Entrepreneurship the New Rules

192 Pages·2009·0.799 MB·English

by  Rob Yeung

ENTREPRENEURSHIP
THE NEW RULES

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TITLES BY ROB YEUNG AVAILABLE FROM MARSHALL CAVENDISH
Emotional Intelligence: Th e New Rules
Entrepreneurship: Th e New Rules
Job Hunting: Th e New Rules

Networking: Th e New Rules
Offi ce Politics: Th e New Rules

Should I Sleep with the Boss? And 99 Other Questions about Having
a Great Career
Should I Tell the Truth? And 99 Other Questions about Succeeding at

Interviews and Job Hunting
To fi nd out more, please visit: www.thenewrules.co.uk

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ENTREPRENEURSHIP
THE NEW RULES
DR ROB YEUNG

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Copyright © 2009 Rob Yeung
Th is paperback edition published in 2009 by
Marshall Cavendish Limited
Fifth Floor
32–38 Saff ron Hill
London EC1N 8FH
United Kingdom
T: [phone]
F: [phone]
[email protected]
www.marshallcavendish.co.uk
First hardback edition published in 2007 as Th e Rules of Entrepreneurship
Th e right of Rob Yeung to be identifi ed as the author of this work has been asserted
by him in accordance with the Copyright, Designs and Patents Act 1988.
All rights reserved
No part of this publication may be reproduced, stored in a retrieval system or
transmitted in any form or by any means including photocopying, electronic,
mechanical, recording or otherwise, without the prior written permission of the
rights holders, application for which must be made to the publisher.
A CIP record for this book is available from the British Library
ISBN 978-0-462-09927-9
Designed by Robert Jones
Project managed by Cambridge Publishing Management Ltd
Printed and bound in Great Britain by
CPI Bookmarque, Croydon CR0 4TD
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CONTENTS
Foreword ix
INTRODUCTION 1
Disregard the hype about entrepreneurs 4
Invest in perspiration, not education 6
Do something new or tackle something old 7
Count yourself in 8
THINKING LIKE AN ENTREPRENEUR 11
Chase a passion, not cash 13
Enjoy business and people 15
Take responsibility 16
Enjoy making mistakes 17
Commit to getting started 19
NURTURING YOUR IDEA 21
Ponder, refl ect, and contemplate 23
Investigate new markets, niches, and
opportunities 24
Pick up on m arket trends 26
Broaden your perspective 28
Transform, transact, or transcend 29
Go 3D 30
Play 20 questions 32
Go against the crowd 33
Harness the power of three 34
Scribble before you sleep 36
Trust your gut 36
Th ink buyer, not seller 37
Ignore the nay-sayers 39
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vi ENTREPRENEURSHIP: THE NEW RULES
DEEPENING UNDERSTANDING
AROUND YOUR IDEA 41
Begin to create your vision 44
Understand why customers buy 46
Keep your forward momentum 47
Research the reality 48
Network as if your life depended on it 50
Ask, listen, evaluate 52
Ask the right questions 53
Be discreet 54
Understand the competition 55
Research your customers 57
Recognize that the fi nal choice is yours 58
Document your travels 59
PLANNING AND FUNDING YOUR BUSINESS 61
Get it on paper 63
Use a plan template 65
KISS the numbers 67
Put your money where your passion is 69
Take the plunge 70
Develop you r elevator pitch 71
Seek a mentor 73
Treat your mentor as a special resource 74
Entice investors with your plan 76
Build a prototype, create a demo 77
Interview investors 78
Avoid money from family and friends 80
Stay positive 81
Ponder before partnering 82
Become equal partners 84
Th ink the unthinkable 85
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CONTENTS vii
SETTING UP THE BUSINESS 87
Name your venture 89
Invite players to your party 90
Get professional advice 91
Refi ne your off ering 93
Build the customer experience 94
Map it out from cradle to grave 96
Scrutinize your spending 98
Get your hands dirty 100
Immerse yourself in the business 100
Keep your focus 102
Work smart, not hard 103
Consider the alternative 105
Keep negative emotions at bay 106
SELLING AND MAKING MONEY 109
Understand the importance of selling 111
Sell, sell, sell 112
Focus on serving, not selling 114
Mention benefi ts, not features 115
Ask and listen before you tell and sell 116
Understand that people like people like them 118
Press the fl esh 119
