October 14, 2007

10 new rules for Entrepreneurs !!!

Three days away from my favourite job(Blogging) and the time was spent in travel biggrin Today I met one of my blog readers from a different city and I understood that "BLOGS REALLY MEAN NETWORKING" biggrin Coming back to the topic, just came across a nice presentation "Small is beautiful" on Garage Technology Ventures.

It says "Instead of building a startup by the normal means" try this - "Building a lean, scrappy, nimble company without raising piles of money".The focus is more on value since, once we have the right value, wealth would follow!!!

Below are the top 10 new rules for Entrepreneurs and Investors:

Fundamental Objective:
Old rule: Create wealth
New rule: Create value

Getting started:
Old Rule: Brilliant entrepreneur
New Rule: Brilliant entrepreneurial team

Sharing the vision:
Old Rule: Craft a Mission Statement
New Rule: Create a Mantra [Old Guy Kawasaki statement]

Management style:
Old Rule: Plan the work, work the plan
New Rule: Ready, fire, aim!

Business Model:
Old Rule: Raise capital
New Rule: Generate revenues

Foundation of Innovation:
Old Rule: Good old American know-how
New Rule: Good new Global know-how

Competitive advantage:
Old Rule: First mover advantage
New Rule: Fast adaptor advantage

Marketing Strategy:
Old Rule: Build it and they will come
New Rule: Everyone sells

Pace of change:
Old Rule: Innovation is accelerating
New Rule: Market penetration is slow

Source of Innovation:
Old Rule: Technology drives innovation
New Rule: People trump technology

It was very important for me to repeat these rules here since, they are to be memorized !!!

Read the complete presentation from here

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