entrepreneurs

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What is the value of an idea?

My 5th Tenet of Entrepreneurship is: Ideas are WORTHLESS. I’ve had a number of debates over the years about the value of ideas. As I wrote in my original Tenets article:

Ideas are worthless. Knowing what to do with those ideas – how to implement ideas, how to monetise them, how to drive them from an […]

By |September 18th, 2007|entrepreneurs, innovation|1 Comment

A methodical approach to innovation?

Here is one school of thought you’re unlikely to have heard of, but it is one that you should definitely acquaint yourself with.

TRIZ (pronounced TREEZ) is the Russian acronym for ‘Theory of Inventive Problem Solving’. It is an algorithmic (that is, process-based) approach to problem solving and innovation that eschews the notion of […]

By |September 17th, 2007|entrepreneurs, innovation|1 Comment

Tenet #2 – Entrepreneurship is a PROCESS, not a single inspired act

Contrary to popular belief, entrepreneurship is not grounded in random acts of inspiration.

Entrepreneurship is process-based. Certainly, there is often a “light bulb” moment of blinding insight that kick-starts an individual’s journey into entrepreneurship, but the path always follows the same, 6-step process:

Step 1. Identify an opportunity

As highlighted by Tenet […]

By |September 13th, 2007|entrepreneurs, innovation|0 Comments

Tenet 1 – Made, Not Born

The first Tenet of Entrepreneurship posits that ANYONE can become an entrepreneur; that is, entrepreneurial skills, traits and tendencies are not innate, but rather are learned.

Entrepreneurial tendencies etc. are influenced by a number of factors, including:

Personal values/characteristics

It is impossible to provide a universal characterisation of the “entrepreneurial type”. Entrepreneurial […]

By |September 9th, 2007|entrepreneurs, innovation|0 Comments

‘Higher Level’ Entrepreneurship – Learning from Muggers

Years ago I read an anecdote in a Jay Abraham book that had a formative effect on how I view innovation and opportunism. I managed to track it down:

Two men were mugged. Neither one was harmed.

Mugger No.1 took the man’s wallet and all his cash – $85. Mugger No.2 took the […]

By |September 6th, 2007|entrepreneurs, innovation|0 Comments

Digging up the past – I-Entrepreneur

Many years ago (2002 to be precise), I was moderator of an email discussion group called I-Entrepreneur (published by Adventive, now sadly no longer with us).

Given entrepreneurship is a subject close to my heart, I thought I’d trawl the archives for some ‘nuggets’ to re-post here, which I will do over the coming weeks.

I […]

By |September 6th, 2007|entrepreneurs, innovation|0 Comments

Learning from PepsiCo: Changing the Game

In 2006, for the first time in 108 years of head-to-head competition, PepsiCo was worth more (in market cap terms) than The Coca-Cola Company, even though Coke still outsells Pepsi almost 2-to-1.

In 1998, Coca-Cola’s market cap was $US220 billion and the company’s stock price was trading in the high-$80s. Fast forward to 2006, and […]

Are you ready for it? (Australian Anthill)

The following is an unedited draft of a regular column – Neely Ready – that I write for Australian Anthill, a new-ish magazine with a focus on innovation, commercial enterprise and breakthrough technologies. I will post articles or article excerpts from time to time, as well as other pointers to great content in the magazine or its web site.

—8<—

Are you ready for it?

The statistics are disturbing: a typical venture capital (VC) firm receives around 1000 business plans a year, and quickly rejects 90% without a detailed review.

The problem is not a shortage of investment funds – money will always be available for promising investment opportunities. Rather, most entrepreneurs do not understand the expectations and requirements of VC investors and are unable to communicate their business proposals as attractive investment opportunities.

[…]

By |April 9th, 2007|entrepreneurs, investment, investors, VC|0 Comments