Strategy

TV Interview -Entrepreneurship Strategies and Economic Growth

November 23 in Business, Entrepreneurship, startup, Strategy by Paul Silverman | Comments Off on TV Interview -Entrepreneurship Strategies and Economic Growth

Interviewed on weekly Upside Business Show November 21st- local channel 10 on cable also on Verizon FIOS  and live web streaming- check out copy of broadcast now available at http://www.ustream.tv/recorded/18671440

One hour program  reviewed entrepreneurial strategies, perspectives for entrepreneurs,  and new entrepreneurial programs I have proposed to support job creation and economic growth- discussion expanded on information in my recently published book Worm on a Chopstick : Understanding Today’s Entrepreneurial Age: Directions, Strategies, Management Perspectives ( Amazon at  http://tinyurl.com/797naog Good discussion with strong feedback.

I do see real opportunity to develop creative entrepreneurial-driven, business expansion programs and  shared some of the directions I am pursuing. Like to hear from  others on ideas – given today’s economic situation, we need to do more here.  

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TV Interview Nov 21st – Review Entrepreneurship and Book

November 21 in Business, Entrepreneurship, Internet TV, intrapreneurship, Strategy by Paul Silverman | Comments Off on TV Interview Nov 21st – Review Entrepreneurship and Book

Accepted invitation for TV Interview tonight.  Interview will cover my book Worm on a Chopstick : Understanding Today’s Entrepreneurial Age: Directions, Strategies, Management Perspectives and also will share ideas on how new entrepreneurship directions and policies can help improve our economy.Some additional information related to tonight’s program:

Will be on Inside Scoop show  Channel 10 at 7 PM EST

For those who don’t wish to watch the TV channel, you can watch the live show at the URL http://WWW.InsideScoopProductions.com and click on “Watch Live” .

The broadcast is carried on Verizon FiOS, Cox Cable, and (someplaces) Comcast cable systems throughout the entire Northern Virginia area as far south as Fredrichsburg and in DC and MD. Replays in SD and HDTV start the next day on the cable systems.

Questions for  guests and host can be sent to the producer via the chatroom that opens with the web-stream, also the email being monitored at InsideScoop@NoVa.org or even live telephone call-in on 571-749-1166.  It is not unusual to have soldiers and federal workers with questions to call in by VOIP or Skype.

Comments on EY Article “Global entrepreneurs changing the world”

November 4 in Business, Entrepreneurship, International business, startup, Strategy by Paul Silverman | Comments Off on Comments on EY Article “Global entrepreneurs changing the world”

Posted Comments on EY Article –“Global entrepreneurs changing the world” -An interesting article about how global entrepreneurs can take on big multinationals.

http://tinyurl.com/3uuyepo

Interesting insights here- thanks for sharing. Outstanding group of global
entrepreneurs. I am involved in this area and one number in article that jumped out at me is only 53 percent of 300 entrepreneurs interviewed believe important to adapt products to meet local market needs.

As we know, major ‘transnational’ competitors face global competition and  pursue two key strategies- either cost leadership or product differentiation –  cost leaders do minimal local market customization to compete globally (think soap and consumer products),  but leading global product differentiators do need to create scale to achieve lowest cost possible, but still have added costs to meet local market needs- achieving balance here is tough as all know.

Many case studies to illustrate this – I like to use IKEA which most know- profitable , successful, undifferentiated, low cost Scandinavia  supplier of low cost, easy to assemble furniture in many European markets – entered a major market – the U.S. – and results poorer than expected. Why? U.S. consumers wanted changes ranging from longer beds (we are taller here) and increased quality among other changes – these changes were made, improved results but decreased margins in U.S. market.

For IKEA and many others, global undifferentiated product strategy had to change to succeed in US (and other) market(s).

Lessons for entrepreneurs?

–Global market is excellent opportunity and entrepreneurs
should pursue through organic strategy and alliances (JV, acquisition, other) .

–To achieve long term sustainable, defensible business, I do think the need to
customize to meet local market needs will increase not decrease – this impacts
margins so favors larger global firms who have ‘scale’.

–What this means for entrepreneurs is need to look closer at local market trends – entering overseas market and securing initial market share with an innovative product or service is a great accomplishment- important though to understand the longer term “lessons learned’ by many firms about need to customize as competition intensifies and margins impacted

— Do what you need to learn about “going global’ – clearly this is where there are outstanding global opportunities emerging in all sectors and entrepreneurial companies can play a major role

Paul Silverman

Emerging Opportunities – Internet TV, Ads, New Services

November 2 in Business, Entrepreneurship, Internet TV, intrapreneurship, Product Development, Strategy by Paul Silverman | Comments Off on Emerging Opportunities – Internet TV, Ads, New Services

Emerging Opportunities – Check out NY Times Media Article Today–Ads and Services in Internet TV Sector

