Top 6 – May 2010


Tim J. Smith, PhD
Founder and CEO, Wiglaf Pricing

Published May 3, 2010

“In an authentic world failure is something you embrace. It’s almost a noble pursuit. I come from that world—it supported me in creating the punk aesthetic.” Malcolm McLaren, Manager of the Sex Pistols

  1. The main drivers to entrepreneurship are economic growth and unemployment.
  2. Both the necessity driven entrepreneur and the opportunity seeking entrepreneur are equally likely to succeed.
  3. The first challenge of an entrepreneur is to create and capture a profitable customer.
  4. Most entrepreneurs fail to succeed in their first enterprise.
  5. Failure today is a learning experience of what didn’t work. Tomorrow, it is time to try again … and again … and again until you get it right.
  6. As an entrepreneur, be an effectual thinker and create your own future with determination.
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About The Author

Tim J. Smith, PhD, is the founder and CEO of Wiglaf Pricing, an Adjunct Professor of Marketing and Economics at DePaul University, and the author of Pricing Done Right (Wiley 2016) and Pricing Strategy (Cengage 2012). At Wiglaf Pricing, Tim leads client engagements. Smith’s popular business book, Pricing Done Right: The Pricing Framework Proven Successful by the World’s Most Profitable Companies, was noted by Dennis Stone, CEO of Overhead Door Corp, as "Essential reading… While many books cover the concepts of pricing, Pricing Done Right goes the additional step of applying the concepts in the real world." Tim’s textbook, Pricing Strategy: Setting Price Levels, Managing Price Discounts, & Establishing Price Structures, has been described by independent reviewers as “the most comprehensive pricing strategy book” on the market. As well as serving as the Academic Advisor to the Professional Pricing Society’s Certified Pricing Professional program, Tim is a member of the American Marketing Association and American Physical Society. He holds a BS in Physics and Chemistry from Southern Methodist University, a BA in Mathematics from Southern Methodist University, a PhD in Physical Chemistry from the University of Chicago, and an MBA with high honors in Strategy and Marketing from the University of Chicago GSB.