Lessons Learned – Refining (or finding) the Initial New Business Concept

In my last post, I mentioned I had been working on a change of direction for this blog. Instead of digesting the fifty or so articles I post weekly on the LinkedIn, Applied Entrepreneurship group site, and then giving my thoughts and impressions of common threads, I’m trying something new.

The current plan is to continue to use the rapidly growing Applied Entrepreneurship archive of some 1,400 articles on entrepreneurship (also available from the Boxnet application on my LinkedIn profile page), as well as new articles I post from this point forward, The difference is that instead of just blogging about the articles, based upon whatever gets posted on a daily basis, I’m going to try to “connect the dots” in a different way.

The premise of the blog’s new direction will be to use those articles, as well as your comments, in a step-by-step journey to starting a new business venture. Beginning with this post, I plan to walk through the process of starting what could be either a hypothetical business, or perhaps an actual business. I plan to have some fun with this, and I hope you will too.

There are at least a few things, which could make this a little more interesting.

• First, quite some time ago, one of the posts referenced an article I’d run across describing a “virtual incubator” project. Without going into too much detail, entrepreneurs posted their interests online in an ongoing user generated blog format, in hopes of matching talents, opportunities, and other things necessary for a start-up. The goal was to actually create one or more real business ventures out of the “sparks” generated through the virtual community.

I followed much of the string from the beginning, which ended up consisting of hundreds of posts. I won’t spoil the secret of the extent to which this generated real business ventures, but I would like to think this series has at least the same potential.

• Second, a group of professionals with whom I have served on a board of directors, has been exploring the possibility of continuing to work together in some new endeavor. We all spend some of our time on charitable boards but have an interest in the potential of working together to make some money together. We like each other and respect the talents we have seen each other display for many months, while we served on the board of the same enterprise. We plan to get together socially in the near future, and I’m sure this topic will come up.

There is the potential that we can use the output (from me) and input (from you) of this blog series to help us gel our thoughts, pick a plan to go forward, and actually get a business off the ground.

• Third, simply posting “the best of” articles and gathering feedback from readers should allow me to periodically post “best practices” lists and discussions. The Applied Entrepreneurship reading list, referenced above, contains literally scores of articles on many different aspects of entrepreneurship, as well as the process of starting and running a successful business. Some of the articles contain conflicting points of view. Some are better than others. Some are the best for one situation, but may not work for another. This is where experience, a good dose of luck, and the art of applied entrepreneurship come into play.

There is no one book, which will walk you through starting up every type of business under every set of circumstances. I’ve bought and studied enough of them to feel comfortable in making that statement. I’m still buying them and reading them, but I doubt I’ll ever find that silver bullet. On the other hand, there are lots of millionaires, and quite a few billionaires, who got where they are through imperfect means and methods. You don’t necessarily have to do it perfectly, but you do have to do it well enough to beat the competition and sustain that long enough to get it to the bank. (Read the article I posted by Anthony Robbins, Don’t Try To Be Perfect.)

I plan to use this blog series to generate a series of “best of the best” business startup and business operations articles, which I hope will provide you with both an opportunity to participate in the selection process, and benefit from the results. The success of this part of the plan is as much dependent upon you as it is on me, so let’s get started.

On The Threshold of Starting a New Business Venture

One of the threshold issues in such an endeavor deals not with issues, but people themselves. An article by Noam Wasserman, which I posted on the Applied Entrepreneurship site earlier this month, Founding with Friends, Founding with Strangers?, deals, as the title suggests, with the issue of whether one is better off founding a business with strangers or friends. The article gives pros and cons, and was certainly worth reading as a preface for this venture.

Another of the threshold issues is whether the concepts entrepreneur “wannabes” are working with are real ideas or “just” opportunities. Often, I find my new clients come in with great excitement, having found what they think is the “better mousetrap.” Just as often, someone has apparently just found the “perfect” business opportunity, but they have to act fast to make it work. In both cases, there is a great danger that they will rush past the basics on their way to the “gold rush.” Sometimes that can work, but the odds are slim.

