“Own Your Future: How to Think Like an Entrepreneur and Thrive in an Unpredictable Economy” by Paul B. Brown with Charles F. Kiefer and Leonard Schlesinger (AMACOM, $22).
In a workplace where “job security” is an oxymoron and new graduate unemployment/underemployment exceeds 40 percent, the authors provide an entrepreneurial-thinking approach career guide. Their “Act. Learn. Build. Repeat. (ALBR)” model encourages constant rethinking of career plans and actions.
This approach involves realizing that “You are your own CEO.” In that capacity, you can choose to use your talent by working for others, or start a business. In either case, remember that an entrepreneur rapidly adapts to change.
Here’s a snapshot of the steps involved:
Act — Ask yourself: “Who am I?” The answer should focus not only on what you do best, but also your skills and how you use them. Next ask: “What do I want to create and why?” That answer leads you to evaluate the feasibility of success; identify assets and obstacles. Create your plan. Identify your start-the-ball-rolling steps and begin executing the first one.
Learn — As you complete a step, think about lessons learned and how to apply newly-acquired knowledge and information. Identify how you used your skills and those of others, and how you dealt with obstacles. You may find your skills need honing, or your plan needs tweaking. Given things change, your timetable may require adjustment. You may uncover something that takes you in a new direction.
Build — Use what you learned as you execute your second step — and the third, and the fourth, etc. You’ll find that your knowledge base increases in depth and breadth. Your go-to contact base will increase, too.
Repeat — Keep questioning yourself; keep learning; keep building.
The authors drive home the validity of the ALBR model through real-life examples of people who used it to build careers and businesses.
Key takeaway: The pace of change means you can count on career disruption more than once. Entrepreneurial thinking helps you figure out your “what’s next.”
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“The First Mile: A Launch Manual for Getting Great Ideas into the Market” by Scott D. Anthony (Harvard Business Review Press, $25).
Anthony defines innovation as: “something different that creates value.” His DEFT (Document, Evaluate, Focus, Test) model for launching and driving innovation uses the definition as its foundation. Here’s a look at DEFT’s elements:
Document your idea. Anthony advocates a business plan on steroids. It identifies the essence of the idea and why it makes sense, profiles target customers, identifies key stakeholder partnerships, and calculates the cost to ramp-up operation and market to the targets. It also provides details on the team and their expertise.
And don’t forget the finances. Anthony cautions that it usually takes more money than anticipated to gain market traction. Investors want a return, too; they need to know how and when they will profit.
Evaluate using a “Foru P’s” calculation: 1. Population of potential customers. 2. Price of product. 3. Purchase frequency per year. Estimated steady-state revenue divided by (1 X 2 X 3) equals 4. Penetration percentage required to achieve goals of profits and return on investment. A high penetration percentage calls into play validating your assumptions of 1, 2 and 3.
Focus on strategic uncertainties that can derail the business. If they’re uncertain, how can you focus on them? While you can’t quantify every uncertainty (especially those related to competition and regulation) you can avoid the uncertainty of false assumptions. Gauging confidence involves answering three questions: “Is there really a need at my price point?” “Can I really deliver (satisfy the need)?” “Is it worth betting your farm?”
Test to boost confidence in key assumptions. This goes beyond test marketing. You need to test your operations and your team’s ability to execute and adjust. Anthony provides a 14-question “Experiment Cookbook” to test both knowledge and key assumptions.
Check out “Tools” at innovationsfirstmile.com.
Jim Pawlak is a nationally syndicated book reviewer.
