Top 6 – January 2013
Published January 7, 2013
“We’re looking to make progress quickly, either fail fast or succeed fast.” Daniel Hullah, Venture Capitalist
- Most businesses fail, but some succeed brilliantly. Identify which category your business fits quickly and then make a decision.
- The most limited resource available to anyone isn’t power or money. It is time. Use yours wisely.
- Nothing is as clear as market feedback. Seek it early and often in your product and service development.
- Entrepreneurship levels are correlated with unemployment levels and GDP growth rates. High unemployment forces entrepreneurship. High GDP Growth encourages entrepreneurship.
- Necessity-driven (need a job) and opportunity-seeking (see a chance to make a lot of money) entrepreneurs succeed at equal rates.
- Consider a new venture to be a complex examination of an initial hypothesis: Is the hypothesis correct, incorrect, or something in the middle that needs clarification? Researching the answer to this question is the role of the entrepreneur CEO.
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.