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The Entrepreneurial Mindset: Strategies for Continuously Creating Opportunity in an Age of Uncertainty Hardcover – August, 2000
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The authors focus on training the reader to become what they call a “habitual entrepreneur”; a person who seeks out only the best opportunities with discipline and focus, without bogging themselves down with too many commitments or burning cycles on ideas that are not ready for prime-time. The concept of the Entrepreneurial Frame will quickly show the cutoff when an idea is not worth the effort, and the Opportunity Register will teach you how to inventory those ideas in an organized fashion, to bring out again when the market or customer trends have matured enough for it to be of high value.
Once those tools have been handed to you, the real work of the book begins:
McGrath and MacMillan take the reader through a number of exercises dealing with attribute mapping to illustrate how well a given product or service maps to the customers’ needs, quickly distilling complex characteristics into simple ideas that can be understood. Then, it is on to differentiating products/services with quizzing methods and analysis of the consumption chain; followed, as all the chapters are, with action steps than can be applied immediately to your business case.
Beyond the activities to identify potential new products or markets, are methods to select which projects are most likely to reward you with substantial revenues and which projects should be set aside. The book provides tips on how best to assemble opportunities for your organization to capitalize on investment opportunities, as well as determine and implement an entry strategy into new or existing market arenas.
At its heart, this is a technical handbook for reducing (not removing) the uncertainty around new business ideas. McGrath and MacMillan mention in the beginning of the text, that a successful entrepreneur does not wait until all is certain; they capitalize by being “roughly right” and then getting on with it. This is a book that will help you to clearly recognize and define the opportunities around you, understand the competition you face, and the customers you intend to serve; and then do just that - get on with it!
It doesn't matter if you are planning to start a new business or managing a critical department in the company you work for - This book describes in simple language, the creation of a mindset that will help you run a successful business in both bull and bear markets.
This book describes the application of various ideas using case studies and ways to harvest them by building an opportunity register.