Yesterday, I posted an article by Tim Berry (founder of Palo Alto software and great business blogger), titled Ideas vs. Opportunities. Here are a couple of points from his article:

The business planning process is about filtering the opportunities — a precious few, requiring focus, and planning — from the idea.

An opportunity has some of the following elements:

• Industry and market potential: look at market structure, industry structure, growth rate, margins, costs, etc.
• Economics: capital requirements, fixed costs, cash flow, return on investment, risk.
• Competitive advantage: degree of control, barriers to entry, availability of sufficient resources.
• Management team: people who know the industry, the market, the operations, the logistics, the road to market.

So now we’re starting on the journey with at least two things in mind. The two issues are:

1. Is it better (or reasonable) to start a business with friends than with strangers?
2. Are we better off looking for an idea for starting a new business, or just looking for the right opportunity?

There are clearly many more issues one should consider at this stage, including the old entrepreneurial quotient self-evaluation. We’ll get into that and dozens of other startup questions and answers as we travel down this road together. If you have suggestions on answers to either question, above, or would like to suggest other threshold questions, please contribute to the process.

This is the first post in the business startup series. For others in the series, check the series index.

Join the Applied Entrepreneurship group on LinkedIn. Membership is free and I try to post about ten articles a day there. We have some great discussions going and if you are an entrepreneur, we hope you will join us.

Lessons I Learned Today 6/15/09 – Lessons for Young Wannabees

This is a digest and recap of highlights, quotes, and comments from articles and discussions posted on this date on the Applied Entrepreneurship, LinkedIn group site.

 

*Top 5 Mistakes in Forming Your Corporation by Brad Sugars

“While some owners think incorporation is only for “big” companies, there are a number of reasons even “small” entrepreneurs should think about incorporating, mainly from the standpoint of personal liability protection.”

“While the number of sole proprietorships outnumbers corporations, most of those entities exist by default–meaning the owners have taken the easiest and least expensive road to getting their businesses off the ground.”

“What those owners fail to see, however, is the downside of having all of your “business eggs in one basket,” and many are just a lawsuit away from losing every asset in their name–including their home, cars and any personal or investment savings.”

“While forming a corporation or LLC is less expensive and easier than ever before, here are some things to avoid to get your corporation off the ground.”

• Incorporating without getting the advice of a good CPA
• Thinking the corporate veil gives you unlimited liability protection
• Incorporating, then operating without getting the proper local business licenses
• Incorporating and then not filing periodic paperwork or taxes as required by your state
• Incorporating without sufficient capital 

“Getting sound financial and legal advice may up your cost of incorporation… but in the long-run, the costs of doing things right pale in comparison to the hard costs of being in the wrong type of corporate structure. Or worse yet, finding yourself subject to fines and penalties you never knew existed.”

 

*Entrepreneurs’ predicaments illustrate role of lawyer by Stuart Adams

Entrepreneurs can sometimes see only a golden opportunity or irreversible disaster on their horizon because of a lack of perspective. In many such circumstances they might benefit from an attorney’s impartial counsel.

Entrepreneurs, like all of us, sometimes get too close to a situation and can’t see the forest for the trees. An impartial professional can be an invaluable ally in achieving success or avoiding disaster.

Good and bad deals come along every day. When one crosses your path, it’s easy to lose perspective and jump on impulse. Taking the time to thoroughly analyze the opportunity with trusted advisers can spell the difference between fortune and disaster.

 

*Change Aversion – Coming to Terms by Dr. Earl R. Smith II

“Many people see it as stepping from the known to the unknown. However, the only way that you can see it this way is to ignore that change is an unavoidable part of your every day. You are changing all the time. Therefore, the question is not whether or not you will change but how big are the steps you are ready to allow yourself to take. Your personal growth depends on this very decision.”

