Start Small, Finish Big Summary

Start Small Finish BigFifteen Key Lessons to Start – and Run – Your Own Successful Business

Do you wonder if you can start a business even though you do not have many funding options? Have you ever wondered how some of the big names out there made it?

Then, you are in the right place.

In the “Start Small, Finish Big” summary, we will summarize Fred DeLuca’s book which talks about fifteen principles of success, which anyone can use to start a successful business.

Let’s start.

Who Should Read “Start Small, Finish Big”? and Why?

In “Start Small, Finish Big,” the co-founder of the Subway submarine sandwich chain, Fred DeLuca depicts his experience and the experiences of 21 different business visionaries who transformed independent ventures into large organizations. He refers to 15 achievement principles while utilizing intriguing “How I did it” stories from business people to delineate them. Having in mind that it is mainly a book consisted of cases and success stories, we recommend it not as a practical business manual, but rather as an intriguing of stories about how a couple of entrepreneurs made it to the top. It is an excellent read for anyone that searches for a little boost of motivation.

About Fred DeLuca and John P. Hayes

Fred DeLucaFred DeLuca is the president of Subway ever since 1965 when made the very first Subway sandwich. Around 30 years later, he established the nonprofit organization Micro Investment Lending Enterprise, designed to provide microloans for new entrepreneurs.  

John P. HayesJohn P. Hayes is a public speaker, a writer, a marketing trainer for small business operators, and a business coach on various subjects including franchising.

“Start Small, Finish Big” Summary

The global business world offers a large number of cases of business people who began with little cash – $10,000 or less and ended up successful. These are called “microbusinesses, ” and the individuals who build them are called “microentrepreneurs.” The associations that loan finances to these organizations are “microlenders.”

In spite of the fact that these organizations might be little, they are incredibly significant to the economy. Some of the microentrepreneurs come from a business background, but most of them do not. They vary in age, some start their business as a part-time venture, while they are employed full time, while some might be secondary school dropouts or school graduates. Formal education appears to have little effect to entrepreneurial achievement. Often microentrepreneurs begin in their homes, and they work alone.

So, what do you need to be a microentrepreneur?

Well, you need an idea, a minimal expenditure and, most the desire to begin. We further list the star-up principles you need to follow as an entrepreneur:

– Start small – Beginning small is superior to not kicking your business off in the first place.

– Learn to earn – Earning some money while you are young is an excellent practice and kicks you off figuring out how to procure.

– Begin with an idea – Ideas are all around you. Search for what should be enhanced or a void in the marketplace. By looking around, you will eventually find a worthy idea that can be developed into a business.

– Think like a visionary – Don’t just stop with the concept itself – look past it. Consider what your business can be, what value it can give to clients, and how it can help you financially.

– Keep the faith – Believe in yourself and your business notwithstanding other individuals who are doubtful.

– Get ready, aim, shoot – If you ponder what you need to do, you will not do it. You have to dive in, fire away, and begin.

– Make profits or die – Unfortunately, it is not difficult to make deals, yet not that easy to make a profit.

– Stay positive – Optimism will keep you moving past difficulties that may appear like impossible obstructions.

– Improve constantly

– Believe in your kin – If you do not bolster the people who work for you, they may take it out on your or your business.

– Maintain your money flow – To abstain from coming up short on cash, consider getting it before you have to so you will have capital.

– Introduce your products to new clients

– Be persevering – You may regularly feel the need to leave the business. Be that as it may, once you quit, you are out.

– Build a brand name – Branded items sell better than unbranded ones, and customers are ready to pay more for them.

– Seize the opportunity – You have to snatch your chance when it comes since opportunities wait for no one.

Next, we move on to the key lessons in the form of real cases that illustrate these principles at work.

Key Lessons from “Start Small, Finish Big”:

1.      Hair Today
2.      A Clean Vision
3.      Talking The Way to the Top

Hair Today

The significance of starting out with an idea is represented by Tomina Edmark’s story. She concocted a plan for an inside-out braid clasp she named the Topsy Tail, which ladies can utilize it to form their hair in an assortment of styles without any difficulty. She sought after her thought until the point that it turned into a business achievement.

A Clean Vision

The idea of adopting the thought process of a visionary helped Jim Cavanaugh begin a little business cleaning organization and transform it into the world’s most prominent cleaning organization, Jani-King. In 1968, he started a friendship with the janitor who cleaned the Holiday Inn, and he began showcasing the janitor’s services for a commission. He felt there was a need for professionalism in the cleaning business and built up an establishment program for janitors.

Talking The Way to the Top

Motivational speaker Zig Ziglar exemplifies the rule of persistence. He fizzled 17 times before he prevailed in the matter of being an expert motivational speaker. He says that the one who put him on the track to progress was his supervisor amid the days when he was a sales representative for a cookware organization. The manager, P .C. Merrell, disclosed to Ziglar that he could wind up the organization’s national deals champion if he had faith in himself. With this motivation, Ziglar’s execution instantly shot up and he soon was setting records. He turned into the best salesperson nationally.  At that point, he chose to become a full-time speaker. Although he approached bankruptcy, he was persistent, having a definite conviction that he would make it. Presently he acquires $50,000 for each talking engagement.

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“Start Small, Finish Big” Quotes

Knowing less and actually doing something is far better than knowing everything and never doing anything at all. Click To Tweet

You only fail if you quit. Click To Tweet

Starting small is better than never starting at all! Click To Tweet

Opportunity waits for no one. Click To Tweet

People who give up ultimately have to go back and start all over again. Never give up! Click To Tweet

Our Critical Review

While the book is an enjoyable read, the principles are familiar. The examples depict how entrepreneurs try different approaches, and finally find something that works. However, in the book, there are no lessons you can apply in practice, mainly because of the broadness of the guidelines. Still, it is a fascinating book, if you read it to motivate and entertain you.

Creative Capital Summary

Creative Capital SummaryFor all one knows, venture capital was not a recognized term among the Americans, and the world 50 years ago. As the society progressed throughout the 20th century, we all saw the importance of financing and acquiring a start-up capital for transforming an idea and implementing it in real life.

This book summary offers a look into the Georges Doriot’s business life, and how he managed to help other companies for overcoming this issue.

Who Should Read “Creative Capital”? And Why?

Creative Capital is a not a book for people who are living under the belief of mediocrity. Those who think that life is nothing other than luck perhaps should avoid contact with Ante’s classic.

If you are in some way interested in creating a brand, willing to learn some more about financing, and why banks refuse to give support and assistance in the form of financial patronage to start-ups – you should give this book a chance.

We strongly believe that venture capital, is the thing of the future, and the sooner you realize it, the better.

About Spencer E. Ante

Spencer E. AnteSpencer E. Ante is an award-winning and internationally recognized author. He also works as an editor at BusinessWeek, where he obtained his knowledge related to finance, economy, technology and managing a business. It’s worth mentioning that Spencer is one of the few people who founded the International Academy of DigitalArts and Sciences.

“Creative Capital Summary”

Venture capital is the very embodiment of establishing successful businesses and companies. It helped entrepreneurship to grow since the beginning of the New Age, driven by commercially oriented people. In the old days, investors were mostly compared to conquerors, meaning that their capital was a way to enforce new politics and practices into the state.

