Thursday, December 20, 2012

Intelligent Entrepreneur: The Introduction

Entrepreneurs: Why and Why Not

“If you’re reading this book, it’s probably because you hope to become a truely successful enterpreneur. You want to build something dynamic, useful, and great, and may be even get rich in the process.”
“Most ventures fail usually for a good reason.” 

And, here are few reasons:
  • Not truely committed
  • Convinced that a lousy business idea is brilliant
  • Does not understand the market he’s targeting
  • Does not hire right people, or does not offer best people good reason to join the venture
  • Not enough capital
  • Not effectively communicate
  • Does not take advantage of new opportunities
  • Bad luck
  • Blame bad luck for not understanding the true reason
Launching a new business is not an easy task. But you don’t have to be too worried because
  1. You can learn from those who succeeded and those who failed
  2. A lot of your competitors may not learn as much as you do. So, they could be more likely to fail. 
“Challenge and hardship can be the best teachers.”

Learn to Be an Entrepreneur

     Some conventional wisdom believes that entrepreneurship is an innate ability. But, HBS believes that, like skill, entrepreneurship can be learned.

“There are skills, attitudes, and a fundamental base of knowledge that education and  experience can provide. You won’t turn me into a world­class athlete by sending me out to  practice with a coach, but I will certainly play a better game. Entrepreneurship is no different.”-- Professor Howard Stevenson, HBS 

              Entrepreneurship is like a process of believing and commitment, rather than skill. Skills are important. But skills are commodity. Afterall an entrepreneur can hire an MBA graduate to work for him.
             

    What is an Entrepreneur?

     Entrepreneurs are thinkers, risk takers, creators, and builders. They 
    1. Evaulate opportunities
    2. Access require resource
    3. Acquire the resource
    4. Manage the venture
    5. Harvest the value


    10 Rules You Must Keep in Mind

    1. Make the Commitment
    2. Find a Problem, Then Solve It
    3. Think Big, Think New, Think Again
    4. You Can’t Do It Alone
    5. You Must Do It Alone
    6. Manage Risk
    7. Learn to Lead
    8. Learn to Sell
    9. Persist, Persevere, Prevail
    10. Play the Game for Life

    Marla Malcolm Beck’s top 10 lessons

    Here are 10 other things Marla has learned:
    1. Experiment with summer jobs
    2. Get into the game
    3. DROOM (Don’t Run Out Of Money)
    4. Do something you love 
    5. Your first venture is always the hardest
    6. Avoid the Get Big Fast (GBF) mentality
    7. Angles [investor] are your friends
    8. Competition makes you stronger
    9. Nothing is good forever
    10. Your can have it all


    Source:The Intelligent Entrepreneur: How Three Harvard Business School Graduates Learned the 10 Rules of Successful Entrepreneurship by Bill Murphy Jr., Introduction
    [Read the Book Review] [Read the Previous Part] [Read the Next Part].

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    Book or Audiobooks?

    Personally, I prefer audiobooks. It's fun, and I can listen when I'm doing something else. It also makes other activities (e.g., jogging) a lot more fun. For more detail about audiobooks, please read [this post].

    There is one more reason that may encourage you to go for the audiobook version. You can get it now for FREE. Audible offers you a free trial for 14 days. Even if you get the book and cancel the subscription right away (so that you don't have to pay), you can keep the book. And, don't worry if you lost the audiobook file. Just log into audible.com. You can keep downloading the over and over again.
    About the summary: It takes time to finish up a book. And, when you do, sometimes, you want to review what you learn from the book. If you do not make  notes as you read, you might have to go through the book once again. This can be time-consuming when you are dealing with a book. But you can still flip through the book and locate what you are looking for.

    However, when the material is an audiobook, it is extremely hard to locate a specific part of content. Most likely you will have to listen to the entire audiobook once again.

    This book summary will help solve the pain of having to go through the book all over again.

    I am leaving out the details of the books. Most books have interesting examples and case studies, not included here. Reading the original book would be much more entertaining and enlightening. If you like the summary, you may want to get the original from the source below.

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