Its not a zero sum game

Entrepreneurship is not a zero sum game.  A zero sum game is like poker where at the end of the hand you have one winner and everyone else loses.  Markets do not work like that.  A popular misconception is that if someone else has already thought about an idea, patented it, or incorporated a company around that idea then you are too late! The market has been taken!

This is false.

There are always more customers, parts of the market your competitors cannot touch.  No product is identical.  If IT IS a zero sum game then explain to me the 150 different types of salad dressings I can buy at the local supermarket?

That should prompt some thinking. 

Posted in Marketing, The Future at May 14th, 2008. No Comments.

What does it take to be a successful entrepreneur?

Peter Jones, successful businessman and TV star of Dragons Den outlines them in this video

  1. Vision
  2. Influence
  3. Confidence
  4. Commitment
  5. Results Orientated
  6. Timing
  7. Perseverance
  8. Caring
  9. Action
  10. Intuition

Often entrepreneurs are consumed with a vision and influence (network) or people. Caring for others (staff and customers) and Intuition seem to be the most neglected. Intuition is VERY important when it comes to making key decisions. Timing is often overlooked as well; doesnt make sense to release a product in a bad cycle. Simply getting an idea and going mad is not very strategic.

Posted in Entrepreneurship at March 28th, 2008. No Comments.