Table Of ContentPraise for Invent, Reinvent, Thrive
If you are looking to be inspired as an entrepreneur, read this book. The
stories and insights are wonderful.
—Philip Kotler, author of Market Your Way to Growth: 8 Ways to Win;
Professor of Marketing, Kellogg School
Lloyd’s book is a well thought-out presentation of entrepreneurial pitfalls
and opportunities supported by unique interviews of relevant role models.
—Samuel Zell, Chairman, Equity Group Investments
Invent, Reinvent, Thrive by Lloyd Shefsky is full of wise and practical guid-
ance for both would-be and continuing entrepreneurs. Its central theme is
well documented through a succession of highly readable and informative
anecdotes. His discussions provide wonderful advice that will aid anyone
embarking on or continuing in an entrepreneurial enterprise.
—David Ruder, former Chairman, Securities & Exchange Commission
Lloyd Shefsky’s book Invent, Reinvent, Thrive provides important personal
and professional perspectives on change and how successful entrepreneurs
purposefully change themselves in order to succeed. This book is a valu-
able resource for anyone looking to make a long-term commitment to per-
sonal growth and success.
—Frederick Waddell, Chief Executive Officer,
The Northern Trust Company
If you think business books are boring, this is your chance to prove yourself
wrong. Storytelling is an art, and Shefsky brings that art to business. It’s
part of why he’s a popular teacher, speaker, and valued consultant. More
importantly, Invent, Reinvent, Thrive is a treasure trove of valuable lessons. I
highly recommend that it be read by everyone in the business world.
—Stan Kasten, President and CEO, Los Angeles Dodgers;
former President of the Atlanta Braves, Hawks,
and Thrashers and the Washington Nationals
Our company’s direct experience with Lloyd Shefsky motivated and guided
us to declare our highest ambition to “Build Forever.” He inspired us to
methodically pursue Brown-Forman’s never-ending greatness, and this
book can do the same for others. I highly recommend Invent, Reinvent,
Thrive to all businesspeople.
—Paul Varga, CEO and Chairman, Brown-Forman Corporation (Jack
Daniels, Finlandia, Southern Comfort, Herradura, Early Times)
In Invent, Reinvent, Thrive Shefsky has once again distilled the secrets uti-
lized by successful entrepreneurs in growing their businesses. The richness
of his stories and the wisdom they convey read like a playbook for how suc-
cessful companies can grow and thrive despite adverse circumstances. This
book captures the essence of what’s required to flourish. I’m looking forward
to implementing a number of the insights I’ve gleaned from this book at
Edmunds.com and guarantee that once you’ve read it, you will do the same.
—Avi Steinlauf, Chief Executive Officer, Edmunds.com
For me, Invent, Reinvent, Thrive was a page-turner. Writing that moves
one from story to story, shedding light on the challenges to entrepreneurial
reinvention and family business efforts to succeed. Enjoyable and instruc-
tive from a teacher with genuine insight into life stages of a variety of
organizations. I genuinely enjoyed reading it.
—Jim Ethier, former Chief Executive Officer, Bush Brothers & Company
Invent, Reinvent, Thrive is a delightfully written insight into the problems,
long and short term, of entrepreneurship and family businesses. Every
businessperson will find important concepts in this book. Indeed, this is
a must-read for all; everyone will find important life-changing material in
this book.
—James Cloonan, founder and Chairman, American
Association of Individual Investors
Shefsky’s new book dynamically captures the challenges and the rewards
of owning and growing a business. I found the stories to be both compel-
ling and powerful. I believe this book will serve as a wonderful resource for
the next generation of entrepreneurs for many years to come.
—John W. Rogers, Jr., founder, Chairman, and Chief
Investment Officer, Ariel Investments
Lloyd continues to provide special perspective and insight. Invent,
Reinvent, Thrive includes important lessons for business and life.
—Jack Greenberg, former Chairman and Chief Executive Officer,
McDonald’s Corp.
Persuasive business examples in a wide range of industries definitely help
you to have new and different ways of thinking and could be the most
important keys for success as an entrepreneur. This enlightening book is
worth reading for all businesspeople.
—Mr. Naito, President and CEO, Eisai Co., Ltd.
Invent, Reinvent, Thrive is a must-read. Having personally been able to
reach out to Lloyd Shefsky for his wisdom and advice over many years, it
pleases me that he is now sharing the depth of his knowledge and experi-
ence with a wider audience. Lloyd’s stories embody what happens in the
real world—told in a way to help, to illuminate, and to inspire generations
of entrepreneurs through the challenges we have all faced.
—Bernee D. L. Strom, serial entrepreneur; Chair and CEO,
WebTuner Corp. (also Gemstar, Priceline, iBiquity, InfoSpace)
A truly enlightening book that captures the essence of what drives the
longevity and prosperity of businesses. The stories are powerful and the
lessons profound. The book is a must-read for entrepreneurs and leaders of
family businesses, who will gain important insights.