You might be wondering:

For example, we can go way back in the 15th century, when Spanish royal families and Italian investors financed Christopher Columbus’s expeditions. According to many historians, this trip marked the beginning of the investor’s era. Generally speaking, the New World was founded by the venture capitalists or sometimes even referred as risk-takers. However, we cannot neglect the fact, which connects this concept to the birth of a legitimate industry, soon after the disastrous World War II. Georges Doriot and his fellows transformed the venture capital business idea into a powerhouse field of investment.

Stay tuned to learn more about the first company in the industry:

Doriot is the world’s first ever founder of a public venture capital firm. The American Research and Development Corporation (ARD) located in Boston is the legitimate successor of the medieval vision. Meaning that – Conquering Global Markets is like winning battles.

Are you still not sure about this point? – Let’s make things clear.

In other words, the super-successful company focused on financing technology, science, and medicine. Fortunately, all these industries were among the most prosperous ones, gaining momentum and bringing profits to businesses associated with them.  

Shortly after, Doriot began his campaign as ARD’s president, the nature of finance and investment was strongly linked to the wealthy elite and industrial magnates. This was once in a lifetime opportunity, just waiting to be explored, and that’s what happened.

This is crazy:

The newcomers in the world of business had a tough time finding financiers for their newly established companies. Banks refused to fall under the promise of prosperity which allowed Doriot to grab this possibility and turn it into profits. In fact, the society wasn’t 100% convinced by the innovative, cutting-edge firms, due to entry barriers and intense competition. ARD, despite the risk of untested methods, decided to finance these small companies, that later on became top-notch corporations.

Unlike other things, now, you have a chance to get a closer look at the practices used by Georges Doriot – the father, creator, founder, of the venture capital industry. He was famous for many things; one phrase especially explains what his thoughts on stock maneuvers were – “I don’t know anyone on Wall Street who ever built a company. Our interpretation is unnecessary! We believe that all of you would agree that Creative Capital, is not a book, but a way of life.

The author of “Creative Capital” – Spencer E. Ante deliberately shares some his “secret” habits that indicate nothing other than dedication, discipline, strategy, and energy. He is a man of character, a charismatic individual who followed a simple vision. In reality, many famous high-tech companies owe their success to Doriot.

Key Lessons from “Creative Capital”

1.      The man of the future
2.      Confronting the banks and their aversive attitude towards start-ups
3.      Find out who is the real master

The man of the future

According to the people who met Doriot and communicated with him on a daily basis, they described him as a rational human being. “The General” was a nickname he obtained during his career as a business expert and entrepreneur. The wisdom of playing side by side with danger without getting into trouble was a part of the expertise he delivered.

Confronting the banks and their aversive attitude towards start-ups

Even though the banks refused to make their contribution to the prosperity of these newcomers, leaders like Georges Doriot thought differently. As long as we believe in a certain vision, our strategy stays the same – ARD.

The right investment philosophy

Despite the outside pressure, Doriot observed the firms he backed financially. The reason for doing was his broader view and the adoption of long-term methods. He never claimed to have any interest in instant profits, although some of the tactics were focused around quick ROI.

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“Creative Capital” Quotes

Venture Capitalists are taking over the world Click To Tweet I don’t do the work. I just pick the right, bright men to do it for me. Click To Tweet His manufacturing class attracted 140 students, a 50% jump over the previous year’s enrollment. Click To Tweet Three men were breaking stones. They were asked what they were doing. One said, ‘I earn a living.’ One said, ‘I break stones.’ One said, ‘I help build cathedrals.’ Let us build cathedrals together. Click To Tweet

Our Critical Review

This book provides an insight into the modern history and life of the first venture capitalist Georges Doriot. This is undoubtedly a must-read material that according to us is worthy of your time. It’s not easy to find many drawbacks because it surely is a comprehensive experience.

Inevitable Surprises Summary

Thinking Ahead in a Time of Turbulence

During the end of the twentieth century and the beginning of the twenty-first century, some disturbances hit societies all around the world. Japan faced economic hardships, as opposed to China’s and India’s growth. Technology continued advancing, and the dot.com stock market bubble emerged. Numerous terrorist attacks happened around the world, culminating with the 9/11. The Euro’s establishment supplanted the pound, mark, and the franc. The global economy noticed a steady development; all the while anti-globalization movements started appearing.

All of these changes are linked among themselves, and they are outcomes of certain underlying circumstances. On the one hand, a handful of positive factors such as technology, investment, and education, combined with decreased corruption and more democratic governments, fueled the economic growth. On the other hand, negative factors such as Islamic radicalism, the imbalance between economic growth and environmental care, a widened gap between the wealthy and the poor, and the existence of new diseases, brought adverse events.

The future is expected to play out in the zone where the positive and the adverse circumstances touch each other. Depending on which one of the two groups prove stronger, there are two scenarios for the future. In the first situation, China will become a global industrial leader, and an Asian power structure will be created, India will notice a significant economic leap, the U.S.’s technological advancements will create a new productivity boom and will put together a new international system including Islamic nations. The second one, on the other hand, would be a result of the supremacy of negative forces and would include wars against terrorism and local conflicts in Nigeria, Pakistan, Africa, as well as an Islamic revolution in Saudi Arabia. These regional conflicts matter to the whole world since they influence resources which are essential to the global economy, such as oil, which will become more expensive.

The world has been under the influence of two important particularities in the past: agricultural development and the industrial revolution. Agriculture helped people achieve stability. Hunting wasn’t a sustainable way of life, since meat from dead animals doesn’t last long, so people had to hunt regularly. The time that people spent hunting meant that they didn’t have time for development of literature, mathematics, music, etc. With agriculture, people could cultivate, and more importantly store food surpluses, which on the other hand stimulated trade. When the agricultural society reached its peak of development, revolutions happened. When knowledge started to spread around, the scientific-technical way of thinking dominated the societies. This mindset led to the industrial revolution.

The third particularity that the world expects to happen will presumably lead to a much more significant transformation. We cannot be sure whether a positive or an adverse change awaits the world. But still, whatever happens, if you do not prepare ahead of time, your enterprise will inevitably react to the coming transition either by denying it or by fearing it. None of these responses is advantageous. When you face change, you need to be reasonable and rational. Assess your current situation, your company, and your capabilities. According to your assessment, find a way to react to the changing environment. And lastly, do not fight change, accept it work with it.  

Who is this book for

This world continually changes. According to author Peter Schwartz, the changes that will transform the global business, politics, and demographics are in progress by now. He also argues that most of their outcomes are entirely predictable. He plots an assortment of the more critical changes, especially in countries like China and India, and outlines scenarios for the potential futures.

The author juxtaposes his work to his predecessors’ actions towards the end of the nineteenth century. Albeit some of his expectations aren’t shocking and unexpected – for instance, the climate change is a current problem, the act of predicting future situations and getting ready for them is valuable. Schwartz has written this book using a light tone and writing style, so the book is an easy read, entertaining for everyone. We recommend it for people that have a few hours to spare, and for those who want to contemplate the possible futures of the world we live in.

