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jerryking : scar_tissue   2

"The bruises of the bandwagon: ENTREPRENEURSHIP: Reality television is revealing how desperately some people want to break into business. But many fail to analyse their ideas,
Apr. 25, 2005 | Financial Times pg 16.| by Paul Tyrrell

Everyone wants to run their own business. But many fail to prepare thoroughly before scrambling on to the bandwagon. Among the television hopefuls, the most widespread and humiliating trait is a failure to appreciate that an entrepreneur's personal qualities are just as important as their ideas.

It is a salutary warning. Venture capitalists and business angels have always been more inclined to back a great team with a mediocre idea than a mediocre team with a great idea. They attach a lot of importance to what they term "scar tissue" - evidence that the person has learned from experience.

"People who are enamoured of their own idea can be great, but only if they listen really hard,"... "Nothing goes to plan, so you're looking for people you can trust off-plan." ...Entrepreneurs are more likely to succeed if they can come up with an idea that exploits their experience. This is particularly clear in product development situations - for example, where an engineer takes the knowledge he gains at a large company and uses it to set up a rival.

Research suggests that "spin-outs have a survival edge in the market over other entrants as the result of a combination of entrepreneurial flexibility and inherited knowledge"....what distinguishes successful entrepreneurs is their ability to spot commercially exploitable patterns where others cannot. Herbert Simon, winner of the 1978 Nobel Prize in economic sciences, suggests this process is intuitive: a good business idea stems from the creative linking, or cross-association of two or more in-depth "chunks" of experience - know-how and contacts.
Infotrac_Newsstand  entrepreneurship  entrepreneur  pattern_recognition  personality_types/traits  television  spin-offs  entertainment  venture_capital  angels  cross-pollination  tacit_data  knowledge_intensive  scar_tissue  teams  team_risk  off-plan  Plan_B  tacit_knowledge  nimbleness  combinations 
november 2011 by jerryking
Digital Domain - What Apple’s Steve Jobs Learned in the Wilderness - NYTimes.com
October 2, 2010 | New York Times | By RANDALL STROSS. The
Steve Jobs of the mid-1980s probably never could have made Apple what it
is today if he hadn’t embarked on a torment-filled business odyssey
beginning in 1985...The Steve Jobs who returned to Apple was a much more
capable leader — precisely because he had been badly banged up. He had
spent 12 tumultuous, painful years failing to find a way to make the new
company profitable. Jobs learned to delegate,stopped believing the
idea that computing in the future would resemble computing in the past,
and learned the necessity of retaining great talent. “He’s the same
Steve in his passion for excellence, but a new Steve in his
understanding of how to empower a large company to realize his vision.”
It took 12 dispiriting years, much bruising, and perspective gained
from exile. If Jobs had instead stayed at Apple, the transformation of
Apple Computer into today’s far larger Apple Inc. might never have
happened.
adversity  Apple  exile  large_companies  leaders  lessons_learned  scar_tissue  self-awareness  soul-sapping  Steve_Jobs  wilderness 
october 2010 by jerryking

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