There are five key areas in most business plus the softer skills of management, leadership, hiring and creating a productive culture. The five key areas are:
A new venture needs slices of expertise in each area with a senior person that has 5+ years full-time experience in each on tap. Initially the development of the company is mainly about #1 and #3, which Peter Drucker the father of management says are really the two key functions. This is true because they require more creativity and top people.
In addition, under these categories of business there are about 30 to 40 more detailed level skills needed to grow any company. For example, marketing would include: branding, strategy, graphics design, SEO, PPC, copywriting, web page programming, etc.
I created a course to review these skills that is about one hour and free here:
This is about growing significant businesses and building...
This is a simple but good question, but does depend on what your definition of “successful” is, too. A lifestyle business is successful if it provides a decent living for the owner. Most freelancers, consultants and coaches are this kind of business. So are most local retail stores. They sell commodity products and services like millions of others.
To me, a successful business is one that can reach multi-millions in revenue, create jobs and has good margins for profit that can be reinvested to grow the business. This kind of business can grow exponentially and reach hundreds of millions in sales over time. These create true wealth and even generational wealth to leave to your children. And can have a big impact on the world too. What these businesses have in common, almost always, is:
I see the question “What one quality must an entrepreneur have?” and I never answer it because it is a dumb question. Listing one would be imprudent, as any entrepreneur needs many qualities to be successful. No one will ever make it on a single quality, and I would not want to mislead people.
Here is my list of several that I believe are all necessary, not optional, to create a significant business:
Amid the economic upheaval of the pandemic, it may seem counterintuitive that startups have reached unparalleled levels
“With three months left in this unparalleled year, it now seems almost certain that the elevated pace of...
Are you in charge of innovation? Every CEO is. And many others should be too.
Peter Drucker famously said: “Companies have only two jobs: Marketing and Innovation”. I believe he is 100% correct as everything else is relatively easy. The other things do not need much creativity, which is the rarest resource. This is why Hollywood screen writers, Producers, top Directors and Authors make very big bucks. Not to mention successful Entrepreneurs like Elon Musk. Who BTW spends almost all his time on product focused innovation.
These two videos, and guiding a client who is doing their first major software development product, inspired me to write this article today. The best companies understand these ideas. You need to watch these two TED Talks. Both are worth watching on how ideas/creativity can be enhanced. This is one of many approaches, but one very company needs to facilitate deep in their...
Launching a startup company may be the hardest thing you ever do. This is a big question with many moving parts and hundreds of things to get right that comes from experience and art, not just black and white answers. However, there are many things that can be easily agreed on that will go a long way to getting you there. First, let's talk about the stages because it is clear that there are very different skill sets and modes of operation at different stages of the company's development. Let's call these stages Raw Startup, Early Revenue, and Established. Raw Startup is the idea development stage, working out of the home or "garage" without a significant burn rate. Generally, you are spending most of your time developing your plans, researching the market and customers, and defining the product. You may also develop the actual product, or need to raise funding to accomplish this. Early Revenue is when you have a product or service...
Most directors are stuck in a system that makes it tough for them to protect shareholder interests. The author offers two solutions.
The possibility of directors paying out of their own pockets for corporate misconduct occurring under their watch has been raised by three recent cases. On January, 18 Enron directors agreed to pay $168 million -- 10 of them spent $13 million of their own money -- to settle their portions of securities class-action suits. In February, a deal fell apart that would have had 10 former WorldCom directors settling shareholder lawsuits by paying a total of $54 million -- $18 million from their own pockets, representing 20% of their net worth. And Walt Disney (DIS) shareholders are suing the company's former directors -- demanding they repay a $140 million severance package awarded to Michael Ovitz, who spent an unsuccessful 14 months as the entertainment giant's president. If Disney shareholders...
What are TODAY'S real top priorities for both you and your company? They may have changed since you last looked.
If you're busy slaying daily dragons, priorities can change without warning. And you may not even notice -- until it's too late to do something about it. Instead of dragons setting the agenda for you and your company, invest ten minutes on this pop quiz.
Because either you or your daily dragons WILL control your Agenda for the Future.
It won't take long to review which of these thirteen major issues are the most critical ones to your future. It's not complicated. Either print out this page using your web browser software and circle them -- or just jot down on a sheet of paper which ones are top priorities for you.
Biggest Problems Currently:
Almost by definition, your five biggest problems are those that are specific to you and...
This table compares the two extremes that should be considered when selecting a management model or style for your company. Any company using an inappropriate management mode will be a significant disadvantage and could easily fail.
|Hires ahead of the curve, against quarterly and annual plans||Hires just-in-time or even too late when the pain reaches an intolerable level, or some sales target is met.|
|Does everything "right", spending whatever it takes to produce a high-quality result.||Does an 80-90% job at less than ½ the cost, knowing that we will have to do it over soon when we learn more (next month!). Always attempting to build a flexible platform to build on. Remaining fast and flexible to alter course on a dime.|
|Job descriptions are narrow and the phrase "not my job" is heard a lot||EVERYONE wears several hats with very broad job descriptions. People with "not my job" attitudes or the...|