Author’s expertise and short biography

Author Peter Schwartz is part of the Monitor Group and an executive of Global Business Network. He is a partner in the venture capital firm Alta Partners as well. He has authored The Art of the Long View, and co-authored The Long Boom and When Bad Companies Do Good Things. He lives in California and has advised filmmaker Steven Spielberg on possible futures of the world.

Key Lessons from “Inevitable Surprises”

Many possibilities exist for the future, which you cannot foresee with certainty. So what can you do to prepare? Well, there are a few measures you can take.

1.      Create the proper company culture
2.      Develop a list of indicators
3.      Keep expanding

Create the proper company culture

Make sure that in your company you encourage a culture of thinking and communication about important forces that can challenge your firm. Never deny the possibility of change, no matter how unimaginable it looks at the moment.

Develop a list of indicators

These indicators should urge you to take action and show you when it is time to react to the changing environment. Timing is everything, so assess how much time you have before a change happens, and how much time you have to get ready for it. Recognize the importance of finance and make sure your company has the needed financial means to be able to transform when change happens.

Keep expanding

Keep expanding and emphasize continuous learning and training. At the same time, know your limits. Be aware of what you can do and try to do it in the best way possible, but don’t assume that just because you are an expert in one area, you are good at everything. Respect the competence and insight others can give you. Also, don’t forget to think of externalities. In other words, stay aware of the surroundings and the working climate and react based on your position.

If you feel like this is the book for you, feel free to contact us for further information. You can download our mobile app and share your experiences with us. Between you and your book, there is a one-click delay – check it on Amazon;

Winning in Turbulence Summary

Think of your company as an airplane flying through turbulence. Just like air pilots, executives and company leaders flying through the turbulent economy, have to try hard to keep the company “in the air.” The most important thing if your company is experiencing a crisis is to survive – at any cost. Then again, while trying to survive, your company may bump into some new, unexpected opportunities. Your firm’s potential and capability to find new possibilities to develop, among the hazards, depends on “three critical dimensions”.

First, the industry impact, or how the crises affect your company’s industry. Second, the strategic position in the industry, or the status of the company as a market leader or a follower. And third, its financial strength, since more finances give you more options to maneuver. The mentioned three dimensions are determinants of what actions you’ll need to take in a time of recession. Even if your company is part of a recession-sensitive industry, you may have some choices to pick from. For example, if your business is in a sound position financially and strategically, you can find ways to grow in a harsh environment. To make the most of the situation, you have to assess your status carefully and understand where you stand. That is how you will know if you should focus on internal growth, on forming strategic partnerships, or on something else.

Equally important as evaluating your financial and strategical stance, is the need to realize that you have to choose your focus point. In turbulent times you have to narrow your attention to the most critical business activities. Doing so may be the thing that keeps your company “alive” in the end. Manage the complexity of your products and processes. The more straightforward they are, the faster you’ll be able to respond to demand slumps. First, sketch out what your company would be like if it handled just one service or product. Next, go more in-depth by adding more details and variety. All the while, pay attention to the cost and complications each step adds and at what time complexity becomes a problem.

In the same fashion that you assess your products and processes, you should also make a judgment about your employees. Try to decide which functions are invaluable to the profit-generating staff. Thereupon, turn to outsourcing and automation, and drop redundant functions. Additionally, manage your company’s cash flows. Study all parts of the cash flow cycle and create your tactics by first learning all you can about your competitors. Adjust your processes and cash flows according to the environment you are operating in. And last, but not least, aim at maintaining and growing your base of loyal customers. Practices have shown that businesses that have the support of devoted and unwavering clients, successfully preserve their business even in times of recession.

Who is this book for

Businesses that are in the midst of turbulent economy, more than everything need advice that they can put into practice. This book is just that: a practical guide to survival in times of recession and weak markets. The narrative focuses on actual steps that companies of any size and industry can use to tackle the problems they face. Although the book is small and the language is at times vague, the structure of the book is very understandable. Each part presents clear and usable recommendations, examples, anecdotes, questions, and tools. For all those reasons, we recommend this book to executives and company leaders that deal with uncertainty and turbulence in their business environment.

Author’s expertise and short biography

Darrell Rigby leads Bain & Company’s Global Retail practice. He is also a Partner in the company’s Boston office. As a writer, Rigby mainly focuses on topics about managing businesses in a downturn. He is a frequent speaker on the same subject and has authored many Harvard Business Review articles.

Key Lessons from “Manage Your Mind”

1.      The Recession Response “Toolkit”
2.      Turbocharge sales
3.      Putting it to Work

The Recession Response “Toolkit”

The recession response toolkit consists of four steps.

  • “Clarify strategy and shift resources to core business activities.”

Protect and strengthen your primary business. Focus on loyal and vital customers and processes. Sell assets that are not essential to let reserves lose.

  • “Aggressively manage costs and cash flow.”

Reduce your company’s complexity by streamlining administrative functions and reforming the supply chain. Pay particular attention to cash flow.

  • “Increase revenue and margins.”

Use pricing to your advantage. Try to sell more by motivating employees and making improvements to your sales model.

  • “Prepare for bold moves.”

Weak markets often carry not only risks but opportunities for acquisitions and partnerships. Use them to gain better strategical position and survive the rough economy.

Turbocharge sales

In times of uncertainty, getting income is more critical than ever. So, motivating the company’s sales force and focusing on your leading customers is a logical step to take. You can do this by targeted offerings, performance management, refined procedures, etc. Your most important customers in a weak economy are those who in all likelihood will continue buying from you. All in all, try to be flexible and explore new methods to expand your selling network.

Putting it to Work

Companies fail when faced with turbulence because of their inability to change and adapt to the unstable environment. Firms should monitor the situation and respond accordingly, either by focusing on core business, by spotlighting loyal customers or by restructuring. What differentiates successful companies from unsuccessful ones is how they respond to challenges. Only if the company can go through the crisis and pick up again after it has passed, it can make it in this unstable, competitive world.

If you feel like this is the book for you, feel free to contact us for further information. You can download our mobile app and share your experiences with us. Between you and your book, there is a one-click delay – check it on Amazon;

SPIN SELLING Summary

We closely follow the changes that the sales industry has undergone in recent decades. In theory, selling is simple, but in an increasingly competitive market and with consumers becoming more informed, adopting a sales methodology can be a differential. Spin Selling by author Neil Rackham is a method that helps you ask the right questions when it comes to selling. When I worked in sales, I remember that my coach always said: You have two ears and one mouth. Use them in the same proportion. This book is essential if you sell to businesses or sell high value-added products, the famous “complex sales” and want to learn how to ask better. Asking yourself better will help you hear your customer better and thus sell more. Have a good time!

 

PRACTICE MAKES PERFECTION.

