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Excellence Topics

Getting Started Core Strength
Luck Factor Exits
Respecting Time  

 

Getting Started

I suppose one of the hardest aspects of becoming an entrepreneur is actually getting started. In a recent presentation to a group of engineering students, it was a clear message that you can judge your suitability as an entrepreneur based on your determination to actually take a step forward in becoming one. This section explores some of those first steps to take as well as some of the first questions to ask yourself -- hopefully you can use these materials to decide if becoming (or remaining) an entrepreneur is the right path for you as you search for your personal legend (from The Alchemist). More

Core Strength

A fit team tends to be able to ride the roller coaster leading to success without throwing up. Implementing a strong core as you form a business, paves the way for faster growth and greater success later on. The business matures, which is an important element of how you compete when bigger companies enter your markets. If you delay establishing a strong core in the early stages, the costs of doing so later, escalate disproportionately as you grow, as does the push-back the team tends to present.

A strong core tends to improve all aspects of corporate health. As it does for elite athletes, the sooner you build a strong core, the better your health, performance and stamina will be over the long term. Unlike an individual race, businesses have many finish lines to cross, often without prior warning or foresight. Planning for success is a key attribute of attaining success, a theme critical to the InsideSpin philosophy. It's surprising how planning for success is often a forgotten concept.

This section meanders through a variety of important core attributes every team should develop as early as possible in the growth of a business. You may need to make some sacrifices to develop certain core attributes, endure some pain and conflict from within your team to make the gain, but it will be worth it as you start to emerge in your market as a key competitor to recon with. More

Luck Factor

Reaching maximum success in any business requires an element of luck.  Luck can come in many forms, each can be beneficial as you analyze the strengths and weaknesses of the current organization and related business plans. It is often true you create your own luck through pursuit of excellence in the right way, so being 'born' lucky is not the essence of the message that follows. More

Exits

The logical conclusion of an entrepreneurial event, the selling of the business. Technology businesses seem to have the unusual property of unjustifiable values when exits come along. Some sell for text book multiples of revenue, profit/earnings, etc. Others sell for outrageous amounts, deemed "strategic" to the buyer, no amount of cash is beyond reason. In either case, there are several key things that can be done to enjoy the exit process. More

Respecting Time

Time is valuable.  Young entrepreneurs often feels like they are drowning in lack of time. No quality of life, no time for family and friends. No time to stay healthy and on top of outside the office interests (reading or golfing). Yet, seasoned entrepreneurs learn that time is your friend and you can find lots of it. You need to know how to control time and use it efficiently so it works in your favor.

More importantly, you need to understand how to be a leader, using the team around you to get important things done. Unless you are a one-person company (or acting line one (not a good thing)), you should be able to maintain quality of life and still build a successful business.  This section explores time from a variety of perspectives, hopefully providing some insight into how time can be a friend. More