“Stress over change comes from two sources. The first is the process of change itself – you have to pay attention to what is becoming the new ‘reality’. The second is the apprehension that you bring to the process when you contemplate changes at your upper level of tolerance. Your ability to come to terms with change and grow will depend on how comfortable you can become with the first apprehension and how much you can reduce the second.”

“It is a truism that there will be no growth without effort. Change and the challenges that it brings is the common denominator. Your approach to change and ability to achieve the correct balance will define your life as much as any other factor – and much more than most.”

 

*Building a Strategy Pyramid by Tim Berry

“I came up with the strategy pyramid, which made it possible to track implementation and work on strategic alignment. We used it to build a database of business activities that we called “programs” and track them back up through tactics and strategy.”

“You can use the strategy pyramid in your own planning. Focus on three or four main strategic priorities and build a conceptual pyramid for each one. Don’t sweat the details like definitions of strategies and tactics; just make it work for you, in your business, with your pyramid. Do sweat the details like making programs with specific responsibilities, budgets and projected outputs when possible.”

“Remember, good business planning is nine parts implementation for every one part strategy.”

 

*Assumption is the Mother of All … – Lessons for Young Wannabees by Dr. Earl R. Smith II

In any logical structure, there are key assumptions that, if overturned, will result in the total disintegration of that logical structure. In philosophical terminology, these are ‘synthetic judgments a priori.’

These assumptions are taken as given without question. Examples might be ‘god exists’. ‘I am alive’ or ‘today is the day after yesterday’. However, if these assumptions are proven false, the entire structure that has been built upon them crumbles and falls.

1. Question everything

2. Particularly the most important assumptions

3. Accept nothing as true

4. Unless you have drilled down to bedrock

5. Blind faith is religion

6. Business is validating and debunking

7. Debunking is as important as validating

8. Fools accept – professionals validate

“Remember: in business, it is much more important to be successful that to be right. Business is not about demonstrating the inherent correctness of your belief about reality. It is not about validating your assumptions about reality. It does not give you an opportunity to ‘change the world as we know it’. Business is about connecting a value proposition that can be delivered on with a set of customers who recognize the value of that proposition and are willing to pay an adequate price for receiving its benefits.”

 

*Beware the ‘Shiny Stuff’ Seduction by Luke McKinney

“Equipping a new office is a fine line between being on Wall Street and a kid in a candy store: you don’t want your brand new business to fail because of penny-pinching, but every cent spent is taken out of the pile keeping your company alive until it’s profitable.”

What questions should you be asking every time you’re about to be invoiced?

• What You Need, Not What You Want
• Don’t Be Ready For Everything
• Time Is Money, But How Much?
• Counting the Concealed Costs

You can’t plan on things working. You have to know what to do when things go wrong, and if you didn’t already know that you should reexamine your business plan.

 

*Drafting Trouble-Free Social Media Policies by James Wong

“In just two years, social networks have grown from little-known, niche Web sites to popular super-sites on Web. For many company workers, signing on to Facebook is now as much of their morning ritual as the Starbucks latte or checking out the sports pages. Rumor has it that Bill Gates spends 30 minutes per day on Facebook; and President Barack Obama twitters.”

“Meanwhile, in legal departments across corporate America, social networks are under the radar, either because general counsels believe that existing policies are sufficient to manage risk, or worse, they believe what employees post onto social media poses only minimal risk to the corporation.”

The risks presented by unfettered communications on social networks are serious, pervasive and increasing. Existing policies are unlikely to cover evolving situations, but even assuming existing policies are in place, enforcement can be problematic.

“In the area of intellectual property: too much sharing by engineers could jeopardize claims for patents or trade secret status; uploads may infringe copyrights; and the company’s trademark may be misused, for example, on worker blogs that complain about the company’s workplace practices.”

“In securities: misleading statements made by persons with knowledge of the company may be construed as securities fraud; bloggers may make statements during a company’s “blackout” period; bloggers airing a corporation’s dirty laundry on a blog or forum may run against the company’s view of disclosable events.”