To develop the SPIN methodology, Neil created a scientific research that looked at and measured the behaviors of sellers and buyers. He ran the largest study on the subject ever done so far, counting with more than 30 researchers who studied 35,000 sales leads in more than 20 countries. Neil noted that the quality of the salesperson’s questions was the key factor in whether the sale was closed or not, and with that huge stack of data Neil and his team analyzed the success map and named it SPIN. SPIN is an acronym that represents the key factors that must be explored in a sale for it to be successful. They are:

 

  • S – Situation
  • P – Problem
  • I – Implication
  • N – Need-payoff

 

Asking the right questions is crucial for a successful sale, but you will not close many deals if you do not adopt a method. Neil’s suggestion, of course, is called SPIN Selling.

 

SMALL FISH BAIT DOES NOT WORK ON SHARKS …

In sales, the routine of calling dozens of people every day can be exhausting and less than glamorous. Some think you’re making loads of money from your fat commissions, but at the end of the day, you work harder than you should and earn less than you need. Traditional sales techniques are poorly assertive, slow and monotonous. The traditional process says that you should open your connection with open-ended questions to understand the interests of the client. Present the benefits of the product that relate to these interests, work the objections and close the sale. Easy isn’t it? The bad news is that this does not work when it comes to big sales and Neil pulled it off. He saw an interesting opportunity in the sales market. He realized that the conventional wisdom in the sales world was that “selling is selling.” And so the simpler sales techniques – used in smaller markets and contracts – were replicated in the same way for large, complex sales between companies. That’s right. Big fish do not bite the same bait as minnows. To fish for sharks, you have to use the correct bait. Let’s assume you sell servers, for example. First, you explain that you work for Dell, describe the features and specifications of your servers and finally try to close the sale, right? Wrong! In the above example, you forgot to investigate your customer, which is where you always get the sale. You need to understand what the customer really needs before attempting to depart for demonstration and closing.

 

ALL SALES HAVE FOUR BASIC STEPS:

  • Preliminaries – Events that set the tone and warm the business. Examples of phrases: How are you? How’s the weather over there? This phase should be short, always.

 

  • Research – Find facts, information, and needs. Examples of sentences/questions: How much growth do you project for next year? How does your management system help you design this growth? That is where the SPIN methodology will teach you how to shine!

 

  • Demonstration of capabilities – Show that you can solve the customer’s problem. Avoid going into this phase until the prospect makes explicit that your demonstration will solve the problem. Examples: if the customer says, “It’s clear to me that I’m going to need software to help me design my best growth,” then you can begin this phase.

 

  • Get commitment – Have the seller accept the sale and the next steps of how to proceed. First, you must ensure that you handle all the concerns/needs, then summarize the benefits and ultimately propose the next level of commitment. It is in phase 2 that we will adopt our SPIN methodology. But first, let’s talk a little about closing and customer needs.

 

CHANGING HOW TO CLOSE

In smaller sales, especially direct to the end consumer, simple closing techniques can work. Can you take the closing (prefer to receive the product on Monday or Tuesday?), You can use short deadlines or inventories to create urgency (we only have two units or this price is valid until tomorrow only). In complex sales, this kind of approach does not work. In many cases, the customer will react negatively. And when they work in a complex sale, it is possible that the contract has been closed at a much lower value than it could potentially be. The best way to close larger and easier sales is to understand that not all sales have to result in immediate closure or loss. The most important thing about selling is not closing in on itself but helping the prospect figure out what they really need. In complex sales rather than “closing”, the important thing is to understand the customer’s needs, tie up the small issues that get bigger together and create urgency for a solution. Unlike smaller and simpler sales, in complex sales, these needs arise in different situations. In a company, the buying environment requires reflection and research by the buyer. It involves moving many people in the organization. It involves understanding the explicit needs of the buyer (the needs he knows) and also the implicit ones (the needs he doesn’t  know). Good salespeople know how to sniff out implicit needs, but making a big sale requires more than being a good listener. And to do this, you must, after identifying an implicit need, turn it into an explicit necessity! An implicit need is a weak signal that a customer wants to buy and it needs to be strengthened. If you can turn implicit signals and then point them out as explicit needs to your potential customer, you’ll be able to convince him more easily to buy a solution that solves all the needs that are visible to him. SPIN’s strategy is one way to help you achieve this. It helps you ask the right questions at the right time. Ready to SPIN?

 

MAPPING THE SITUATION.

To learn about your potential client, you will begin with questions that explore the situation and the problem. Questioning your prospect’s situation makes you have an understanding of the larger context, and this helps you to create a relationship in the right way. To develop your authority, you need to know your market, your product and service, and your customer’s product and service, so it’s essential to do a pre-meeting research and prepare. The questions of the situation lead you to the facts directly. It is vital to ask a lot, but also not to tire your prospect with many questions of the circumstance. Examples of useful situational questions:

 

  • What equipment do you use to manage your network?
  • What is your segment of customers with less satisfaction?
  • How is the growth of your sales?

 

MAPPING PROBLEMS

Once you have better identified the prospect scenario through the situational questions, now is the time to go to understand your real issues. Then use the questions about problems as they will help you discover the difficulties or dissatisfactions of your potential client. Good problem questions might be, “Are you satisfied with your server vendor?” Or perhaps “Is it not too difficult for you to do this manually nowadays?” Also, remember the implicit needs, you will have to investigate them! Examples of useful problem questions:

 

  • Are you satisfied with your current sales process?
  • What are the main disadvantages you find by not having a software for this?
  • Do you believe you are losing customers for this?

 

ESCALATING TO THE IMPLICATIONS

The implications questions deepen the real consequences of a customer’s problems. The reason to make the sale happen starts at this stage. However, most vendors stop the investigation process in the previous two phases. Your prospect may be blind to the impacts and consequences of their problems, and their job is to highlight them, bringing to the conversation the consequences of these problems that your client may not have considered, such as overtime costs, etc. The idea of each implication is to make the problem even bigger and, if done correctly, the implication questions will accelerate the closing. Examples of good implications questions:

 

  • What are the effects of this problem on your billing?
  • How many customers will you lose next year if it stays that way?
  • What happens if we do not solve this until December?

 

SUPPLYING THE NEEDS

In the final stage of SPIN, the objective is to make the prospect realize the value and urgency of solving the identified problem. You need to ensure that the buyer recognizes the product’s benefits to the problem. You need to be able to ask how he intends to solve his company’s problem and you can also make the prospect imagine what the future would look like if that problem disappeared. If everything has happened as planned and you have drawn up a good plan, your client should see your proposal not only as an effective but also the most obvious solution! In the problem-solving phase, you have to focus the problem and move on to the solution. For this, it is necessary to create a positive tone, to have good intonation and motivate the client to feel, to live in a world without the problem. Examples of good solution questions:

 

  • What would be the revenue impact if we could implement this software?
  • What benefits do you see?
  • How many hours will this save from your staff each month?

 

DEMONSTRATE THE SOLUTION WITH MASTERY

Do not present the features and characteristics of your product just because they exist. Presenting solutions and demonstrations too soon invites the customer to show objections. Features and functionalities are just facts. The benefits are that they are the elements of your offer that make your customer’s life better. Amateur marketers focus primarily on characteristics or advantages of a product and identify these elements as benefits when they are not. The advantages of a product show how it can help your customer and although they are more persuasive than the features and can attract a customer’s interest, they are also just information. When you demonstrate the benefits of your product, you show exactly how your product can meet a specific need of your prospect. You are not selling a standard offer, a canister product, but it is offering a solution tailored to your client’s interests and problems. Forget the advantages and features. Focus on the solution!

