Tuesday, May 7, 2013

Entrepreneurship According to Peter Drucker

Peter Drucker, a legend in the business world, has sure left his mark. Despite the fact that he is deceased, Drucker's writings leave behind key insights that apply to any Entrepreneur today.


12 Keys to Success from the Famous Peter Drucker

"Those who perform love what they're doing."
According to Eric Wagner, Forbes contributor and entrepreneur, you must find your passion because THAT is what will get you started and your performance depends on it.

"Successful entrepreneurs do not wait until "the muse kisses them" and gives them a bright idea; they go to work."
In reference to the tip above, you can have all the passion in the world but if you do not take action then it's essentially pointless.

"What is our business?"
You mission must be clear and with purpose, all action can be guided by this.

"Who is our customer?"
Your customer is what will keep your business going, without them...so you must really understand your customer.

"Neither studies nor market research nor computer modeling is a substitute for the test of reality."
Being in such an innovative and fast-paced market you can't rely on slow or outdated methods- test 'the now'!

"Measure innovations by what they contribute to market and customer."
Related to what was stated above, what is the purpose of a test if you do not measure what you test? The two simply go hand in hand.

"Often a prescription drug designed for a specific ailment ends up being used for some other quite different ailment."
The one thing that the market can always guarantee, is that nothing is guaranteed. If you are in business you must always be on your toes, embrace innovation and be ready to change directions at a moments notice. Great things can happen when not planned, go with it.

"Innovative ideas are like frogs' eggs: of a thousand hatched, only one or two survive to maturity."
As stated by Wagner, "true entrepreneurs this is part of a game and are willing to search through a thousand hatched ideas to find the ones worthy of nurturing to maturity."

"All one has to do is learn to say 'no' if an activity contributes nothing."
Any successful business owner will not waste their time or resources with things that do not positively contribute, THEY understand the power of the word NO, as should you.

"In the Next Society's corporation, top management will be the company. Everything else can be outsourced."
Outsourcing is utilized  in business, not all companies but many. Smart entrepreneurs will use this as part of their 'plan.' International or domestic, not my call to make.

"Most of the people who persist in the wilderness leave nothing behind but bleached bones."
Wager states that, "entrepreneurship is about when to let go." Know when to let go of an idea [that does not contribute] and move onto the next--> no bleached bones left behind, only footsteps.

"Finding and realizing the potential of a business is psychologically difficult."
This is self explanatory.