Build a management team that shares your vision and your enthusiasm, but complements your weaknesses with their strengths. It doesn't matter if you have no competition if no one wants to buy your product. At one point, someone said, "We're going to change how people buy dog food. We're going to sell it online. We'll cut out the middleman and people will be able to buy it cheaper. The money saved was offset by high shipping costs. Of course, most of them are no longer in business - no great surprise.
Sow fields, not window boxes. Niche positioning is critical, but spread your message far and wide, as much as your budget will allow. Narrowcast your marketing message too much and you may miss out on a market you didn't even realize existed. Look for agnostics, not atheists. Everyone wants to have those "marquee customers", but large corporations are usually resistant to those ideas that "jump the curve". Find the early adopters who are open to new ideas and save the big fish for later.
Don't be proud. Don't be surprised when the people who are buying your product aren't your intended target market. Instead find out why they're buying it and capitalize on your newfound good fortune. When making presentations to clients or investors, use:.
Because they don't practice. Hire people who are as passionate about your product as you are or at least close to it. Ignore the irrelevant. A shared passion is far more important than education or relevant work experience. These employees will be more loyal and motivated.
Kawasaki himself was working at a jeweler "counting diamonds" when he took the job at Apple. But, he says, the first time he saw the Macintosh, it put tears in his eyes. That's what made him more qualified for the job than anyone else. Hire better than yourself.
Hire people who make you look smart for hiring them, not by comparison to them. Do the shopping center test. Imagine you see a recently-interviewed candidate at a distance in the shopping mall. Do you If your answer is any other than the first one, don't hire them. Make it easy for people to buy and use your product:. Flatten the learning curve.
We were no longer in control of our customer service and experience. Estudios y ensayos. We had the privilege recently of attending a presentation by Mr. What is one word that describes a life as an entrepreneur? Ignore the irrelevant.
Good products should be intuitive to use without having to refer to a manual or take a class. For example, do you know how to set the clock on your VCR? Why is that even a challenge?
Don't ask people to do something you wouldn't do. You will do well to review your checkbook and cut unnecessary expenses. Maximize your chances of profitability by taking a minimalist approach to overhead costs. We live in an incredibly litigious time. When you enter a partnership, you are giving that partner a lot of power that they could, through litigation or not, wield against you if things go awry. The effects can be devastating. You need to be very careful when it comes to selecting partners. Also carefully assess their integrity. Otherwise, if they see an opportunity to maximize their profits at your expense, they may well do that.
Consider too their temperament. Fair weather partners are easy to find. However, you need to assess what a partner will be like when the going gets rough.
The truth is, many aspects of control are positive and important attributes. Maintaining proper control means staying true to your vision and honoring your instincts on what is right for your business.
If they are right, they have to convince you. There is no room for blind faith. No one ever said having a small business would be easy. These points are not just cold hard facts. There is an artistry to their implementation. To be successful in business means to practice and develop that artistry over time. It starts with some thoughtful reflection and research.
Then find the courage to wisely and artfully take that first step and every step thereafter, day after day, month after month, year after year. Entrepreneur Media, Inc. In order to understand how people use our site generally, and to create more valuable experiences for you, we may collect data about your use of this site both directly and through our partners. The table below describes in more detail the data being collected. By giving your consent below, you are agreeing to the use of that data.
There are no Articles in your queue. You have to make money to succeed, and winning design awards will probably help you succeed, but they should be understood as a means to an end. And that end is something you need think carefully about. Whenever I tell interns this, they seem incredulous. But there is a good reason for having a year plan—it is really the length of a well-thought-out career. This is in no way at odds with the fact that most professionals change jobs or positions on average every five years.
A job is not a career—it is simply a place of employment with defined roles and responsibilities. The beginning of your career provides you with the knowledge and expertise you will need to be successful in your mid-career. And mid-career experience provides you with the foundations to build your legacy in your late career. Most architecture schools do not provide you with a good grounding in the business aspects of architecture practice. So, before you quit your day job to start your own practice, take a course at your local college or university on how to start and run a small business.
It will teach you the basics of sales, marketing, bookkeeping, and managing your team. I also recommend taking a course in negotiation.
Architects, for some reason, are typically terrible negotiators, especially in negotiations for fair compensation for their services! And you will also want to start building yourself a library of go-to business books. One of the most important ingredients for success is to be constantly at the intersections of culture, science, technology, and business, and to do so you will need to be constantly reading—books, blogs, newspapers, and journals.
Read broadly and deeply. You need to understand the bigger world around you, but you also need to maintain your expertise in whatever your specialty niche is and you will want to have at least a couple of specialty niches. Chan Kim and Renee Mauborgne suggest entrepreneurs look for business opportunities in uncontested waters blue oceans rather than in competitive, bloody waters red oceans.