 

THE EASIEST  WAY TO AVOID OBJECTIONS

Objections are often seen as a sign of real interest in an offer, and not necessarily as the problem. Sellers are trained to deal with objections and to resolve them when the answer could have often been to avoid them. The easiest way to avoid objections is to work well at the implications stage and make the client explicitly mention their problems, consequences, and needs. By positioning yourself as a doctor treating the problems and their causes, you become much less prone to objections.

 

IN PRACTICE

SPIN is a complex methodology and should be gradually assimilated. Ideally, you work each step at once, carefully and always have a reference to search. Write down your key questions and memorize them before meeting or calling a customer. Start with the situation and move forward slowly, ensuring that you have mastered the previous steps. Take note of everything, to ensure that you are tracking your progress and creating an irresistible sale to your customers. Putting it into practice is key and do not be discouraged if your initial results are timid. It takes time to learn and master the method, but the quality and results come with time.

 

FINAL NOTES

The classic way of selling was developed for easy and small sales. To address large and complex sales, you need a methodology. Neil created the SPIN method to help you ask your prospects better questions and ensure that you can understand what they are, what their challenges and problems are, what happens if these challenges are not resolved, and ultimately what would the results be if this problem were solved. It’s a model where you sell a solution to the customer and never focus on advantages or features.

 

Business Communication – Book Summary

Become a cool negotiator and a smooth talker by confronting your business shyness. Adopt a new approach that will enable you to form long sentences effortlessly.

Representation is quickly becoming one of the most important business aspects. Daily we encounter dozens of different people with whom а subtle competition is unfolding on a regular basis, and the winner is the smoothest one of all. Business interaction cannot be restricted only to talking, body language, self-confidence and pride are among other key elements that you should take into consideration. What is the first thing you notice when you start a conversation? Probably, the way that person represents itself, despite the other elements’ importance, business communication has the greatest influence on any business leader’s prosperity.

Success is an unexplainable phenomenon which meaning varies from person to person. However, business writing, on the other hand, has clearly specified purposes: to create value, to help with an explanation, to convey information, to instigate action, etc. Before you take the next step in important business interactions, set your goals. The goal is to underline your text’s whole idea or in other words – to explain your intent. Once you point out your long or short-term objectives, a new stage comes knocking on the door. As soon as you finish the document, assess whether your text has all the necessary attributes to fall into the unique and trustworthy category. Ask yourself – How will my audience respond? You’ll soon get your answer.

Experienced bloggers and book writers comprehend the difference that exists between targeting specific target group or IBP and delivering texts to satisfy a general audience. Most of the articles should be aimed at individuals who express their interest. Every writer must focus on understanding the mass, its needs, wants, and necessities. To satisfy their requirements, you must be able to adapt and endorse a flexible attitude. Such an approach will grant you an authority in the business world and build the foundation for fierce reputation. Strive for improvement, be eager to exploit the possibilities existing today. Reach that level by interacting on all levels, with the customers, other business entities, and with the stakeholders. To forge strong relationships with prominent personalities, a writer ought to share its message in a clear and concise manner. The community expects your contribution, deliver it transparently – in a few sentences.

Without exception, all businessmen can boost their communication skills. For the same reason, this short and absorbable instruction-book should be a part of every communicator’s bookshelf. The lack of ideas is compensated with useful tips and useful lessons applicable in life-situations. The author presents various time-tested rules consisting of high-grammar and organizational standards. The creation of time-frame occurs spontaneously, a structure composed of basic concepts and ideas with the capacity to shape successful presentations. GetNugget joins the mania by appreciating the value this book produces. Valuable for almost any company, GetNugget recommends it to all people keen to get mileage out of “communication skills” and become a more sharp communicator.

Who is this book for

Apparently, communication plays a huge part in managing businesses. Companies are in desperate need of real communicators capable of step on and take full responsibility for the firm. Motivation also plays a vital role, because people have to become passionate and eager for knowledge if they wish to profit from communication skills. Like any other thing, it takes time and energy to entirely get the hang of interacting processes and managing interpersonal relationships. You can spend a lifetime in delusion, thinking that you’ve got it all figured out. Sacrifice something ( such as time) for a greater good, adopt openness and generosity.

This book will educate the readers on how to paraphrase texts, by teaching them useful technical and formatting skills. For instance, the author declares – If you promote a new idea in your document, the last section would be the perfect position to place it. A good editor emphasizes easy-readability and digestible writing style. Don’t try to impress the readers with hard-to-understand words; avoid using too technical terms as well – for your sake. The writing style has a special place in grammar, on the other hand, it’s difficult to measure its impact because it all depends on the vocabulary a person uses while writing. All things aside, “Business Communication” is particularly useful for consultants, managers and other individuals whose work is associated with a human contact.

Author’s expertise and short biography

2002 was a new beginning for Harvard Business Essentials series. The 21st century brought the readers tips, guidance, and access to valuable information related to communication techniques. These strategies nowadays, serve as tools which guide the people in various industries.

Key Lessons from “Business Communication”

1.      Ancient Group Presentations formed the today’s society
2.      Progress through writing
3.      The ability to edit

Ancient Group Presentations formed the today’s society

In ancient times, the Greeks started the process of presentation. The faultless public presentations back in those days laid the foundation for modern interactions and democracy. If you feel shallow in that field, there are many available courses which can enhance your narrative skills.

Progress through writing

The digital world has produced many ways for establishing relations. Most of them come in a written form as emails, chats, memos, letters, etc. Business communication is gaining momentum by seizing opportunities along the path. Often, businesses utilize memorandums, as a primary channel for maintaining of inter-organizational relations or potentiation some policy.

The ability to edit

Nothing is more valuable than the ability to edit. These days, editors have an increasingly more work and responsibilities than in the past. Editing enhances articles by emphasizing accuracy, clarity, and trustworthiness. The process is composed out of reconstructing the sentences in order to improve the structure of the text.

If you feel like this is the book for you, feel free to contact us for further information. You can download our mobile app and share your experiences with us. Between you and your book, there is a one-click delay – check it on Amazon.

The Business of Software Summary

The Business of Software Summary

What Every Manager, Programmer, and Entrepreneur Must Know to Thrive and Survive in Good Times and Bad

You are probably aware of the highly competitive environment in which businesses function today. Have you ever wondered why some companies succeed and how “The Business of Software” can make that happen? Have you ever thought of the working processes in software giants such as Microsoft and IBM while you are using their products?

If you are a manager, entrepreneur, and programmer, you need to realize how to handle good and bad situations – something we will give you the basics of in our summary of “The Business of Software”.

And if you are not in the industry, but you are a curious reader, we recommend that you stay with us for the next few moments all the same.

Who should read “The Business of Software”? and Why?

