Essentials of Entrepreneurship: What It Takes to Create Successful Enterprises by TiE: The Indus Entrepreneurs
My rating: 4 of 5 stars
Essential of entrepreneurship: what it takes to create successful enterprise
pg. 2- one trait that seems to be necessary (but not sufficient), however, is leadership. Entrepreneurs must, at minimum, be skilled enough to assemble teams, provide vision, and inspire confidence.
pg. 3- self motivated entrepreneurs draw their strength from deep inside them.
Pg. 4- entrepreneurs are at the heart of the success of modern societies.
Pg. 5- (interview with Gene Kleiner) to your success as an entrepreneur? To have sufficient technical knowledge and to be a risk taker.
Pg. 17- (author: Gopal Patwardhan, Robert Hunt, Rahula Chandra, Paresh Ghelani, Ben Nagrani, Rishi Navani) there's no doubt about it, entrepreneurs are a special breed. They're passionate about their ideas and their business goal, and they're willing to work hard over extended periods of time to make their dreams a reality. ... We believe that entrepreneurs are particularly attuned to a universal and inherent human trait: the desire for freedom.
Pg. 19- be warned: your life is about to change. As you build your company, everything about you will be tested, from your personality, to your work habits, to your self esteem. ... You will never be without a boss. In fact, you will have to answer to many more people than you probably ever have. Entrepreneurs are risk-takers, but successful entrepreneurs are those who minimize as much risk as possible. ... Almost all successful entrepreneurs succeed because they are persistent.
Pg. 31/32- the majority of small business fail within the first few years is that most of these failures, however, resemble one another in important ways. Such as:
- procrastination (tasks and paper work pile up on your desk. Eventually, they could overwhelm you),
- ignoring the competition,
- ineffective marketing plan,
- ineffective customer service (once you attract customer, you'll have to work hard to keep them),
- the wrong team,
- failing to validate your customer,
- cash-flow problem,
- close mindedness (everyone goes into business with some preconceptions, but don't be surprised to that many of your are wrong. Look for mentors),
- poor planning,
- mixing personal and professional issues.
Pg. 33- business plan are dynamic in nature. They are living documents that will need constant modification as you develop a clearer focus and continuously revaluate your strategy. They are also living documents in the sense that they communicate your enthusiasm.
Pg. 53- investing a small amount of time to carefully choose and reserve a name will yield returns in the form of mitigated business and legal risk. From a business perspective, the company's name or must be secure from the beginning. From a legal standpoint, a poorly rejected name can expose the corporation tota range of legal liability.
Pg. 124- every entrepreneur thinks that his or her product or service will change the world. ... By focusing on your behavior, attitude, and soft skills, you begin to inspire others to pay attention; when key people in the company develop their own skills, your chance for success increase exponentially.
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