A summary of things you should know about Invent, Reinvent, Thrive according to Lloyd Shefsky: Introduction In this episode Lloyd Shefsky takes you on a deep dive into his book,Read More
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]]>In this episode Lloyd Shefsky takes you on a deep dive into his book, Invent Reinvent Thrive, where he unveils some keys to success for any startup, entrepreneur, or family business. In his book, Shefsky takes you on a journey of reinvention to explain the difference between generations, how to build confidence, how to reinvent yourself, how to deal with naysayers, how to reinvent a business, and the lessons learned from very successful entrepreneurs and family business owners. This book is perfect for the entrepreneur who is struggling to find success and is at a loss for moving forward.
It carries the concept of needing to invent and reinvent through various stages but it also uses real stories. They are captivating stories because they come directly from the people I interview. I jokingly say that my book may be the only book where the interviewees and the stories about them include the speakers at both the last democratic and republican conventions.
It’s up to the reader. Most people today don’t have the time to sit and read a whole book but certainly that would work.
I think it’s that while there is a key event in the creation of any new business, it’s not nearly one cataclysmic event that creates entrepreneurship they are all those things you do beforehand. There is no one key event; there are many events that lead to success as entrepreneurs or family businesses’.
I start with a preface that talk about the differences in generations because so many of the business concepts we have may work for that generation but not for the next one or the prior one. The introduction gives an overview that talks about the fact that people really can reinvent themselves without inventing all of themselves. And I talk about how to build confidence and your ability to do that.
In Part One I talk about the individual as an entrepreneur – how to reinvent yourself as an entrepreneur. I spend some time talking about core competencies’.
In the Second chapter I talk about ignoring the noise of descent. We all know people who tell you, you can’t do it or shouldn’t do it and each of the people I interviewed had naysayers. But how each entrepreneur dealt with them is what is interesting and I explain that you can’t ignore them, you have to do something about it. And I give lessons on how to properly deal with naysayers.
In Chapter three I talk about reinventing the business, not the individual. I explain when to start reinventing the business, how to deal with it and how often you need to do it.
Chapter five is about captains of industry and here I demonstrate that the lessons that have been taught up until then in the book are applicable at any size and I use 3 companies that demonstrate this.
In Part Four I tell stories of entrepreneurs who morphed to become corporate chiefs. I tell the story of a family physician, Dr. Jim Dan, who is now the head of 1,600 family physicians in the advocate healthcare system. It was not a one jump story; it was a series of steps that lead to that change in Dr. Jim’s career.
In Chapter eight I talk a little bit about entrepreneurs who had resigned as CEO of their company and had to come back. The two that I use as an example are Howard Schultz of Starbucks and Chuck Schwab of Charles Schwab and Company both of whom had to come back when things weren’t working real well. These are great stories of how to look at your company in order to know what to change but more importantly it demonstrates that sometimes people reinvent their business not to be something new but to be something old.
In Chapter nine I switch over to family businesses and the introduction of what I mean by family business.
In Chapter ten I talk about the Crown family, a family that a man started with $10,000 that he borrowed from friends and turned it in to a multibillion dollar fortune today.
In Chapter twelve we talk about leading the family verses leading the business.
In Chapter thirteen I talk about the Carlson family, family who owns the Radisson Hotels and TGIF restaurants.
“When focus causes you to wear blinders you’re far more likely to be blindsided.” – Lloyd Shefsky
I am a Clinical Professor at the Kellogg School of Management. I wrote Entrepreneurs Are Made Not Born which became a best-seller and now in eight languages. I have been teaching entrepreneurship for about 18 years both at the Kellogg School, China, Japan and other places. I consult with entrepreneurs; consult with family business people and the founder/co-director of the Center for Family Enterprises.
For quite some time I’ve been bothered by what makes some people successful both entrepreneurs and family business people and none of the typical factors were working. For a while I thought it would be confidence that I would be looking at but after a few interviews it became clear that what distinguished the successful and non-successful was the concept that they had to continually reinvent themselves. So when I was seeing all this it became clear that there was a great similarity in this reinvention concept.
An Actor Prepares by Constantin Stanislavski
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Related books: The Innovator’s Method: Bringing the Lean Start-up into Your Organization by Nathan Furr | The Pumpkin Plan: A Simple Strategy to Grow a Remarkable Business in Any Field by Mike Michalowicz | The Road To Reinvention by Josh Linkner
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]]>Latest Books for Entrepreneurs in September 2014 The Entrepreneurs Library presents the latest books for entrepreneurs in September 2014. These books are brand new to the market and the authorsRead More
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]]>Latest Books for Entrepreneurs in September 2014
The Entrepreneurs Library presents the latest books for entrepreneurs in September 2014. These books are brand new to the market and the authors are in line to share their insights with me. Stay tuned this month for the release of the interviews with these great books and the authors.
The Seven Levels of Communication by Michael J Maher
The Seven Levels of Communication tells the entertaining and educational story of Rick Masters, who is suffering from a down economy when he meets a mortgage professional who has built a successful business without advertising or personal promotion. Skeptical, he agrees to accompany her to a conference to learn more about her mysterious methods.
