David C. Price,Alison Price

A Practical Guide to Entrepreneurship

    Success to me is not about money or status or fame, it’s about finding a liveli
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    Your brand is what people say about you when you are not in the room.

    Jeff Bezos, founder of Amazon
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    If we did all the things we are capable of doing, we would literally astound ourselves.
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    you are no longer needed on a day-to-day basis.
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    I think about what’s next for me because I have lots of other interests. When I’m truly happy with what I’ve done here, and when I think I can no longer grow, that’s as a coach or as a business, it’ll be time to consider something new.
    Steve Rosko, So Cal TTC
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    Once you have a successful venture up and running you may want to consider applying your entrepreneurship skills by expanding your portfolio into new markets with new ventures and ensuring you have the right staff to keep the original enterprise going in your absence.
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    For anything that is less than an 8, write down who you can empower with this responsibility that is already available to you.
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    For anything that is 8 or above, consider whether you can involve others in part of what you absolutely have to keep yourself – so that they get experience of doing it and freeing up some more of your time – without them taking over full responsibility for it.
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    Imagine how you would feel about your venture if you suddenly got the urge to go on vacation for a month and travel around a different part of the world. Would you be able to leave your venture running successfully without you present?
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    Write down all of the responsibilities or tasks that you have had to do as an entrepreneur.
    • Beside each of them, rank them on a scale of 1–10 (1 = low, 10 = high) of how critical it is to the venture that you are the one who does them.
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    Making your ventures run themselves

    There’s another key factor that supports serial entrepreneurship (and a better work–life balance) and that is building up your ventures to a point where they run themselves so that you no longer need to be involved on a day-to-day basis.
    For example, Sarah has structured her other businesses so that the staff within the company make day-to-day operating decisions, while she only gets involved in anything outside of this, such as strategic decision-making. Because she has taken those businesses to the next level and they can run themselves, this means that she only needs to spend half a day a week on those at maximum. This enabled Sarah to devote her time to The Button Company when it needed her most.
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    Being an entrepreneur may appear risky to others; however, successful entrepreneurs manage that risk and protect the downsides of it.
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    Minimize the downsides of risk

    Richard Branson has commented that ‘minimizing the downsides of risk’ is one of the most important phrases in his life. When making bold moves, such as taking on an ailing venture you know nothing about, you need to ensure that there is a way out if something goes wrong.
    This attitude was illustrated in Branson’s approach to transitioning from the music business to setting up an airline. When launching Virgin Atlantic, Branson leased a plane from Boeing that could be returned after twelve months if the business wasn’t successful enough. Critically, this meant that if the venture failed, it would not bring down the rest of his business. Branson was quite clear that he did not want people in his music company to lose their jobs from a failed branch-out initiative.
    This approach to business reflects the ethos of this whole book, which was summarized in the introduction. Being an entrepreneur may appear risky to others; however, successful entrepreneurs manage that risk and protect the downsides of it.
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    How could you use your entrepreneurial skills to make a difference, either to other aspiring entrepreneurs or to industries you feel passionate about?
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    When you’ve grown up with parents who are entrepreneurs, setting up a business is not such a big step. You’ve seen the highs, you’ve seen the lows, so it’s no big deal.
    Anna Hodgson, The Eternal Maker
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    Over the last couple of years the UK has experienced a new trend – a surge in appetite for quality goods that are authentically ‘Made In Britain’. Sarah has recently decided to get the machines firing again and restart production for this growing niche.
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    I built up those other business to the point where they were running themselves, but rather than sell them, kept them on. Providing you have the right people and managers for the day-to-day it can work.
    Sarah Hodgson, The Button Company
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    What is it your venture needs to retain its current clients and gain further ones?
    • What are the essential attributes that a person has to have to deliver on the needs you’ve identified?
    • What are the desirable attributes that person needs?
    • Looking over the ways to employ somebody, which will offer you the greatest value when compared to the risk and the cost of employing somebody?
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    Always treat your employees exactly as you want them to treat your best customers.
    Stephen Covey, author
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    Successful organizations with great customer service really look after the welfare of their staff. They take the view that if you look after your staff, they will look after your business’s customers.
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