“HR departments may go to social networking sites to research job applicants. However, there is a danger that they may gather protected information such as race, age, religious backgrounds, etc., that may expose the company to anti-discrimination claims.”

“Counsel need to create, adopt and enforce policies that reduce risk without causing bigger problems, like resistance from colleagues. Companies may find their policies posted on the Web, dissected and criticized by the general public. So the creation of policy itself becomes risky.”

“One of the most difficult aspects of formulating policy will be enforcement. Significantly, there are numerous federal and state statutes protecting employee speech rights in the workplace, including those that shield whistleblowers. Garden variety review and termination provisions may not be enforceable.”

 

*Harness the Power of a Trademark by Tamara Monosoff

“In the inventing world, a lot of attention is paid to patenting. Often overlooked is the power of a trademark–a wonderful tool that can provide an incredible value when it comes to protecting your product or brand name.”

“A trademark can become one of your company’s most important and valuable assets. For example, consider all the brands you know, trust and prefer. These trademarked names have immeasurable value, and they’re protected. You couldn’t open up an ice cream shop in your town and call it Ben & Jerry’s without a quick visit from a powerful lawyer.”

“One important thing to know about a trademark is that you should begin using it immediately, prior to the formal application process. And keep detailed records regarding the date the mark is first used in commerce; this is of critical importance when filing the trademark application paperwork. Additionally, by placing the trademark symbol beside your product or service name, you acquire some common law rights. This varies from state to state.”

 

*How to Value Your Startup by Asheesh Advani

“Entrepreneurs need to put a value on their startups in order to raise money, and investors need to put a value on their investments to generate liquidity. Since neither entrepreneurs nor investors are known for right-brain artistic thinking, this article aims to provide some tips for left-brain thinkers to make sense of startup valuation.”

“If investors are telling you that your startup is worth $1 million, then that’s what it’s worth.”

“If you’re not profitable, your business probably isn’t worth very much.”

“Be careful about overvaluing your startup with faulty assumptions; it will only make your life more difficult-particularly if your investors have governance rights, such as positions on the company’s board.”

“Much like artists, entrepreneurs need to use creativity in valuing their startup businesses. Traditional approaches to valuation based on book values and P/E ratios are akin to painting by numbers.”

 

What I Think

I think the relatively broad range of articles posted on this date provides a nice primer for first time entrepreneurs and validation for experienced entrepreneurs as well. Brad Sugars’ article, Top 5 Mistakes in Forming Your Corporation, makes the point that sometimes doing things right from the beginning may cost more, but it can save many times that amount in the long run. Many first time entrepreneurs will try to save money by cutting corners on hiring the proverbial “trained professional” to help with critical steps in the process of taking the start-up to the next level.

Although Sugars’ article mentions only fines, penalties, and tax consequences, Tamara Monosoff’s article, Harness the Power of a Trademark, should also give clues about the danger of losing a valuable trademark or service mark. James Wong’s article, Drafting Trouble-Free Social Media Policies, should likewise give some insight into the dangers entrepreneurs face by ignoring the opportunity to obtain professional counsel on issues such as creating employee policies. A slip on either side of the proper path can be extremely costly in many ways, including legal fees greatly in excess of what the entrepreneur would have paid to obtain correct advice to start with, let alone judgment damages imposed by a court.

Luke McKinney’s article, Beware the ‘Shiny Stuff’ Seduction, teaches us to watch the fine line between spending valuable start-up resources on those things which seem important or desirable, and those things which actually are essential. Too many first time entrepreneurs think they know what they’re doing when they attempt to start their first business. Unfortunately, I’ve seen many an MBA and highly compensated executive fall flat on their face when starting their own company.

