An Entrepreneur’s Life: An Entrepreneur’s Life: Hits, Misses And LessonsHits, Misses And Lessons

THOUGHT INTO ACTION INSTITUTE September 2012

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THOUGHT INTO ACTION INSTITUTE

Hits, Misses, and LessonsHits, Misses, and Lessons• Maplecrest Snowblowing: (age 11); 3 yrs; hit

o Low overhead, aggressive pricing

• Outdoor Lighting Co.: (age19); 1 yr; hito Low overhead, non-union labor, aggressive pricing

o Parity product…but giant price advantage

o The lesson: there are different paths to victory

• Essex Limousine; (age 27); 2 yrs; near-death misso Confidence, hubris, money, ignorance…and the mafia

o The lesson: Lack of humility can be deadly…..

• Greenhaus Productions; (age 28); 1 yr; fortunate misso Confidence, hubris, money…and even less knowledge

THOUGHT INTO ACTION INSTITUTE

Hits, Misses, and LessonsHits, Misses, and Lessons• Greenfield Consulting; (age 30); big, long 29 yr

hit…still going

o Unmet needs;

o Paradigm change: product; personnel, comp

o The lesson: look through different lenses and you can innovate in lots of places

• Strategic Focus; (age 38); 10 yr minor hit…then big miss

o Impatience, CEO with no skin in the game, bad idea

THOUGHT INTO ACTION INSTITUTE

Hits, Misses, and LessonsHits, Misses, and Lessons• Greenfield Online; (age 41); 19 yrs; near-death/big

hit, still goingo Paradigm change, ears open, belief, risk all, good fortune

o The lessons: great ideas can come from anywhere (ears open!); you must have belief in/passion for your mission/be prepared to swim against the current; and there is no substitute for a bit of luck……

• Imagine That; (age 42); 2 year misso Good idea/good execution/good team…bad timing

o The lesson: the world can change….fast.

• Compass Marketing Research; (age 44); clear misso Forgot the power of a strong brand

THOUGHT INTO ACTION INSTITUTE

Hits, Misses, and LessonsHits, Misses, and Lessons• I-Gain; (age 45); 3 yrs; very feeble hit, barely

o Good idea, too much on the plate=indigestion

• Digital Idea; (age 47); 2 yrs; big miss

o Good idea, OK execution, market collapse

o The lesson: Some things are out of your controll

• Knowledge on Demand; (age 47); 2 yrs; big miss

o Good idea, weak CEO replaced too late, limp execution

o The lessons: a bad leader can kill a good company; when an employee is wrong for the role, inaction can be deadly

THOUGHT INTO ACTION INSTITUTE

Hits, Misses, and LessonsHits, Misses, and Lessons• Thought into Action Institute; (age 55); 4 yrs; big

hit

o Unmet needs; good partners; passing the baton

o The lesson: Know your limitations so they don’t become weaknesses…..be able to look in the mirror and see what’s there.

• G-Form; (age 59; Board member , not founder; 1 yr.);

o It’s the same all over again.

o Leaders working with friends, not pros; limitations not recognized ,and then become weaknesses…..

THOUGHT INTO ACTION INSTITUTE

Hits, Misses, and LessonsHits, Misses, and Lessons• Thought into Action Institute; (age 55); 4 yrs; big

hit

o Unmet needs; good partners; passing the baton

o The lesson: Know your limitations so they don’t become weaknesses…..be able to look in the mirror and see what’s there.

• G-Form; (age 59; Board member , not founder; 1 yr.);

o It’s the same all over again.

o Leaders working with friends, not pros; limitations not recognized ,and then become weaknesses…..