—Raphael H. Amit, Professor of Management, Wharton School,
University of Pennsylvania; founder, Wharton Global Family Alliance
Lloyd Shefsky is a venerable teacher, consultant, and consigliere to entre-
preneurs. His latest book is brimming with practical insights and wisdom.
The author’s focus on personal and organizational reinvention is reminis-
cent of the well-worn capital markets lament that no one has a good sell
rule. Shefsky’s stories are so compelling that insights cascade. This book is
both interesting and illuminating.
—Stuart Greenbaum, former Dean and Bank of America Emeritus Professor
of Managerial Leadership, Olin Business School, Washington University
Lloyd Shefsky’s seminal book, Entrepreneurs Are Made Not Born, became
a cornerstone in the field. Now his new book, Invent, Reinvent, Thrive,
finds an important basis for business success. His unique insight makes
this book essential. This is a very serious study of a critical issue, and no
one dealing with entrepreneurship or family businesses should make the
mistake of ignoring it.
—Israel Zang, Professor and former Dean of Business
School and Vice Provost of Tel Aviv University
Lloyd Shefsky’s new book Invent, Reinvent, Thrive is a must-read for every
family member of every family business around the world. It is fasci-
nating reading. Lloyd clearly brings out the fact that if you do not keep
reinventing and changing the old order to yield place to new, your business
slowly but surely will die.
—Subbu Murugappa, former Chairman, Murugappa Group (India)
Shefsky’s book breathes optimism into all of us. The compelling and beau-
tifully told stories and the practical tips in each chapter provide a wealth of
take-home value. The lessons in Invent, Reinvent, Thrive are essential. This
book is terrific, and a reading pleasure.
—John Ward, Clinical Professor of Family Enterprises,
Kellogg School of Management
Professor Lloyd Shefsky’s book is very insightful for many family entrepre-
neurs who are trying to introduce innovation into their continuing family
businesses. The lessons in this book give them bravery and the knowledge
to make it happen.
—Akihiro Okumura, Emeritus Professor, Keio University;
Chairman, Japan Academy of Family Business
Many young people around the world are looking for excitement that
their fathers’ generation has not explored. In this regard, Invent, Reinvent,
Thrive can serve as their handbook of success.
—Yao Yang, Professor and Dean, National School of Development,
Peking University, Beijing, China
The entrepreneur is fueled by passion, vision, and persistence. She needs to
go against the odds and believe in herself. And then she must constantly
reinvent that vision for long-term success. Lloyd Shefsky tackles the issues
many entrepreneurs face and offers practical advice to defy the odds. If
you’ve had business success, yet need to go to the next level, read this book.
—Ginger Graham, former President and CEO, Amylin Pharmaceuticals;
former faculty, Arthur Rock Center for Entrepreneurship,
Harvard Business School
Invent, Reinvent, Thrive is an important addition to the entrepreneur-
ship literature. It hits the mark. Shefsky argues that change is continu-
ous; if you stand still you will decline. He illustrates this conclusion by
recounting discussions with many entrepreneurs and owners of family-
owned enterprises. The breadth of the stories is extraordinary and Shefsky
is insightful in teasing out the implications of what he has heard. He has
long experience in working with entrepreneurs as an attorney, mentor,
teacher, and investor. His study certainly moves the bar on rigor of entre-
preneurial writing.
—Donald Jacobs, Dean Emeritus,
J. L. Kellogg Graduate School of Management
Invent
ReInvent
thRIve
the KeYS tO SUCCeSS FOR AnY StARt-UP,
entRePReneUR, OR FAMILY BUSIneSS
LLOYd e. SheFSKY
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Dedicated to
My kids and grandkids
who make me think young and vital
My dear wife, Natalie
who makes me feel young and vital
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Contents
Preface xi
Acknowledgments xvii
Introduction xxiii
Part 1: rEINVENtING YOUrSELF aS aN ENtrEPrENEUr
1 Core Competencies Will Relaunch Your Career 3
2 Ignoring the Noise of Dissent 17
Part 2: rEINVENtING YOUr BUSINESS
3 In Business, Reinventing Isn’t Everything;
It’s the Constant Thing 47
4 Sleeping with the Enemy 73
Part 3: CaPtaINS OF INDUStrY:
DON’t JUSt GraNDStaND—DO SOMEtHING
5 Maturity Is No Excuse: Reinvent or Atrophy 111
6 Kodak and IBM: The Goliath Factor 119
Part 4: ENtrEPrENEUrS MOrPH tO COrPOratE CHIEFS
7 Moving to a Higher Platform 137
ix
