10 insights for building a self-sustaining business, with derek lidow

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we help you discover smarter ways to think, grow, and live.

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Tune in at 33voic.es/in1vj0j Derek Lidow is a longtime global CEO, innovator and entrepreneur. Among other accomplishments, Lidow is widely-known as one of the world's top experts on the electronics industry; his contributions range from patents to value chain applications that have forever improved companies as diverse as Sony, Samsung, Philips, Goldman Sachs and IBM. Today, Lidow teaches Entrepreneurial Leadership and Creativity, Innovation and Design at Princeton University. He keynotes on the subject of startup leadership. And he is a media commentator; Lidow's coverage to date includes The New York Times, Wall Street Journal, BusinessWeek, Forbes, Bloomberg, The Economist, Nikkei, Reuters, and Taipei Times as well as many top bloggers.

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Page 1: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

we help you discover smarterways to think, grow, and live.

Page 2: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

This presentation consists of 10 highlights from the interview with Moe Abdou,

founder & host of 33voices®.

Page 3: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

Derek LidowDerek Lidow is a longtime global CEO, innovator and entrepreneur. Among other accomplishments, Lidow is widely-known as one of the world’s top experts on the electronics industry; his contribu-tions range from patents to value chain applica-tions that have forever improved companies as diverse as Sony, Samsung, Philips, Goldman Sachs and IBM.

Today, Lidow teaches Entrepreneurial Leadership and Creativity, Innovation and Design at Princeton University. He keynotes on the subject of startup leadership. And he is a media commentator; Lidow’s coverage to date includes The New York Times, Wall Street Journal, BusinessWeek, Forbes, Bloomberg, The Economist, Nikkei, Reuters, and Taipei Times as well as many top bloggers.

@DerekLidow

Page 4: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

1

It’s the entrepreneur, not the idea that leads an enterprise to success.

People make things happen.

Page 5: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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As an entrepreneur, the most important question you should be asking at the outset

is ‘who’s going to help me?’be wise and hire generalists early on.

Page 6: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

2

As an entrepreneur, the most important question you should be asking at the outset

is ‘who’s going to help me?’be wise and hire generalists early on.

Page 7: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

3

The key metric for your entrepreneurial success will beyour ability to get your company to the point where it’s self-sustainable.

Page 8: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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As the entrepreneurial leader, your highest priority is inspire your team to action

while being agile enough to pivot and change roles as necessary.

Page 9: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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To excel as an entrepreneurial leader, hone these five essential skills:

Page 10: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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To excel as an entrepreneurial leader, hone these five essential skills:

Self-awareness - your motivation, skills & traits.

Page 11: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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To excel as an entrepreneurial leader, hone these five essential skills:

Enterprise Knowledge - Project, process & culture.

Page 12: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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To excel as an entrepreneurial leader, hone these five essential skills:

Relationship Building - shared objectives & understanding.

Page 13: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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To excel as an entrepreneurial leader, hone these five essential skills:

Motivating Others - Inspiring Action.

Page 14: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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To excel as an entrepreneurial leader, hone these five essential skills:

Leading Change -Staying Relevant.

Page 15: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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Until you get your first customer, everything you do is a project.

After your first customer, its all about your process.

Page 16: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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People will feel and perform at their best when they feel autonomous, masterful, and purposeful.

create the environment.

Page 17: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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The maturity of your entrepreneurial venture

will follow these four stages:

Page 18: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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The maturity of your entrepreneurial venture

will follow these four stages:Customer Validation -

customers buy your product.

Page 19: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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The maturity of your entrepreneurial venture

will follow these four stages:Operational Validation -

your ability to deliver deliver your product and attract new customers.

Page 20: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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The maturity of your entrepreneurial venture

will follow these four stages:Financial Validation -

Making a profit.

Page 21: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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The maturity of your entrepreneurial venture

will follow these four stages:Self-sustainability -

Staying relevant.

Page 22: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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The entrepreneurial leader who’s creating shared objectives

is following these four tenets:

Page 23: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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The entrepreneurial leader who’s creating shared objectives

is following these four tenets:Positioning people to do only those things they can succeed at doing.

Page 24: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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The entrepreneurial leader who’s creating shared objectives

is following these four tenets:Accepting responsibility for the success of every working relationship.

Page 25: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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The entrepreneurial leader who’s creating shared objectives

is following these four tenets:Not letting people who do not trust one another work for one another.

Page 26: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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The entrepreneurial leader who’s creating shared objectives

is following these four tenets:Delegating responsibility and holding people accountable for their results.

Page 27: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

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Your chance of gaining a successful hire are increasedif you can be very specific about the skills you need and testing for them.

Page 28: 10 Insights for Building a Self-Sustaining Business, with Derek Lidow

Who do you need on your team for your company to be self-sustaining?

REALLY REFLECT