Rick soon learns that the rewards for implementing these strategies are far greater than he had ever imagined. In seeking success, he finds significance. This heartwarming tale of Rick’s trials and triumphs describes the exact strategies that helped him evolve from the Ego Era to the Generosity Generation.
This book is about so much more than referrals. This is about building a business that not only feeds your family, but also feeds your soul.
Learn more about Michael J Maher | Buy The Seven Levels of Communication on Amazon
Invent, Reinvent, Thrive by Lloyd Shefsky
Invent Reinvent Thrive offers all the answers you need to get your business where you want it to be. You’ll learn exactly where new and multi-generational business owners fall short and miss incredible opportunities, why they fail to take the plunge or innovate–and how you can rework, revitalize, and reinvent your business not just to avoid the most common perils but to lead your business to the apex of your industry.
In Invent Reinvent Thrive Kellogg School of Management Professor Lloyd Shefsky provides the inspiration and insight any entrepreneur or family business needs for long-term success–and he backs it all up with proven models of what works and what doesn’t.
Shefsky reveals the common thread of all business success stories: reinvention. He explains not just how to reinvent concepts and ideas from the start, but ways to continuously innovate and reinvent your business to meet today’s constantly changing marketplace conditions. In addition to his own expert insight, Shefsky provides firsthand advice through case studies derived from dozens of original interviews with entrepreneurs and family business giants, consisting of the leaders of some of today’s most successful companies, including:
“If you think business books are boring, this is your chance to prove yourself wrong. Storytelling is an art, and Shefsky brings that art to business. Invent Reinvent Thrive is a treasure trove of valuable lessons.” – Stan Kasten, President and CEO, Los Angeles Dodgers
Learn more about Lloyd Shefsky | Buy Invent, Reinvent, Thrive on Amazon
Overfished Ocean Strategy by Nadya Zhexembayeva
Overfished Ocean Strategy offers five essential principles for innovating in this new reality. Zhexembayeva shows how businesses can find new opportunities in what were once considered useless by-products, discover resource-conserving efficiencies up and down their value chain, transfer their expertise from physical products to services, and develop ways to rapidly try out and refine these new business models.
She fills the book with examples of companies that are already successfully navigating the overfished ocean, from established corporations such as BMW, Microsoft, and Puma to newcomers such as Lush, FLOOW2, and Sourcemap.
The linear, throwaway economy of today—in which we extract resources at one end, create products, and throw them away at the other—is rapidly coming to an end. In every industry, creative minds are learning how to make money by taking this line and turning it into a circle. Nadya Zhexembayeva shows how you can join them and avoid being left high and dry.
Learn more about Nadya Zhexembayeva | Buy Overfished Ocean Strategy on Amazon
Sell Your Business for an Outrageous Price by Kevin M Short
In Sell Your Business for an Outrageous Price, investment banker Kevin M. Short — who for over twenty years has advised parties on both sides of the closing table — presents a structured playbook for sellers to win big. You’ll find out why some businesses sell for “outrageous” amounts — at least twice the EBITDA (earnings before interest, taxes, depreciation, and amortization) multiple of an average company in their industry — as well as how to minimize your risk going to market.
The book introduces you to the author’s Proactive Sale Strategy, a rigorous process for positioning your company to sell to a well-financed buyer at the best possible price. You’ll find out how to prepare yourself and your company for sale, understand your asset and how it benefits prospective buyers, and identify and remediate any issues that could prevent a sale or drive down sale price.
The book then helps you go to market. It guides you step-by-step through the Outrageous Price Process, designed to:
Learn more about Kevin Short | Buy Sell Your Business for an Outrageous Price on Amazon
Hello, My Name Is Awesome by Alexandra Watkins
Every year, 6 million companies and more than 100,000 products are launched. They all need an awesome name, but many (such as Xobni, Svbtle, and Doostang) look like the results of a drunken Scrabble game.
In this entertaining and engaging book, ace naming consultant Alexandra Watkins explains how anyone—even non-creative types—can create memorable and buzz-worthy brand names. No degree in linguistics required. The heart of the book is Watkins’s proven SMILE and SCRATCH Test—two acronyms for what makes or breaks a name.
She also provides up-to-date advice, like how to make sure that Siri spells your name correctly and how to nab an available domain name. And you’ll see dozens of examples—the good, the bad, and the “so bad she gave them an award.” Alexandra Watkins is not afraid to name names.
Naming a business or product has always been challenging—and sometimes costly— for entrepreneurs and inventors, but it’s one of the most important decisions they have to make. Alexandra Watkins presents a foolproof model that anyone can use to create and evaluate brand names like a pro.
“Zappos.com originally started out as ShoeSite.com, but that limited our potential future growth. A company’s name can be vital to its success. Reading the tips in this book can help anyone avoid the pitfalls.” —Tony Hsieh, New York Times bestselling author of Delivering Happiness and CEO, Zappos.com, Inc.
Learn more about Alexandra Watkins | Buy Hello, My Name Is Awesome on Amazon
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