If starting a business were easy, everybody would be doing it successfully. Many try, but figures from the SBA and other sources indicate the success rate is relatively low. Much of this failure is based upon the entrepreneur not doing adequate research or being underfunded. Sadly, many first time entrepreneurs simply don’t know what they don’t know. Since the devil is often in the details, it makes sense to find a mentor or professional who can guide you through these difficult day-to-day challenges. Until you’ve been down the often circuitous road of entrepreneurship, it is way too easy to miss a step or take a fork in the road, only to end up in the unhappy land of the “wannabees.”

  

If you enjoyed my impression of these articles, why don’t you read them for yourself and see what you and I missed or hit? Join the Applied Entrepreneurship group on LinkedIn. Membership is free and I try to post about ten articles a day there. We have some great discussions going and if you are an entrepreneur, we hope you will join us.

Lessons I Learned Today 6/11/09 – Leverage; Ben Franklin to Breast Milk

This is a digest and recap of highlights, quotes, and comments from articles and discussions posted on this date on the Applied Entrepreneurship, LinkedIn group site.

 

*Why Benjamin Franklin Was a Better Entrepreneur Than You by Matt D Walker

“As Benjamin Franklin said: Those who would give up essential liberty to purchase a little temporary safety, deserve neither liberty nor safety.”

This quote could probably be interpreted in many different ways, but the one way that I see most fit for this article is going to be with entrepreneurship versus being an employee.”

“The difference between employees and entrepreneurs is staggering. Everything from money management, shopping trends, to problem resolution and beyond. What really makes the difference between an employee and an entrepreneur is simple. It simply boils down to time management, and entrepreneurs know that in order to get something better than what they have, something else must be given. For some, it’s money, for others, it’s time. This is definitely the determining factor.”

“Many entrepreneurs start a traditional business and end up creating a job for themselves.”

“Leverage is essential to any business, and with leverage, you can gain time freedom and still earn income needed to support time freedom and retirement. One of the best business models for leverage is network marketing.”

 

*It Takes a Village to Run a Successful Business – Don’t Go it Alone by Lisa Montanaro

“Imagine a group of people that are available to bounce business ideas off of, to help you make pivotal business decisions, and to serve as a sounding board. Major corporations have a Board of Directors. Non-profits have a Board of Trustees. Why can’t the solopreneur or small business owner too? You can! How? By developing a Board of Advisors for your business.”

“Be careful not to include anyone on your Board of Advisors that pushes your buttons, saps your energy, or is competitive. In addition, try not to surround yourself only with “yes” men and women who nod approvingly at everything you do, and never challenge you or hold you accountable. You want members that challenge you to stretch your entrepreneurial muscles.”

“Do not confuse your Board of Advisors with your official team of advisors. Your team of advisors is usually made up of people that you retain to assist you with certain aspects of your business operations, such as a lawyer, accountant, graphic designer, webmaster, etc. These are paid professionals that you hire to provide services to your company, as opposed to an individual that is voluntarily providing assistance to you and your business.”

“A Board of Advisors can push you when you need a nudge, lift you up when you lose focus or faith, and help to keep you on track.”

 

*Overcoming the Fundamental Obstacle to Entrepreneurship by John Vespasian

“Starting anything new entails risks and demands dedication. Irrespective of the technical difficulties of your chosen endeavour, nothing can be compared to the level of commitment required to get a new business off the ground. The sheer number of different tasks that entrepreneurs must perform, from product development to marketing, is overwhelming.”

“On the other hand, entrepreneurship possesses three characteristics that render it uniquely inviting and reassuring. No other human activity offers these advantages to its practitioners. It is regrettable that many men and women graduate from their studies without knowledge of these facts:”

1.- UNLIMITED POSSIBILITIES:

2.- UNLIMITED SCOPE

3.- UNLIMITED LEARNING

“The fear of being unable to achieve enough sales is what blocks 99% of those who entertain the idea of becoming entrepreneurs. Other obstacles pale in comparison to this one. If you succeed in getting over this initial hurdle, chances are that your business will be able to face whatever problems might come your way.”