Promote, sell, and promote some more 121
Persist, persist, persist 123
Set yourself a sales goal 124
Push your prices up, up, up 125
Speak up and be noticed 127
Look for targeted media opportunities 128
Count the hits, not the misses 129
Become an implant 130
Charge up your customer conveyor belt 131
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viii ENTREPRENEURSHIP: THE NEW RULES
Create customer delight 133
Categorize your customers 134
Ask for referrals 136
HIRING PEOPLE 139
Hire for temperament, not qualifi cations 141
Place a premium on people skills 143
Ask about prior success 144
Pay well, reward better 146
EVOLVING AND ADVANCING
THE BUSINESS 149
Grow or grow 152
Work in and on your business 153
Continue to exploit networks 155
Keep your secrets safe 156
Ask for a poke in the eye 157
Keep questioning your customers 159
Review and revamp 160
Learn to let go 162
Instruct with intelligence 163
Give eff ectiv e feedback 164
Pay attention to relationships and tasks 166
Cultivate your culture 167
Invest in your business and people 168
Create a board of advisers 169
Be a real person, not a business-person 171
Prepare to move on 172
FINAL THOUGHTS 175
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FOREWORD ix
FOREWORD
Come on, admit it. Th e idea of becoming an
entrepreneur and becoming your own boss is cool.
Perhaps you want to strike out in a new direction and
make your fi rst million. Maybe you wish you could
do it or maybe already are doing it.
Whatever your situation, Entrepreneurship: Th e New
Rules is your guidebook for getting it right.
Th is is the fi fth in the “New Rules” series of
books. Th e earlier books in the series focused on
topics such as chasing promotions, dealing with
offi ce politics, networking, and developing your
emotional intelligence. All of those topics were to
do with managing your career when working
for someone else; this book looks at moving outside
of the corporate hierarchy and doing your
own thing.
Any ordinary person can become an entrepreneur.
Yes, you read that correctly. Entrepreneurship isn’t
about experience or special training. It’s about
using your br ain, motivating yourself, and building
relationships with the right people. So, yes, anyone
can do it.
You could become self-employed, set up a
partnership, invest in a franchise, buy a business,
build an empire, invent a new gadget, or launch a
new service. You could work from home or lease
an offi ce, set up a website or showroom, work on
your own or in a team of 20. You could set up a
tiny outfi t to target a niche market or a giant
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x ENTREPRENEURSHIP: THE NEW RULES
company to sell to the masses. Entrepreneurship is
about any or all of these things, and more.
I’ve had the pleasure of working with top business-
people and entrepreneurs in companies large and small.
In the last few years, I’ve had the pleasure (and pain)
of growing my own consultancy too, so much of what
I advise I know from fi rst-hand experience.
Th ere are plenty of books that take you through the
practical aspects of setting up your own venture—
from opening a business bank account and tracking
your fi nances to chasing customers for payment and
calculating your tax bills—but this book isn’t one of
them. Businesses don’t succeed or fail based on whether
you pick the right bank account. Don’t sweat the small
stuff . I want you to think much bigger than that.
Th is book is about the spirit of entrepreneurship—
the stuff that truly distinguishes successful
entrepreneurs from wannabes and failures. Look at
famous entrepreneurs in the world today. Icons such
as Michael Dell, Donald Trump, Richard Branson,
and Li Ka Shing grew their businesses by identifying
opportunities and persisting in the face of adversity,
selling ideas and brokering deals, inspiring their
employees and engaging their customers. Business is
fundamentally about people—your mental toughness
and ability to build relationships with others. Let’s
focus on the stuff that matters: the mindset and way of
thinking, and let’s help you succeed.
Perhaps you don’t yet have an idea for a business but
know that you want to strike out on your own. Th at’s
OK, this book can help you fi nd the right concept for
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