Author Archives: Robert W Price

Why is an exit strategy important for entrepreneurs?

Harvesting from Your Venture’s Value This Article supports our belief that having a harvest goal in mind and creating an exit strategy to achieve it are what separate successful entrepreneurs from the rest. Clearly, the main objective of professional entrepreneurs is to create economic value. It is unfortunate that little attention in the entrepreneurial world has been given to exiting a business

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Why is Pinterest Valued At $5 Billion with Zero Revenue?

Pinterest has just exceeded its own already sky high valuation, which already couldn’t be justified by any traditional financial valuation metrics like revenue multiples. A multiple of zero is still zero. Investors have simply just paid an even higher multiple of zero for a stake in Pinterest. But Pinterest’s $5 Billion valuation in its new funding round is rational and

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Why do entrepreneurs need a growth strategy?

Growth is the very essence of entrepreneurship. Growth is the only vehicle that will deliver returns to your investors. And as we discuss in a previous Article, uncertainty and risk are a vicious cycle in high growth-potential ventures. Uncertainty and risk increase because the number of elements in the venture increases, the differences among those elements increase, and the interdependencies among those

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How do entrepreneurs put together the venture team?

It is very difficult to build high growth-potential ventures without a team that has a critical mass of skills and deep understanding and passion of the business space. This means understanding the customers, the existing relationships, and the current products. As Arthur Rock once said, “A great idea won’t make it without great management.” He commits to and invests in people,

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What motivates entrepreneurs?

Understanding common characteristics and what motivates entrepreneurs to start and sustain their venture is important to understanding the entrepreneurial life cycle. By definition, “entrepreneurs are optimistic and idealistic.” They have great commitment, and a vision and passion that can be observed. According to Jack Stack, a judge for Ernst and Young’s Entrepreneur of the Year (EOY) Award Program, “You can

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What is strategic leadership for entrepreneurs?

Entrepreneurial success depends on the ability to think strategically, have a clear strategic vision, and achieve results quickly. Richard Siegelman, general partner at Kleiner Perkins, probes to find out how people got together and what motivates them as a group. He asks, “Is there a shared vision and culture?” According to Siegelman, “Some people may have strong technical dreams, and

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What are the benefits of strategic planning for entrepreneurs?

Your venture’s goals and strategy define the purpose and competitive advantage that will set it apart from others. Your goals help define your intent, and strategy is the plan of action that describes activities for dealing with the environment and for reaching your venture’s intended goals. When combined, goals and strategies define the scope of operations and the relationship with

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What is the Eureka moment for your business idea?

Discussion About Opportunity Recognition and Opportunity Formation Ever since the day that Archimedes, the famous Greek mathematician, leapt from his bathtub and ran through the streets of ancient Syracuse triumphantly shouting Eureka, “I found it!,” the history of science, technology, and business has been punctuated by exciting moments of true insight and discovery. It was during a visit to the

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