You cannot limit Cusumano’s writing to one particular business group. Those eager to understand the importance of software development in all sorts of private and public services would find this book filled with useful material that may come in handy anytime.  The Business of Software is intended for the entire business community since automatization and digitalization are becoming the core elements of the new business era.  
Young adults, students, and digital “fanatics” are also advised to read and perhaps re-read The Business of Software; it would answer a significant portion of their digital mysteries like: What should we expect in the near future from the world?

About Michael A. Cusumano

Michael A. CusumanoMichael A. Cusumano is an American author born on September 5, 1954, New Jersey – United States of America. He obtained a Princeton University bachelor degree, while Harvard University gave him the privilege to earn his Ph.D. Momentarily Cusumano is highly prominent Professor who teaches at the Technology’s Institute in Massachusetts – Sloan School of Management. A well renowned and leading expert on everything that concerns the software industry, he is the legitimate writer of some the best-selling books relating to Microsoft Secrets and Competing on Digital Time.
As a former editor and director of the MIT Sloan Management Review,  he currently owns the privilege to be a one of the few widely cited writers on implementing business strategies and latest information technology matters.

“The Business of Software Summary”

The software industry is one of the very few sectors that change our way of life on day to day basis. Gigantic software industry continues to overwhelm every other as time passes by. Even the success of the dot-com and their business boom wasn’t enough to challenge the need and demand of the software industry services, skimming off the top is not an option since software yet remains the business world’s most profitable industry. Michael A, Cusumano as a software expert is a part of an intriguing and insightful study that skips the glamor and go straight to the point.

What can you expect from The Business of Software?

The Business of Software generates techniques that explain accurately what makes one software company a technological leader in difficult economic times, recessions, and bankruptcies. Cusumano writing style has some academic tendency in it. However, he tries hard to demonstrate why a prosperous and well-organized software company can be a gold mine in the digital era by using a vocabulary that can be understood by a high school kid. Furthermore, the Business of Software clarifies the best methods in the software development industry coherently and transparently. Cusumano offers plenty of real-life examples and case stories also that add a little more fire to it.

We are not the only ones captivated by this book!

It is recommended by numerous of software experts, investors, and teachers that also clarify to people why they need to wait a little longer from time to time when they make a call to a software company’s toll-free number. Entrepreneurial adventures are an indispensable element of an this all around software book, professionals and investors would find them as the most intriguing and engaging sections of the entire work. 

The digital age is compiled out of hardware and software services so is no wonder that futurologists, experts, and investors are currently advising people to invest their capital in those two industries.

You probably have heard this saying: In Japan, everything requires time, and everything is a process, while in the U.S. everything is a business.

At the very end, it all comes down to choosing the right software products and services for your needs.

Next, take a look at the key lessons that we extracted from this book. 

Key Lessons from “The Business of Software”:

1.      Software Industry has a strong vision
2.      Reproduction Efficiency
3.      Mass Market relies on software

Software Industry has a strong vision

The Software Industry requires different perceptions from the community as it has a unique and unsubstitutable nature. For beginners, its visionaries are often the main reason for world economic progress and for the majority of times, they do that successfully. For instance, back in the 70s, Bill Gates had a vision, that vision later to become our everyday reality.

Here are Bill’s long-term plans:

Microsoft Corporation studied the future; they were 100% sure that every home and every office at the late of the 20th and the beginning of the 21st century would have their personal computer, while these computers would run on their software. Would you know it, their vision became our reality, these hardware and software geniuses didn’t forecast anything, nor did they used any magic to see the future, they’ve just analyzed one thing: How can we change people’s lives for the better?

Reproduction Efficiency

Unlike long-established companies that manufacture tangible products or other service companies, software firms are renowned for their low-fixed costs that grant them the opportunity to spend the exact same amount of money to sell one or a million versions of their items. Companies started to realize that they’re all dependent on the software industry, B2B and B2C sales are the fundamental basis of what makes the software so essential to us.

Mass Market relies on software

What is a Mass Market why should we mention it? If you want a straightforward and honest answer then-The mass market is merely a system that consists of a vast number of computers and connects some casual users that are using those computers. The new digital time brings all sorts of marketing, financial, and interactional opportunities, for a company to exploit some of these opportunities it must rely on software.
Financial success in this market can lead to an increased profits, but the Mass Market is no stranger to Globalization, so companies must be aware of the fact that this Mass Market carries an increased competition with itself.

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“The Business of Software” Quotes

Vertical markets that are exactly right for your solution must be easier to conquer than horizontal markets that require general-purpose solutions that anybody can use. Click To Tweet Success stories are rarely planned exactly in advance. Click To Tweet Between 1998 and early 2000, we experienced a once-in-a-century event, equivalent to and perhaps surpassing the introduction of the transcontinental railroad, commercial electricity, the telephone, the television and the computer. Click To Tweet It is too easy to overestimate the potential of horizontal markets and end up with products that have too few customers or that are too weak to combat the competition. Click To Tweet

Our Critical Review

The Business of Software gives a basic look at the software business and is written for programmers, managers, and entrepreneurs. However, although it offers significant insight, it does that in an unorganized form. If you do not mind its lack of organization, you will surely benefit from this book.

Moneyball Summary

Moneyball Summary

Are you a baseball fan? Do you want to know the secret of success in this sport, told through a gripping true story?

It sounds promising, doesn’t it?

Well, get ready to get trapped into the 2002 baseball draft’s hidden processes explained by Michael Lewis. Stay with us as we embark on this journey together.

Who Should Read “Moneyball”? and Why?

“Moneyball” is an unusual name for a book, but it can be easily understood by any baseball and basketball fan, with a smooth readability flow. Any sport, not just baseball enters into the process of Globalization. The globalization carries benefits and new challenges with it that sports teams must embrace for them to increase their profits by improving their current and existing marketing campaigns.

Michael Lewis’s masterpiece is targeted for all sports readers. It is pretty noticeable that Lewis especially marks baseball players, coaches, owners, and investors as his target group which is more likely to find Moneyball as a true and valuable piece of written material that would help them to expand their baseball knowledge to another level.

About Michael Monroe Lewis

Michael Lewis

Michael Monroe Lewis is a non-fiction writer and a renowned journalist born on October 15, 1960, at New Orleans, Louisiana. He is the author of several best-selling books like Liar’s Poker: Rising Through the Wreckage on Wall Street, book based on one investment banker’s journey through life. Moneyball also falls into this selected category of bestsellers. However, he also works for the New York Times Magazine as a contributing writer, for Bloomberg as a financial columnist and as a visiting lecturer at Berkeley.

“Moneyball Summary”

The draft is analyzed by Billy Beane-the general manager of the Oakland Athletics, his highly qualified staff and by Beane’s sometimes apathetic baseball scouts team. Often described as baseball fanatic – Lewis moves gently and with caution, back and forward across fifteen decades of baseball history, inquiring different baseball adages, pro-players statistics, processes that occur during baseball drafts, the overall business, baseball’s current list of individuals and the methods throughout they all interact.

What can you expect from this book?

“Moneyball” displays how different baseball and investment strategies can be perceived in the same organization, a friendly book that clarifies the game of baseball. Lewis also introduces his readers to a million dollar lessons that can be found in it and about the incompetence of disorderly organized and sloppy data. All injured and healthy athletes as well-known competitors are familiar with the fact the baseball sometimes represents a metaphor for business, what an exciting theory that is apparently true!  

