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Introduction

“Any intelligent fool can make things bigger, more complex and more violent. It takes a touch of genius – and a lot of courage – to move in the opposite direction.” (Ernst Schumacher)

Y our ability to learn and apply faster than your competitors can be the key to sustainable competitive advantage in today’s marketplace. Successful leaders and companies are those that are continually developing faster, better, more convenient and cheaper ways to satisfy their customers better than anyone else. Because products and services are becoming obsolete at a faster rate than ever before, you must position yourself ahead of the curve of change and lead the field rather than leaving market leadership to others. One good idea is all you need to leapfrog your competitor in today’s marketplace. When you continually seek out ways to position your products and services, and keep your company ahead of your competitors, you develop the skills of entrepreneurial leadership that guarantee greater possibilities and opportunities in the future.

In this lesson, you learn some of the key skills of thinking and acting practiced by the most creative and entrepreneurial managers and leaders in every business. By applying these skills, you can change the entire direction of your organization for the better, and take firm control over your destiny.

In this lesson you will learn:

■ The most important single factor impacting your business■ Key qualities for entrepreneurial leadership

■ Multi-variable approach to product improvement

■ Creative marketing and growth strategies

Sales ManagerGrowth StrategiesBy Brian Tracy

EntrepreneurialThinking

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What Do You Already Know?

Test your knowledge by attempting to answer the questions below.

1. What is the purpose of a business? __________________________________________________________________ __________________________________________________________________

2. What are the predominant characteristics of customers today? __________________________________________________________________ __________________________________________________________________

3. How is entrepreneurial leadership different from regular business management? __________________________________________________________________ __________________________________________________________________

4. What do your customers consider value today? __________________________________________________________________ __________________________________________________________________

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5. What customer needs are currently not being met in your business or industry? __________________________________________________________________ __________________________________________________________________

6. What changes or improvements could you make in your business to satisfy your customers better? __________________________________________________________________ __________________________________________________________________

7. How do your customers think and talk about you and your company? __________________________________________________________________ __________________________________________________________________

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Entrepreneurial Thinking

There are more opportunities for the creative minority of entrepreneurial leaders today than have ever existed before.

The race is on! Products and services are becoming obsolescent at a faster rate than ever before.

1 Change is the most important single factor impacting your life and business today. 1) Information and knowledge are doubling every 2 to 3 years.

2) Technology is exploding in all fields. 3) Competition is multiplying in all directions, causing “creative destruction.”

2 What is the purpose of a business? 1) The purpose of a business is to create and keep a customer.

2) The purpose of marketing is to differentiate your product or service from those of your competitors.

3 An obsession with customer service is the key to entrepreneurial leadership. 1) You must satisfy your customers, please your customers, delight your

customers and amaze your customers! 2) Customers today are impatient, demanding and disloyal.

3) Customers are more knowledgeable, more sophisticated and more skeptical than ever before.

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4) Rule number one in marketing is “the customer is always right.” 5) Rule number two in marketing is that, “when in doubt, refer back to

rule number one!”

6) The customer has to be the central focus of all decision making.

7) Customers want the very best quality at the very best prices and they want it immediately!

4 There are six key qualities for entrepreneurial leadership in dealing with today’s customers: 1) Courage and boldness — they are willing to take risks and to move out of

the comfort zone.

2) Perhaps the most important quality of all entrepreneurial leadership is action orientation.

3) Creativity is the third key quality for entrepreneurial leadership.

4) The fifth secret of success in the marketplace is to continuously add value.

5) The sixth key quality of leadership is persuasiveness.

6) Persistence is what guarantees success in entrepreneurial leadership.

5 Value Migration Strategy is the key to the future. 1) What does the customer consider value today?

2) What are the trends? What changes are taking place in your industry?

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3) Whenever something unexpected happens, ask yourself “could this be the tip of an iceberg?”

4) What will your customer want tomorrow?

5) Follow the green. Where is the money going? What are customers buying?

6) The keys are always to offer more, better, faster, cheaper and easier.

