Posts Tagged ‘entreprenurial business’
Guys – it is time to ditch the old ‘build a business and sell it for zillions’ goal!
Just as easy credit has passed into history so too have the dreams of becoming instant dot.com millionaires as a result of a few lucky breaks and some unknown buyer waving cheque books.
As most successful entrepreneurs know, it doesn’t really happen like that – unless you are incredibly lucky.
But, it is a common battle cry from entrepreneurs that they want to sell their business for £5m in 3 years time – or some similar sort of goal.
Successful entrepreneurs are constantly asking three key questions –
- ‘what isn’t working’
- ‘why isn’t it working’ and
- ‘can I do anything about it’?
These three questions are the most important questions in the entrepreneurs vocabluary and a lifetime can be spent on developing the skills and abilities to answer those as successfully as possible.
Luke Johnson, a successful entrepreneur, wrote in the FT last week that it is important to fire your existing management team if you want your business to discover reinvention. He says that gradual revolution is not enough and that when systems are broken small steps won’t work.
Whole swathes of businesses no longer work the way they used to. Book publishing and local newspapers are at the top of the list, but other business such as estate agencies, state education, financial services are all looking for new ways to do things.
We are not looking at a gradual revolution here – we are looking at business models that no longer work.
What makes an entrepreneur different from a small business man or woman? Well, the best definition of what entrepreneurs do is provided by Peter Drucker. He said
Entrepreneurs innovate. Innovation is the specific instrument of entrepreneurship. It is the act that endows resources with a new capacity to create wealth.
Okay, so what does that mean?
Even The Economist´s Schumpeter column is reporting and marginally supporting the idea of freelancing, especially for interim CEOs who are normally very expensive to get rid of (and most of whom don’t work out). The article points out that the hiring process for CEOs is ‘hopelessly inefficient’ yet ends with the old adage that The most […]
Okay – here is a radical business strategy for entrepreneurs that some of you won’t like – and that is that you should not employ anyone. Please, if you disagree, please don’t switch off but take a moment to think about the argument… you can always respond below…
Work with people on a freelance and contractual basis – yes, absolutely, you simply must. You can even have an office or a factory if you must, but never sign a standard UK or European employment contract.