(Adapted from Larry Farrell's book of the same title)
With the mention of the topic, I guess many will conjure in their minds, pictures of geeky whiz-teens putting together another out-of-this world invention.Then they go out to some Venture Capitalist to get a million bucks to roll out their “Invention” ..
Well the truth is can't be further from that. According to some research done in the US, the followings are found ::
1)An average start-up is about 15,000 USD.
Nike started with 100 bucks while DHL started without virtually $0 ..
2)The average age of entrepreneurs ranges from late 20s to mid-40s
In fact, personally I feel that entrepreneurship is an atttitude rather than a career path.
Just in case your are unfamiliar with Mr Larry Farrell, let me do his some justice by giving you a paragraph-short summary of his profile.
Mr Larry Farrell ::
Started to investigate the entrepreneurial habits of the founders of large corporations more than 20 years ago.
The fact that about 1 third of the largest corporations fell within the 2 years when he start his business consultancy services aroused his interest in what had gone wrong. This made him dig deeper into the “Good-Practices” of MNCs. And he found that the “Good-practices” are found in the early startup days of these companies, as opposed to the common mistake of learning the practices of these corporations when they have become bureaucratic, complacent, lazy, etc .. to sum it up in one word .. SLOW!
Of all the practices, he had summarised it into 4 Foundational Principles::
1)Sense of Mission
2)Product / Customer Vision
3)High Speed Innovation
4)Self Inspired Behaviours
These can simply be summed up by a quotation of Mr Walt Disney ::
“The inclination of my life has been to do things and make things which will give pleasure to people in new and amazing ways. By doing that I please and satisfy myself.”
Sense of Mission ::
There are 2 parts to it -
What you believe
How you gonna put it into action.
It is important to note that what you do far outweighs the effect of what you profess.
It is important not only to find something you love, but also something you are darn good at. Because the market ain't gonna pay for average. YOU don't pay for average. No ONE does!!
Who ever says :
“What is most average deal I can get out of this 100 bucks?”
“Where is the most average restaurant in town?”
“Where can I get the most average surgeon?”
You may start of this part by listing out all the things you love doing and zoom into the ones that you are best at. Then with that brain-storm on opportunities based on those.
Since these are things that you love and strong at, you wouldn't find too much trouble following through with.
Product / Customer Vision ::
Products and customers are to be viewed as one symbiotic system. Without the other, it will lose it's meaning of existence ..
Why will you create products if there will not be any customers?
Why solicit for customers when you haven't anything to offer?
These 2 are in seperable!
Do not fall into the “Lab-in-the-Woods” theory. The fact of matter is to create your lab where there is the closest contact with the market. How else can these R&Ders to know what is most sought after in the market?
High Speed Innovation ::
This is the secret waepon of the an entrepreneur!!! Entrepreneurs are the ones who can react fastest the any changes and readjust their cause of action.
Always create an environment that will allow everyone to contribute to the innovation process. For example, about 30% of revenue of 3M comes from their new products. And how they do it??
1)They have designated a certain amount of the staff's working hours for day dreaming.
2)The fastest way up the corporate ladder is to invent something
3)They have a zillion other failed products created in the process
4)Some of their failed products turn out to be a revolutionary product - Eg :: POST-IT Pads
Self Inspired Behaviours ::
There are tons to write about on this segment, but I guess I'll just touch on one concept that I love a lot. It is called “Intrapreneurship”
That is to get everyone in the organisation to feel like an entrepreneur.
Get your marketing manager to feel and act like the Managing Director of XXX Marketing Inc.
Get your operations manager to feel and act like the Managing Director of XXX Services Inc. Get your IT Manager to feel and act like the MD of XXX Technologies Inc.
With that you can start to see the effects of total engagement within your organisation.
More of how to create Self Inspired Behaviours can be found in the multitudes of books in your neighbourhood bookstore or online.
If you are interested in getting this book, you may Click Here ..
If you are interested to find out more about Mr Larry Farrell's services, please feel [U]free to Email me at cryptomonadz@yahoo.com.sg or call me at (65) 9092 5085. My company is the official marketing agent for Mr Farrell in Singapore and the South East Asia Region.