7) The secret to success in business? Find out what your customers really want and then give it to them, fast and fairly priced.

6 An important key entrepreneurial leadership strategy is called the “White Space Strategy.” 1) A good white space opportunity is greater speed and faster delivery.

2) Make your product more convenient and easier to use.

3) Offer a greater range of choices, a wider variety.

4) Look at lifestyle factors. Which ones could you cater to that could give you a whole new market opportunity?

5) It is the customer’s perception of added value that means everything.

6) Improved customer service is another great white space area. Make your services faster, friendlier and smoother.

7) Improved quality is another great white space opportunity.

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7 Use the Multi-Variable Approach to product service improvement. 1) The old model of product service improvement was to change

one thing at a time.

2) The new model is to change three or more things simultaneously.

8 Three entrepreneurial leadership strategies that you can use: 1) “Firstest with the mostest!” Use speed as a strategic differentiator.

2) “Hit them where they ain’t!” Offer products or services that your competitors are not.

3) “Dominate a market niche.” Become the best in serving a particular type of customer or market.

9 Positioning Strategies for entrepreneurial leadership: 1) Remember, “Perception is reality!”

2) How are you known today to your customers?

3) How do you want to be known in the future by your customers?

4) What can you do right now to begin creating the desired customer perception?

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10 Creative Marketing growth strategies: 1) Sell more of your existing products or services in your existing markets.

2) Sell new products and services in your existing markets.

3) Develop new products and services for your existing markets.

4) Develop new products and services for new markets altogether.

11 Creative marketing through Distribution Channels: 1) What additional products and services could you sell through your existing

distribution channels?

2) What additional distribution channels could you develop?

3) What new products and services could you sell through new distribution channels?

4) What new products and services could you create for new distribution channels?

The key to entrepreneurial leadership? Aim to be the best in your market niche! Only offer products or services in areas where you can excel.

The rule is “Do it, fix it, try it!” Move quickly on market opportunities.

Whatever ideas you have, move quickly to try them out, to test them, to prove them in the marketplace. Fortune favors the brave, so your rule has to be “Go for it!”

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Action Exercises

1. In what three areas is change having the greatest impact on your business? 1. ________________________________________________________________

2. ________________________________________________________________

3. ________________________________________________________________

2. What are the three greatest competitive challenges facing you and your business today? 1. ________________________________________________________________

2. ________________________________________________________________

3. ________________________________________________________________

3. In what three ways is your product or service different from, and better than, your competitors? 1. ________________________________________________________________

2. ________________________________________________________________

3. ________________________________________________________________

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4. What three factors do your customers consider to be the most important in buying your product or service? 1. ________________________________________________________________

2. ________________________________________________________________

3. ________________________________________________________________

5. In what three ways could you increase the speed at which you serve and satisfy your customers? 1. ________________________________________________________________

2. ________________________________________________________________

3. ________________________________________________________________

6. What are the three major trends affecting your business today? 1. ________________________________________________________________

2. ________________________________________________________________

3. ________________________________________________________________

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7. What three new or different products or services will your customers be expecting and demanding 3 to 5 years from today? 1. ________________________________________________________________ 2. ________________________________________________________________

3. ________________________________________________________________

8. What needs do your customers have that are not currently being satisfied by you or by anyone else? 1. ________________________________________________________________

2. ________________________________________________________________

3. ________________________________________________________________

9. What three new markets could you develop for your existing products and services? 1. ________________________________________________________________

2. ________________________________________________________________

3. ________________________________________________________________

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10. What additional distribution channels could you develop for your existing products and services? 1. ________________________________________________________________

2. ________________________________________________________________

3. ________________________________________________________________

11. What new products could you develop for your existing distribution channels? 1. ________________________________________________________________

2. ________________________________________________________________

3. ________________________________________________________________

12. What new products or services could you develop for new distribution channels? 1. ________________________________________________________________

2. ________________________________________________________________

3. ________________________________________________________________

What one action are you going to take immediately as the result of what you have learned in this lesson?

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

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