I track this area closely – note projected 50 percent of all homes will have at least one digital TV by year end. What is coming is crossover of many
exciting new business and consumer services that build on this new infrastructure (e.g., e-couponing, on-line ordering, mass-customized ‘perfect fit’ clothing, home health care services, and many others).
Advertisers have been missing link so this is positive and expect others will follow – still need to evaluate user reaction to ads but I see this being resolved. High potential area and some creative and exciting new business models are being developed here from what I have seen so far…

Here is article and link…

LG Brings Ad Capability to Internet-Connected TV
By STUART ELLIOTT
Published: November 1, 2011

A LEADING marketer of consumer electronics is adding an advertising capability to its Internet-connected televisions through an agreement with a video advertising technology company. And a charter sponsor has already been signed to join them….. more

I will be adding more info on this topic in next few weeks at https://paulbsilverman.com/blog/

 

 

 

 

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We Need More Focus on Intrapreneurship Not Less

October 31 in Business, Entrepreneurship, intrapreneurship, Strategy by Paul Silverman | Comments Off on We Need More Focus on Intrapreneurship Not Less

Involved in Global Entrepreneurship Week at many levels – contributed to New Zealand’s  interest in promoting intrapreneurship – posted following comments today:

We Need More Focus on Intrapreneurship Not Less

Very important topic and should be supported. Glad to contribute.

We see changing technologies, market shifts, new competition and a changing regulatory situation challenging major players in all sectors. The ability to understand and effectively respond to these changes is how I define intrapreneurship. I frequently use 3M, GM and Google when discussing intrapreneurship- all provide insight.

Most know 3M invented innovative products for notes, waterproofing and adhesives, and some were developed ‘by accident.”

Was these pure luck or serendipity? It sure looks like 3M’s success was random and unplanned, and many might think so. Look a bit deeper, however, and you get a different perspective and learn a lesson or two.

At 3M, researchers are expected and encouraged to push the envelope, make
mistakes, and pursue new opportunities. 3M management reinforces this by
mandating that all researchers spend at least 15 percent of their time pursuing ideas that have nothing to do with their normal tasks—pushing the envelope, looking beyond mistakes to take the time to understand, research, dig deeper—all consistent with 3M’s innovation management leadership position. And 3M’s commitment to innovation is reinforced in the company’s mission statement: “To solve unsolved problems innovatively.” Sounds boring to some, but make no mistake- mission statements drive companies.

Further reinforcing this commitment is 3M’s impressive $1.4 billion R&D budget in 2008, about 4 percent of net sales revenue. But these emerging new technologies create disruption, and the need for new business processes, retooling and efficiently managing production, marketing, logistics with major business segments changing every several years. And 3M does it well, an example of effective “tops down” intrapreneurship and change management skills.

Now look at Google. Google, founded in 1998, started as a basic search engine,
ramped up sales to about $17 billion in 2007, and achieved a market cap of about $220 billion in November 2007. Note while Google looks like a high growth entrepreneurial venture which it obviously was, Google had
to acquire the same ‘intrapreneurship’ skills needed to grow,i.e., change
management, adapting business processes, focused R&D/product development, skillful competitive analysis/strategy development and so on. No small task for a “startup” like Google but they did it well

Finally look at GM. Started in 1908, a ‘traditional’ company, a “flagship” automobile brand from 1931 to 2007, and valued at less than $20 billion in late 2007, less than 10 percent of Google. Even after a $50 billion government bailout in 2009, today General Motor’s market cap is only about $51 billion, about 29 percent of Google’s $173 billion.

You can argue I selected a dramatic example here, maybe argue that Google “was in the right place at the right time,” at the cusp of the Internet revolution, while GM is stuck in a mature business, auto manufacturing, with nowhere to go but fight for market share in a tough, competitive global market. I consider this ‘traditional thinking’ that really doesn’t work well with markets and technologies morphing, emerging global players, and intense competition from nontraditional players.

Remember the minicomputer market, with players like WANG, DEC and others who missed the PC market shift, failing to acquire ‘intrapreneurship’ skills or “think entrepreneurially,” a term I defined in my recent book.

Bottom line – intrapreneurship is a critically important management tool that should widely promoted if major players are to effectively respond to todays ‘entrepreneurial age tsunami’ now impacting all market sectors.

Paul B. Silverman

Author: Worm on a Chopstick : Understanding Today’s Entrepreneurial Age: Directions, Strategies, Management Perspectives https://paulbsilverman.com/books/

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Comments on Report Accelerating Entrepreneurship in the Middle East and North Africa

October 27 in Business, Entrepreneurship, Product Development, startup, Strategy by Paul Silverman | Comments Off on Comments on Report Accelerating Entrepreneurship in the Middle East and North Africa

 

Recommend read “The Young Global Leaders Forum and Booz & Company released a report on Accelerating Entrepreneurship in the Middle East and North Africa”   http://www.wamda.com/2011/10/10-steps-from-young-global-leaders-and-booz-for-accelerating-entrepreneurship-in-mena –was co-authored by Wamda’s CEO and Young Global Leader Habib Haddad. Excellent perspective on the entrepreneurial opportunities in this region. I have met with senior government staff in recent years – this report confirms my view this is an area of high potential

Submitted following comments in response to report:

Excellent insightful report I recommend all read – one key finding clearly shows that investing in new policies that drive growth of ‘microenterprises” (defined as value less than $15,000) has great potential to drive regional economies.

