON'Ts of a Successful Innovator
By: Peter Drucker
Start small try to do one
Don't undershoot, or you
will simply create an opportunity for competition...
The Four C's of Commercial Lending
Prove that there is
cash available to repay the loan. Prepare
business plan that shows an equal balance of equity from
principals, equity from outside investors and equity equivalents
(build out allowances, supplier financing or flooring, etc.) in
place. Then have your business plan always have a coverage
ratio for interest and principal of 1.3 or greater...
Guidelines for Getting
Funding in Today's Market
Seven Formulas for Business Success...
12 Reasons Why Companies Fail...
10 Deadly Small Business Mistakes...
Be a Negative Optimist...
Test Marketing Your New Product...
Raising Funds for Your Start-Up Venture...
What Changes as Company Grows...
Case in Point
Case in Point
Case in Point
Case in Point