“Start small, try different things, see what works and what doesn’t. Learn from mistakes, don’t be discouraged, and ignore malevolent criticism. Take limited risks, follow market signals, be persistent, and you will eventually get it right.”

 

*Why 99% of Entrepreneurs Fail: Because they don’t do anything by Jessica Mah

“Many of you have had the pride and joy of thinking that you know the next billion dollar idea. For scholars, a similar feeling is found when you come to a philosophical epiphany. The high is so great, that it’s difficult to get your mind onto anything else.”

“There are three types of amateur entrepreneurs out there, and in my young life, I’ve been every single one of them. By coming to terms with my failures, I’m more prepared to classify which type of amateur entrepreneur I am, and thus preventing myself from failing in the same way again.”

Type 1 Amateur Entrepreneur: All ideas, no implementation.

• Type 2 Amateur Entrepreneur: Lots of ideas and half assed implementations.
• Type 3 Amateur Entrepreneur: Lots of ideas, lots of implementations, and absolutely no focus.

“Everyone is “working” on a project, but 99% of self-proclaimed entrepreneurs fit into one of the three profiles above. If you’ve thought of the next billion dollar idea, please refrain yourself from being an amateur entrepreneur. If you find yourself as being an amateur entrepreneur, it’s not too late to change. Pick one idea that you’re passionate about, and whole-heartedley follow through with your implementation.”

 

*Fair Trade importer Alter Eco cultivates growth by Lindsay Riddell

“Alter Eco Americas is bringing Fair Trade and organic goods from across the world to U.S. grocery stores while trying to make a dent in global poverty. The startup has more than quadrupled its revenue over three years to $1.5 million in 2008 by landing distribution for products such as quinoa and jasmine rice in major grocery chains. One grocer that carries its products is Whole Foods, which has increased its Fair Trade offerings to more than 1,000 products in the last two years, including Alter Eco’s organic extra virgin olive oil from Palestine.”

“Alter Eco imports 150 products, including coffee from Peru, Ethiopia and Mexico, cocoa from Ghana and Bolivia, unrefined sugar from the Philippines, rice from Thailand and other foods under its brand. Alter Eco Americas has introduced 26 of those to the United States. Most products carry the Fair Trade label, which certifies that companies pay their workers fair wages and provide decent working conditions, among other things.”

“Alter Eco Americas also offsets the carbon emissions for the life cycle of the products. Paying fair wages, offsetting the carbon emissions and requiring products to meet organic standards squeezes margins.”

“In the U.S., we’re competing against brands that don’t have the same standards,” said Senard. “We have to be competitively priced even though we pay our farmers more.”

 

*CD buys aimed at helping businesses by Renee McGaw

“I was thinking, well, people aren’t really thinking about Arapahoe County,” said Milliken, the county’s treasurer. “Crisis is always an opportunity and I thought this is a good time to bring something home to the county.”

“So he came up with his own local stimulus program. Arapahoe County has bought $5 million in one-year certificates of deposit (CDs) from three locally owned banks — Colorado Business Bank, Citywide Banks, and Guaranty Bank and Trust Co. The banks have agreed to use the cash to make loans to Arapahoe County businesses.”

 

*Branding is just not for Coca-Cola or McDonald’s anymore by Steve Beseke

“Personal branding is your 21st century key to promoting yourself in the workplace. Today, branding isn’t just for companies, Hollywood celebrities, or highly-paid athletes. People in all walks of life are starting to use personal or self branding to get ahead in the game of life.”

“The single factor that often explains the difference between a professional who is competent and doing okay and one who earns a significant income and generates lots of business is self branding.”

“Self branding is a strong personal identity based on a clear perception about what you stand for, what sets you apart from others, and the added value you bring to a job or situation.”

“Your self brand is the sum total of other people’s feelings about your attributes and capabilities, how you perform, even their perceptions about what you are worth.”

