Author Archives: Robert W Price

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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What is the evolution of the venture capital industry?

Discussions About The Venture Capital Industry In The United States Frank Knight, a professor of economics at Chicago in 1928, wrote in Uncertainty and Profits, “The only risk which leads to a profit is a unique uncertainty. Profits arise out of the inherent, absolute unpredictability of things.” Alfred R. Berkeley III, vice chairman of NASDAQ, told us that “capital is like oil;

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What were the most disruptive information technologies?

The Commoditization of Disruptive Information Technologies It is important to understand the diffusion of disruptive innovations. This diffusion occurs when “innovators” buy and then, through an influence process, encourage others to buy. It always “starts with the first sale,” and the innovation can “diffuse” through society very quickly. As we take our first steps into the twenty-first century we can

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What are the origins of entrepreneurial capitalism?

Entrepreneurial capitalism is key to the success for entrepreneurship. But few words are as abused in the lexicon of the business world, as ill defined in the management literature, and as open to multiple meanings as entrepreneurship. The concept of entrepreneurship has been in our modern society for thousands of years and in the history of economic study the word

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How do entrepreneurs create their start-up strategy?

Challenges To Entrepreneurs Starting A Business Today The greatest challenge a new business venture faces is getting the right things done in the right order. Knowing what to do, and in what sequence, is critical, especially since the entrepreneur has very limited time and resources. Craig W. Johnson, chairman of the Venture Law Group, once said that starting companies is

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