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Title: The Entrepreneurial Mindset by Rita Gunther McGrath, Ian MacMillan ISBN: 0-87584-834-6 Publisher: Harvard Business School Press Pub. Date: August, 2000 Format: Hardcover Volumes: 1 List Price(USD): $29.95 |
Average Customer Rating: 4.92 (13 reviews)
Rating: 5
Summary: Actionable advice for entrepreneurship
Comment: MacMillan and McGrath put together one of the most actionable management books I have read in years. Each chapter is replete with how-to information: frameworks, tools and methodologies to implement their strategies and build-out new ventures.
The first 7 chapters provide tools to identify and define opportunities. Chapter 2, for example, details exactly how to set up a database to capture new business opportunities, with fields that describe the product/service and forces that affect its success, such as competition and company position. Chapters 3 through 6 provide usable frameworks which will fill your database with opportunities. The frameworks cover everything from redesigning products and services and redifferentiating for customers to resegmenting and restructuring markets and creating new competencies. The rest of the book covers execution: developing and timing entry strategies, managing uncertainty through discovery driven planning, and creating an entrepreneurial culture.
As a consultant, I have been able to use many of MacMillan's and McGrath's frameworks with my clients. Specifically, chapter 8's opportunity options frameworks have been invaluable to categorize new venture opportunities for our clients in the high-tech and financial services industries, and have aided in determining "go" and "no-go" decisions for further investment. Additionally, as I am an aspiring entreprenuer, I personally use their tools for opportunity assessment to inventory and rate my own business ideas.
I highly recommend The Entrepreneurial Mindset to corporate venturers and entrepreneurs alike. While the book covers a lot of ground, it is able to do so in an easy to read fashion. The tools and frameworks throughout the book keep the reader engaged and turn the theoretical into the applicable. The Entreprenuerial Mindset is an essential desk reference for new venturing and a highly worthwhile read.
Rating: 5
Summary: Essential Reading
Comment: Bottom line first: Buy this book. Not only can you immediately implement the tools described, but it will also serve as an excellent reference tool. It is well worth the time invested to read it. Consider it a[n]... option on your career with limitless upside.
The Entrepreneurial Mindset illustrates the process for rationally generating, choosing among, executing, and monitoring strategic opportunities in the face of uncertainty. Starting from the premise that no market is so mature that you cannot further differentiate your offerings, the authors offer action-oriented, simple tools that help to assess opportunities for launching new products and entering new markets. And those tools aren't just simple, they're also smart and unconventional, providing insight into the minds of habitual entrepreneurs who have honed their skill in creating value time and again.
McGrath and MacMillan publish the checklists, questions, quizzes, and models it took them years to develop while working with management teams in established firms to discern original responses to business challenges. You can start applying the principles and tools in each chapter immediately, getting some good quick hits even before finishing the book. For example, Chapter 11 alone contains 8 tools for developing leading indicators of the business to help tell if a project is heading in the right direction, long before the results become available. Chapter 10 is a gem too. It is based on one of Harvard Business Review's most popular articles, 'Discovery Driven Planning,' (written by the authors of this book) which was then developed into a course at Wharton's Executive Education Programs for several years.
Anyone who reads and implements the principles, strategies, and tools outlined in this book is sure create value, regardless of their corporate title, and it is a must-read for any strategy professional or executive manager. If you think your industry or business is too mature to benefit from this book, consider one of McGrath and MacMillan's many case studies that are fresh and actually worth studying: Blyth Industries boosted sales from $3 million in 1982 to nearly $500 million in 1996 by exploiting a mature industry. How mature? More than 5,000 years old: Blyth Industries sells candles.
Creating and nurturing an Entrepreneurial Mindset is a lot of fun and carries a lot of rewards, both professionally and personally. To quote the authors at the end of their first chapter: 'If nobody knows what the future will hold, your vision of how to navigate it is as good as anyone's. The future may well belong to you.'
-Sean Nevins, President of The Zermatt Group
Rating: 4
Summary: good stuff
Comment: If you need more check out www.antiventurecapital.com for startup manual for entrepreneurs who are unable or unwilling to tap venture capital.
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