You’ve probably figured it out by now that “Moneyball” is an intriguing book for every baseball fan, player, beginners or pro coach. So, if you are one of them, read on, we are just getting started!

Investors and owners know that Baseball is a unique business where the management has succeeded and broadcasted a whole new belief system that enforced the baseball teams to spend too much of their salary cap on employees that are renowned for their incompetence to accomplish strategic goals: Help the team to win matches and eventually championships.

What “Moneyball” makes of all this?

Well, in this book Lewis advised baseball managers and scouts how to assess the recruits and chose the best possible draft option that corresponds to the profile of particular type player that they’re looking for. It’s not always about player’s speed, endurance, stamina, ability with the ball, its body shape, sometimes what counts the most is his understanding of the game, reading in-game situations and making smart decisions. 

Key Lessons from “Moneyball”

  1.      The inefficiency of Sloppy data
  2.      Understand the phrase- No Play, No Error
  3.      Unfair Offer

The inefficiency of Sloppy Data

James and several other former baseball players after their long and exhausting carries declared alongside with James that they were not satisfied with the way that the game of baseball kept their yearly statistics. There weren’t enough useful and valuable information for those eager to understand the cause for their teams’ good or poor performances. Two decades later, Wall Street Journal’s computer experts including Ken Mauriello together with Jack Armbruster decided to challenge and tried to resolve the complexities of financial markets that the game of baseball was facing, especially derivatives that were exposed to the same issue.  

Understand the phrase No Play, No Error

Baseball has two pillars and those pillars are the well-known “hits” and “errors”. This baseball foundation motivated James to challenge that particular rulebook and simplify the game of baseball. For example, does the name Albert Belle ring any bells? The passive and powerful hitter, playing at the left field. Have you heard about his all-around magnificent baseball story that serves as an example that Belle hasn’t been given any error because he moves slow, he doesn’t even try to catch the ball on the fly, and on the other hand eliminating the chance for a play at home? 

That leads us to a conclusion – No play, no error.

Unfair Offer

In the late 20th century, when Billy Beane played for Oakland Athletics’ as a fifth outfielder, at a given point in his career he felt like the time has come to face a new challenge and so he became a scout. Billy’s physical strength and endurance were known throughout the entire baseball world, where they all shared one common opinion that Billy would soon be a part baseball history and greatness. Nevertheless, no one expected that Billy would just walk out of that field and his dreams to get a well-paid office job, but that is exactly what it happened.

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“Moneyball” Quotes

The pleasure of rooting for Goliath is that you can expect to win. The pleasure of rooting for David is that, while you don’t know what to expect, you stand at least a chance of being inspired. Click To Tweet Managers tend to pick a strategy that is the least likely to fail, rather than to pick a strategy that is most efficient, Click To Tweet People in both fields operate with beliefs and biases. To the extent you can eliminate both and replace them with data, you gain a clear advantage. Click To Tweet That's what happens when you're thirty-seven years old: you do the things you always did but the result is somehow different. Click To Tweet If you challenge conventional wisdom, you will find ways to do things much better than they are currently done. Click To Tweet

Our Critical Review

Michael Lewis has a great writing style with which he can explain complex insider ideas to people not acquainted with specific topics, and even make it entertaining for them. However, at times, his writing style seems more technical, and thus his book feels more like a non-fiction than a biography. However, for those who love and appreciate the game of baseball, its numbers, player’s box score, all around statistics, would find “Moneyball” a life-changing experience, because at the end of the day a simple baseball game can put a smile on your face.

The Innovator’s Dilemma Summary

The Innovator's Dilemma Summary

When New Technologies Cause Great Firms to Fail 

Have you ever wondered how come big companies face failure when they seem to get everything right? If they cannot survive the turbulent market, what can smaller companies expect?

Clayton Christensen tries to answer these questions in his book “The Innovator’s Dilemma.” Our summary is going to give you a quick tour through “The Innovator’s Dilemma” process.

Now, buckle up, and enjoy the ride.

Who Should Read “The Innovator’s Dilemma”? and Why?

The Innovator’s Dilemma” is an unusual work intended to answer questions, clarify business mysteries and deal with the uncertainty that exists in today’s market. Students known for their wild behavior especially those studying economy would find this book motivating and challenging that would test their knowledge to the limit. This book is also adapted for all industries and businesspeople; it challenges the idea that a passive behavior(regarding innovation) from a company is unacceptable.

And who is this author that tries to enforce methods that can reduce cash deficiency and ultimately achieve long-term stability for small, medium and large companies, and what is his expertise?

Scroll down to find out.

About Clayton M. Christensen

Clayton M. Christensen

Clayton Magleby Christensen was born on April 6, 1952, in Utah. He is an American-born scholar, author, economist, consultant that presently works as a professor at Harvard Business School that is an integral part of the Harvard University. Above all Mr. Clayton M. Christensen is a professor and expert in joint appointments related to Management Operations, General Management and Technologies.

As a business administration – Doctor, Christensen advises companies and business to adapt to different business environments and fluctuating economies that are a severe threat to the business community.According to many his “disruptive innovation” theory is currently at the pedestal as his best work which is often described as one of the most influencing business ideas of the 21st century.

The author used his expertise to write his book “The Innovator’s Dilemma” which has enjoyed a huge success worldwide. Stay with us, next, we present you the book’s summary.

“The Innovator’s Dilemma Summary”

Many companies fail to reach the state of stable yearly profit that indicates a regular monthly income from loyal customers. Clayton M. Christensen’s “The Innovator’s Dilemma” book that falls into strategy literature genre is awakening the companies that right calls or decisions don’t always produce the desired outcome.

 You (as an investor or businessman) should not be surprised by the fact that even if you consider yourself to be a faultless investor or whatever perfect steps your company takes on a long run, the result may still be catastrophic. You are probably familiar with the saying: “The customer is always right.” 

Stop. Think again.

Doesn’t it seem wrong to rely only on customer’s needs wants and demands, by investing all your money and effort in high return opportunities? In fact, your company may face total financial disaster in near future if the customer finds a cheaper solution that will satisfy his requirements.

“The Innovator’s Dilemma” is a concise and transparent piece of written material, that is challenging all the companies to expand their knowledge by understanding that the market is not something that you can forecast. Loyal customers are those that are not interested in any innovation or product improvement features. Therefore an innovator must carefully and quickly choose a target group that may purchase his innovations or improvements. Established companies’ employees quite often come upon or invent redundant innovations, but as we said almost 90% of the time the firm’s most profitable customers typically have no interest in these innovations.

It’s quite paradoxical to realize that large companies and economies overall do not collapse because they are not able to carry out remarkable decisions, bankruptcy occurs when a particular company asks for product improvements from their employees on brands that already have satisfying demand.

We are just getting started. Stay with us for the three key lessons you can expect to learn from this book.

