THE101TIPSFORSUCCESS
1.BeginWithTheEndInMind
17
2.HireTheBest
18
3.ShareTheWealth
19
4.HaveAConsistentMessage
20
5.KeepFitandHealthy
21
6.HireSlow–FireFast
22
7.CreateDeepExpertise
23
8.SomeoneHasToBeTheBoss
24
9.DefineWhatProblemYouSolve
25
10.StickToWhatYouKnowBest
26
11.ChaseTheMoney
27
12.ObtainTheBestAdvice
28
13.CreateInterestingAndChallengingJobs
29
14.UseInnovationToCompete
30
15.BeAccountableToABoard
31
16.RewardExceptionalPerformance
32
17.SetTheRightCustomerExpectations
33
18.PlanForTheWorstCase
34
19.KeepTheBankInformed
35
20.ToControlYouHaveToMeasure
36
21.EducateAndCrossTrainWorkers
37
2
MAKE MILLIONS FROM YOUR BUSINESS
22.AskYourCustomersForFeedback
38
23.BuildRecurringRevenue
39
24.EngageYourCustomers
40
25.DevelopStrongValues
41
26.UseComplaintsAsFeedback
42
27.ProductizeKnowledge
43
28.IfItsNotFun–GetOut
44
29.Don’tCompromiseOnEthics
45
30.FindTheCompellingNeed
46
31.BuildTeamsNotIslands
47
32.UseDealMakersNotDealBreakers
48
33.MakeEveryoneAccountable
49
34.DevelopStrategicPartners
50
35.CashIsKing
51
36.SetRealisticTargets
52
37.LockInCustomers
53
38.DocumentYourProcesses
54
39.PlanForSuccession
55
40.AdmitMistakesandFixThem
56
41.RewardHavingAGo
57
42.DevelopAnExitPlan
58
43.HaveAnEscalationProcess
59
44.FindUnmetNeeds
60
45.MeasureActivityAgainstTargets
61
46.ExcludePersonalExpenses
62
47.InstallaGoodReportingSystem
63
48.PragmaticBeatsPerfection
64
3
MAKE MILLIONS FROM YOUR BUSINESS
49.Focus,Focus,Focus
65
50.ShotgunMarketingIsAWaste
66
51.LowestPriceIsFragilePositioning
67
52.AlwaysPayMarketPrice
68
53.JoinAPeerGroup
69
54.TryBeforeTheyBuy
70
55.QualityPays
71
56.KeepStaffInformed
72
57.LeaveYourEgoAtTheDoor
73
58.NeverOversellOrOverPromise
74
59.WhatWillGoWrongProbablyWill
75
60.CreateValueBeyondFunctionality
76
61.FindABusinessPartner
77
62.NoOneIsIndispensable
78
63.HaveYourBusinessAudited
79
64.YouMayHaveToFireYourFriends
80
65.HaveCustomersSignOff
81
66.BarterWhereYouCan
82
67.Don’tForgetYourFamily
83
68.Don’tAssume–GetTheEvidence
84
69.CheckYourBrandImage
85
70.AcquisitionsAreProblematic
86
71.BewareTheManagementFads
87
72.HaveAnInternalDevil’sAdvocate
88
73.HaveABusinessPlan
89
74.NeverTrashTheCompetition
90
75.MarketingIsNotJustAdvertising
91
4
MAKE MILLIONS FROM YOUR BUSINESS
76.DistributorsHaveTheirOwnAgendas
92
77.OverseasTakesALongTime
93
78.GreenIsGood
94
79.MakeSureYouCanDeliver
95
80.BeReadyForTheAcquisitionOffer
96
81.WaitUntilTheMoneyIsInTheBank
97
82.ImplementAZeroTolerancePolicy
98
83.SetTheExample
99
84.TreatSuppliersFairly
100
85.CreateGoodCustomerExperiences
101
86.Don’tOverBorrow
102
87.DevelopNetworks
103
88.CreateGoodJobDescriptions
104
89.BenchmarkYourBusiness
105
90.MeasureCustomerSatisfaction
106
91.WatchOutForTheLargeCustomer
107
92.RaisingFundsTakesALongTime
108
93.EducateYourself
109
94.LoyaltyIsOftenOnlySkinDeep
110
95.SalespeopleAlwaysWantMore
111
96.BewareOfTheTaxDepartment
112
97.BuildAReputation
113
98.AvoidLitigationWheneverPossible
114
99.EmpathyNotExcuses
115
100.WhatIfThereIsNoRightAnswer
116
101.TheBuckStopsHere
117
KINDLEBOOKSBYDR.TOMMCKASKILL
5
MAKE MILLIONS FROM YOUR BUSINESS
MasterclassforEntrepreneursSeries
118
EntrepreneurialPracticeSeries
119
6
MAKE MILLIONS FROM YOUR BUSINESS
Insights
The majority of muti-millionaires have participated in the sale or listing of an entrepreneurial business.
