One of the biggest challenges I see with techies who have a good, well researched opportunity is to effectively communicate their idea in a business plan format. Marcie Milletary captures the key advice that I usually share with entrepreneurs-in-waiting in her recent article in the TechyVent Pittsburg on line newsletter. Her advice echoes my top six words of wisdom (I know I should have 10 or 7, but these are my biggies, and 6 is an underused number anyway) that I share with the entrepreneurs I work with time and time again:
Change the Rules!!!
Forbes is now celebrating their latest entrepreneur of the year. In the middle of celebrating all of the success of this year’s “winner” is an article about how many of their recent past choices are on hard times. Maybe they ought to change their criteria for success! (see article in their Oct 17 issue–sorry you have to pay to view…).
The Experience Myth
A pervasive myth about entrepreneurial success is that it is related somehow to experience in a corporate setting. That is, young people have been told that before they go out and start a business they should get a “real job” for a few years. Young entrepreneurs are finding more success than ever.
Ethics Watchdog: The Market, Government, or….Part II
In an earlier entry, I highlighted the on-going debate regarding the role of the market versus the state in defining ethics in business. ProfessorBainbridge.com offers an interesting perspective from the Catholic Social Tradition on this debate.
Continue reading Ethics Watchdog: The Market, Government, or….Part II
Entrepreneurship is Alive and Well
The latest INC 500 list of fast growing companies is almost ready to be published, and it shows a more diverse group of businesses than we’ve seen on that list in years (i.e., no longer dominated by tech companies). It also shows a remarkably upbeat picture for the economy as seen by these entrepreneurs.
“If I Only Had The Money” Myth
Many would-be entrepreneurs tell me that they are certain that if they could only raise a certain amount of money, everything would be perfect for their start-up. In fact, many say that money is the only thing holding them back. This is one of entrepreneurship’s most common myths. As the classic article in INC illustrates, many a good idea was started with very little money.
Time to Start Planning for Growth
The economy is clearly moving into a recovery, as can be seen by confidence of CEO’s and small business owners.
Where are Tomorrow’s Leaders?
The Business Pundit has a link to an article in Forbes highlighting the academic pedegree of Forture 500 CEO’s. Phil’s comment on this article hits the nail squarely on the head. I would go further, however. Let’s look at the contribution of these firms to economic growth. They can’t hold a candle the entrepreneurs in our economy, who have contributed real job growth and wealth over the past decade!! The Fortune 500 saw no real growth in employment even during the expansion of the 1990’s.
Support for Growing Companies
Good article on need for a network of support for growing companies.
Role of Shared Ethics in Building a Social Network of Entrepreneurs
Laura Dunham’s research on the importance of building social networks supports the importance of shared ethics in building these social networks. It is interesting that such social networks lead to improved performance for entrepreneurs. But, it is even more interesting that Dunham’s work supports the notion of community development through shared values as this may help integrate entrepreneurship as a mechanism for building and strengthening communities. Clearly of interest for those who adhere to communitarianism or entrepreneurship as a means for economic development.