“It is important to set personal brand goals with a specific time frame and plan of action for achieving the goals. So just like a marketer would, you write down personal marketing activities to achieve your goals. And, of course, you execute the marketing plan. You can’t get to where you want to go unless you plan it and then do it.”

 

*Winds of change for baby business by Jane Meyer Brahm

“A childbirth educator, certified labor doula, mother of five and new grandmother, Wallace started Gracewinds in 2002 when she saw that expectant couples and new parents had to look all over town for services.”

“It was crazy,” she said. “I thought, why not put them all together?”

“She started with five contract practitioners operating out of a former tavern. She and her husband, Jeff Carson, self-financed the business with a few thousand dollars. Jeff did carpentry and remodeling in exchange for a few months’ rent on the building. Christine made use of her art background by painting murals.”

“A childbirth educator, certified labor doula, mother of five and new grandmother, Wallace started Gracewinds in 2002 when she saw that expectant couples and new parents had to look all over town for services.”

“It was crazy,” she said. “I thought, why not put them all together?”

“She started with five contract practitioners operating out of a former tavern. She and her husband, Jeff Carson, self-financed the business with a few thousand dollars. Jeff did carpentry and remodeling in exchange for a few months’ rent on the building. Christine made use of her art background by painting murals.”

“Her big dreams are still evolving. She’s working on a new-fathers program that will become the first of its type certified by the national Childbirth and Postpartum Professionals Association. She started her own publishing company, Braxton-Hicks, to publish her labor guide for doulas, which now has international distribution. She set up Gracewinds Global Breast Milk Initiative, a nonprofit focused on promoting and supporting breastfeeding in third-world countries. She holds monthly meetings for women business owners, focusing on entrepreneurship.”

“What we’re providing here is age-old and timeless – a community of support under one roof.”

 

What I Think

I think some may feel the title of this post is a stretch, but if you look at the articles posted on this date, many of them deal with leverage in one form or another. Matt D Walker’s article, Why Benjamin Franklin Was a Better Entrepreneur Than You, makes the point that entrepreneurs are different from those willing to simply be someone else’s employee all their lives. Entrepreneurs understand they must make a sacrifice to accomplish a quantum leap, but also understand that the rewards are worth that sacrifice. Entrepreneurs make their own “lever,” managing their time more efficiently than others, and failing to be deterred from reaching their vision.

Ben Franklin understood that the American enterprise desperately needed partners if it was to survive a hostile takeover on the heels of the initial launch of the new brand. The American start-up lacked sufficient credit, like many new organizations, and initially was rebuffed by the more established European power brokers. Franklin realized he had to turn his enterprise’s apparent weakness into strength. His innovative approach to European politics made his “wilderness” non-conformity a novelty with which to open doors and purses.

Franklin was a master of the personal branding techniques advocated by Steve Beseke’s article. He made himself so unique he became a celebrity. The barriers to entry facing our Founding Fathers would have seemed insurmountable to another team, but they divided and delegated the various tasks involved in building the foundation of the new enterprise and the bridges necessary to allow it to open trade relations with much more mature and sophisticated competitors in the world economy.

Franklin and the others on the start-up team certainly didn’t accomplish all this by themselves. They could easily have fallen prey to any of the three cardinal sins of entrepreneurs suggested by Jessica Mah’s article, but they were passionate about getting the new enterprise launched, and whole-heartedly followed through with implementation.

 They enlisted the help of an extensive advisory group, just as Lisa Montanaro’s article suggests. They put the talents of their start-up team together and the resulting foundation they gave the new American enterprise was so skillfully crafted that it has withstood the winds of change for over two hundred years. It has certainly changed and grown during that time, but it is obviously now much more diverse and powerful than perhaps anyone other than the Founders could have imagined.

  

If you enjoyed my impression of these articles, why don’t you read them for yourself and see what you and I missed or hit? Join the Applied Entrepreneurship group on LinkedIn. Membership is free and I try to post about ten articles a day there. We have some great discussions going and if you are an entrepreneur, we hope you will join us.