Perspectives of the Day
Everyone dreams of becoming a successful entrepreneur and the hardest part is figuring out how to get there. Steve Madden's "Self-Made" highlights some of New York's most intriguing entrepreneurs. Perhaps more importantly, it is a unique expression of Steve's passion to give back to entrepreneurs as we all overcome the struggle of starting a business.
We are excited to announce that the Spanish version of The Lonely Entrepreneur is being released. And it all starts on a book tour throughout Mexico. Throughout the week of August 13, The Lonely Entrepreneur team will be doing book signings in Guadalajara, San Miguel and Mexico City. We have partnered with some Mexico's most prestigious bookstores including Sanborns to help entrepreneurs throughout the Spanish speaking worldwide community and the country of Mexico.
A company's mission, vision and values set the direction of the company. These may sound like things that only large companies need (or have the time to do) but you will quickly find, without an overall North Star and guiding direction, you can get lost quickly. Especially in the constantly changing environment of a new venture, these are essential.
There are many factors that go into this determination: the nature of the industry, established players, competitive solutions, pricing models, market influences, nature of the disruption, and the list goes on. How do you understand when the market is ready for your product or service?
Until recently most public relations activity involved person-to-person contact between PR professionals and members of the media, such as journalists and television news reporters. However, several trends are developing that alter the tasks performed by PR people. In most cases these changes are the result of new Internet technologies that are quickly gaining widespread acceptance among Internet users and are becoming new media outlets in their own right.
As an entrepreneur, we think that the market needs our solution now and can’t understand why it is taking so long to get investors, win customers or attract employees. While this perspective can be exciting, it can also create misalignment of people, financial resources and expectations. Have you ever looked down the strip in Las Vegas and seen your hotel and decided it was not too far to walk? The backdrop of the strip creates an optical illusion. As you walk, you realize how far away it is. Had you known, you would have prepared differently.
People will ask an entrepreneur "what is your plan and too often that question is met with a dazed and confused look. What does it mean to have a plan? It comprises three components - strategic plan (which sets your strategy), financial plan (which sets your financial goals and performance) and operating plan ((that details how the company will align its efforts to achieve the financial plan and the overall objectives of the company. In a startup, it is not essential that you have these as three separate plans like a larger organization would. It is important that your plan includes element of your strategy and how that strategy is translated into financial results and your daily operations.
So what makes a book one of the best books for entrepreneurs? Overall, the best books for entrepreneurs must show every element of the journey from struggle to success.
It is one thing to start a business but what does it take to run a business. Let’s assume that we entrepreneurs all come to the table with passion, grit and a good idea. So why does one business with an idea succeed and another with the same idea fail?