Whether you are an entrepreneur or simply a key employee, you have a greater chance of accumulating wealth through a startup than via a salary.
Most early stage firms fail from a lack of basic business acumen. Easily fixed if you are prepared to spend the time undertaking some business education.
Success in business is mostly common sense.
Combine that with some experience and wisdom and you have a good chance of success.
While luck always plays a part in any success story, attention to detail and a deliberate strategy will greatly improve the probability of success.
7
MAKE MILLIONS FROM YOUR BUSINESS
DR. TOM MCKASKILL
Global serial entrepreneur, consultant, educator and author, Dr. McKaskill has established a reputation for providing insights into how entrepreneurs start, develop and harvest their ventures. Acknowledged as the world’s leading authority on exit strategies for high growth enterprises, Dr. McKaskill provides both real world experience with a professional educator’s talent for explaining complex management problems that confront entrepreneurs. His talent for teaching executives and his pragmatic approach to management education has gained him a reputation as a popular speaker at conferences, workshops and seminars. His approaches to building sustainable, profitable ventures and to selling businesses at a significant premium, has gained him considerable respect within the entrepreneurial community.
Upon completing his doctorate at London Business School, Dr. McKaskill worked as a management consultant, later co-founding Pioneer Computer Systems in Northampton, UK. After being its President for 13 years, it was sold to Ross Systems Inc. During his tenure at Pioneer, the company grew from 3 to 160 people with offices in England, New Zealand and USA, raised venture capital, undertook two acquisitions and acquired over 2,000 customers. Following the sale of Pioneer to Ross Systems, Dr. McKaskill stayed with Ross for three years and then left to form another company, Distinction Software Inc. In 1997 Atlanta based Distinction raised $US 2 million in venture capital and after five years, with a staff of 30, a subsidiary in New Zealand and distributors in five countries, was sold to Peoplesoft Inc. In 1994 Dr. McKaskill started a consulting business in Kansas which was successfully sold in the following year.
8
MAKE MILLIONS FROM YOUR BUSINESS
After a year as visiting Professor of International Business at Georgia State University, Dr. McKaskill was appointed Professor of Entrepreneurship at the Australian Graduate School of Entrepreneurship (AGSE) in June 2001. Professor McKaskill was the Academic Director of the Master of Entrepreneurship and Innovation program at AGSE for the following 5 years. In 2006 Dr. McKaskill was appointed the Richard Pratt Chair in Entrepreneurship at AGSE. Dr. McKaskill retired from Swinburne University in February 2008.
Dr. McKaskill is the author of eight published paperback books for entrepreneurs covering such topics as new venture growth, raising venture capital, selling a business, acquisitions strategy and angel investing. He conducts workshops and seminars on these topics for entrepreneurs around the world. He has conducted workshops and seminars for educational institutions, associations, private firms and public corporations, including KPMG, St George Bank, AMP, AICD and PWC. Dr. McKaskill is a successful columnist and writer for popular business magazines and entrepreneur portals.
To assist Angel and Venture Capital investors create strategic exits for their investee firms, Dr. McKaskill conducts seminars, workshops and individual strategy sessions for the investor and their investee management teams.
Dr. McKaskill completed 18 e-books for worldwide distribution. He has also produced over 150 YouTube videos to assist entrepreneurs develop and exit their ventures.
Tom McKaskill is a member of the Brisbane and Melbourne Angel Groups and of the Australian Association of Angel Investors.
Dr. Tom McKaskill
Australia
May 2011
info@tommckaskill.com
www.tommckaskill.com
9
MAKE MILLIONS FROM YOUR BUSINESS
Published by:
Breakthrough Publications
RBN: B2173298N
Level 1, 75A Chapel St.,
Windsor, Melbourne, VIC 3181
www.tommckaskill.com
Copyright © 2011 Tom McKaskill
All rights reserved. This publication may be reproduced, stored in a retrieval system or transmitted in any form by any means for personal use without the permission of the copyright owner. This publication may not be sold or resold for any fee, price or charge without the permission of the copyright owner.
Every effort has been made to ensure that this book is free from error or omissions.
However, the Publisher, the Author, the Editor or their respective employees or agents, shall not accept responsibility for injury, loss or damage occasioned to any person acting or refraining from action as a result of material in this book whether or not such injury, loss or damage is in any way due to any negligent act or omission, breach of duty or default on the part of the Publisher, the Author, the Editor, or their respective employees or agents.
McKaskill, Tom
Make Millions From Your Business - 101 tips for success ISBN: 978-0-9870872-7-0 (116 pages) 245H x 175W
1. Business enterprises. 2. Success in business. 3. Entrepreneurship.
Cover design: T. McKaskill
Page design and production: T. McKaskill
10
MAKE MILLIONS FROM YOUR BUSINESS