As noted given size these can be dismissed as irrelevant – look deeper and you see in Saudi Arabia, microenterprises account for 40 percent of all jobs, in Morocco 65 percent, similar in other countries

Other key point – solution to grow and improve survival rate of microenterprises is not just more funding as many may expect – cultural, education,mentoring all play a role. I have discussions in progress with a partner now to contribute in-region with new approaches addressing entrepreneurial education and many exciting initiatives in progress here.

Clearly very active entrepreneurial community exists within the MENA region and not sure many realize this. Also opens doors for alliances with U.S. partners, another opportunity I see developing quickly. Many implications for US also – while we may not have as many “necessity-driven” entrepreneurial ventures here, small/medium enterprises (SMEs) , with effective policies, can drive new jobs and economic growth.

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Can Mission Statements Help Me Grow My Entrepreneurial Business and Create Value? Absolutely!

October 13 in Business, Entrepreneurship, Product Development, startup, Strategy by Paul Silverman | Comments Off on Can Mission Statements Help Me Grow My Entrepreneurial Business and Create Value? Absolutely!

You ask your entrepreneurial management team to join you in the conference room to develop the company’s mission statement. Reaction from your entrepreneurial team may be “ho-hum” , “do we really need to waste time- we know what business we are in,” or maybe ” let’s spend our time designing, developing, selling- doing ‘real business’ ”.  Understandable response in today’s fast moving, entrepreneurial companies.

But mission statements drive companies, especially startups seeking to secure a sustainable business creating high value. Mission statements provide many benefits- here are three examples:

1. Ensures all staff is in sync, understands where the company is heading, how it will get there

Emphasize that the company will be the lowest cost provider sends one message; emphasize providing the highest quality, differentiated products sends another. Remember these not-too-subtle differences drive corporate strategy, operational plans, and often define an organization’s future success.

2. Communicates what the company thinks is most important, what are its core values

Emphasize customers, products, technologies, staff development or ethics sends different messages to the company’s ‘community of interest’ (i.e., staff, customers, investors, suppliers, etc.). You need to ensure these messages are clear and focused.

3. Defines the “reach” of the company’s business- what are the real business targets going beyond today’s technologies, markets and products.

Defining how your company will evolve, to what extent you will protect a current business or create new ones, and similar issues, define your company’s ‘reach’ and strategy roadmap. For dealing with investors, this is particularly important.

My counseling with many entrepreneurial firms shows that spending time to define mission statements and particularly “reach” provides high value.

As an example, in my recent book, Worm on a Chopstick: Understanding Today’s Entrepreneurial Age: Directions, Strategies, Management Perspectives , I compared Google and GM’s mission statements. First, here is GM’s:

“G.M. is a multinational corporation engaged in socially responsible operations, worldwide. It is dedicated to provide products and services of such quality that our customers will receive superior value while our employees and business partners will share in our success and our stock-holders will receive a sustained superior return on their investment.”

Now here is Google’s mission statement:

“To organize the world’s information and make it universally accessible and  useful.”

It sure looks like Google is reaching for the stars here.

And the results? Google, founded in 1998 by two Stanford University students, started as a basic search engine, ramped up sales to about $17 billion in 2007, and achieved a market cap of about $220 billion. Compare that to General Motors, started in 1908, led sales for seventy-seven consecutive years from 1931 to 2007, and valued at less than $20 billion in late 2007, less than 10  percent of Google. Even after a $50 billion government bailout in 2009, today, GM’s market cap is only about $51 billion, less than one third of  Google’s $173 billion.

You can argue I selected a dramatic example here. You may also argue that Google “was in the right place at the right time,” at the cusp of the Internet revolution, while GM is stuck in a tough, mature business, automobile manufacturing, with nowhere to go but fight for global market.

I consider this traditional thinking that really doesn’t work well with markets and technologies morphing, emerging global players, and intense competition from non-traditional players. Looking deeper, like many major traditional companies, we learn GM had opportunities to improve competitive positioning but did not pursue them for various reasons.

To succeed today, what’s needed is ‘entrepreneurial thinking’ driving mission statements and all facets of a company’s business, whether you manage a startup entrepreneurial company or a large traditional company like GM.

When you and your team leave the conference room after creating your company’s new mission statement, you may be excited that you are now on track to create the next “Google”. Maybe, but I expect it is more likely you now have a strategic roadmap that will drive your company’s operations at all levels, send a coherent message to all, and help you grow the company and create value.

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Paul B. Silverman is the author of a new entrepreneurial management strategy book Worm on a Chopstick: Understanding today’s Entrepreneurial Age: Directions, Strategies, Management Perspectives; serves as CEO of Sante Corporation creating a new vision for personal health care management; and is an Adjunct Professor in the Center For Entrepreneurial Excellence in the School of Business at George Washington University.

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