Key Lessons from “The Innovator’s Dilemma”

  1.      Innovation is not equal to improvement
  2.      Think Smart, don’t push too hard
  3.      ROI is the most important concept for any Investor

Innovation is not equal to improvement

Failure is not an obstacle; it is an indispensable part of success. Christensen wants you to learn that your success doesn’t depend only on preparation, forecasting, marketing or effective business plan. Your commitment and dedication are not enough to remain competitive on the market. There are numerous occasions where a strongly developed company fails to fascinate its customers by constantly trying and pushing too hard, not realizing that even hard work doesn’t pay off all the time. That is why “The Innovator’s Dilemma” makes you aware of the fact that even exceptional companies face failure and financial fiasco from time to time.

Sometimes the firms neglect economists and innovation experts and continue to do it in an old fashion way. In fact, it’s quite the opposite, here you will understand that even if companies execute their activities flawlessly, have an excellent financial and operational management team and understand customer’s needs would probably increase their sales but suddenly when they introduce their products to the market – the company faces catastrophe.  

Think Smart, don’t push too hard

Even the word Innovation cannot be explained in one or two sentences, however, according to many experts, there are several classifications, but here we are going to mention only two types of it: Sustaining and Disrupt Innovation. The Sustaining Innovation is used by companies that wish to improve their existing, well-known and established products or services.

To do so, you must enhance customer’s experience by delivering the same product with higher value. The Disrupt Innovation issues happen more than you can imagine. Many businesspeople as we mentioned earlier by trying and pushing too hard somehow they find themselves in a position where their existing products have even lower value than they used to have.

ROI is the most important concept for any Investor

The people that know the company and its operations correctly are usually the managers. However, the managers are not responsible for allocating firm’s investments, quite often that privilege belongs to the customers and their investors. Every business is at risk from the start to the very end; even not taking a chance is a risk. The companies must try to isolate themselves from Irreversible investments in disruptive technologies.

ROI is the core and substance to all that exists in the business world; wise investors would wait until a significant portion of the market demands specific product or service change so that they would minimize any unwanted economic failures by investing in valuable technologies.

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“The Innovator’s Dilemma” Quotes

Disruptive technologies typically enable new markets to emerge. Click To Tweet To succeed consistently, good managers need to be skilled not just in choosing, training, and motivating the right people for the right job, but in choosing, building, and preparing the right organization for the job as well. Click To Tweet Disruptive technology should be framed as a marketing challenge, not a technological one. Click To Tweet When commercializing disruptive technologies, they found or developed new markets that valued the attributes of the disruptive products, rather than search for a technological breakthrough so that the disruptive product could compete… Click To Tweet Three classes of factors affect what an organization can and cannot do: its resources, its processes, and its values. Click To Tweet

Our Critical Review

The ideas in this book are fascinating, the arguments are convincing, and the research that fuels them is extensive and reliable. However, “The Innovator’s Dilemma” is a dense book, written in a way that many people may find overwhelming. In any case, it is a must-read, especially for people tired of hearing cliches such as “the customer is always right.”

The Fifth Discipline Summary

 

The Fifth Discipline Summary

The Art & Practice of the Learning Organization

Do you want to know why your company faces specific problems? Even more importantly, do you want to know how to avoid them?

Well, you are in the right place!

We present you “The Fifth Discipline” the book which will open your mind and guide you to finding the success you strive for. Are you ready to become a manager that will be able to notice and adequately fix problems?

Then, let’s begin.

Who Should Read “The Fifth Discipline”? and Why?

The latest technologies carry with them an increased set of options available for the companies to operate more cost-effectively. “The Fifth Discipline” challenges businesses to change their old-fashioned manner of organizing activities, projects, and events.

Economy Students- (especially those studying management and accounting ) would find this book quite thrilling and amazing where clear, concise and unique organization methods and techniques are presented, that may come in handy very soon.

Open-minded Businessmen are quickly able to grasp why all businesses need an organizational change and improvement, Senge’s point of view is not some personal agenda, It is a long-term plan for a company to optimize its so-called operations.  

About Peter Michael Senge

Peter M. Senge

Peter Michael Senge was born in 1947 Stanford, California. He studied philosophy and received a B.S. from the Stanford University.  As an American-born scientist, analyst, and organizational expert he gradually became a Learning Organization consultant and the founder of the Society for Organization Learning.

The Center for Organizational Learning developed under the patronage of Peter M. Senge where he currently has an executive role as a director at MIT’s Sloan School of Management. Peter M. Senge is also the founding partner of consultancy services in Massachusetts – USA, Toronto – Canada and many others.

“The Fifth Discipline Summary”

There is a lot to be said about Peter M. Senge point of view on organizational learning. The main thing to understand is his perspective and the way that individual companies organize their operations.

To get the big picture let’s observe this simple review: The Fifth Discipline book is not something that you can just skip without facing financial and organizational consequences as a business. So, our advice would be to start reading it as soon as possible!

But first, we’ll tell you more about it.

You are probably familiar with the fact that some artists, scientists, and spiritual people were not appreciated in their own time. Well, the same thing happened to Peter M. Senge’s book.

Soon after, the already stated magnificent piece of business writing appeared in the 90s; it was apparent that the book was one step ahead and its learning organization tips were just too much for some companies back then. Today’s reality compels enterprises to not only adapt to the digital age but also to work on their organization development processes continually. If the companies hesitate or if they are unwilling to implement Senge’s accurate analysis on business’s evolution somehow, they will find themselves one step behind from their competition.

The real question is Why?

The Fifth Discipline has unlimited possibilities that increase awareness of new organizational practices and theories that can be applied by different firms in every industry.

The corporate world demands change, demands evolution and it demands progress, without these elements any company would be lost, Senge’s book encourages readers to carefully analyze and re-read the book that would help them climb the corporate’s fence.

Gradually all employees evolve more and more into “knowledge workers” – there is a saying: We learn our whole life. Therefore a constant educational and inner development progress by the staff is needed to align with company’s skills policy.

For a firm’s organization to identify itself as a“learning one” as Senge would have advised it must grow inwardly and outwardly, that growth must be done collaboratively so that all workers, directors, and managers would evolve collectively.

According to research conducted by Stanford Research Institute International, learning organizations have three significant features: Vision, Openness and they must stimulate system thinking. 

Key Lessons from “The Fifth Discipline”

  1.      Become an Individual Expert
  2.      Developing mental models
  3.      Share a Common Vision
  4.      Team learning atmosphere

Every company is a part of a restless pursuance of sales and profits. This madness is usually accompanied by several essential disciplines that every business needs to master. For an organization to qualify as a learning organization, it must successfully fulfill two conditions. First of all, the human nature is an unresolved mystery. Overcoming problems such as shelter; food; family issues existed in ancient times and they still exist today, so why do we mention this?

These difficulties occur in organizations also people’s commitment and the ability to learn are the core elements to overpower any problem.” Second, the work is more than just providing your customer with an end product; today’s customers have many preferences, and the path for total customer satisfaction is filled with many obstacles and a lot of sacrifices.

Every learning organization that can be the cause of this kind of satisfaction must maintain five major key elements, which are listed separately, but, in fact, they are one major operation:  

“Become an Individual expert.”

A person should continuously be clarifying and reorganizing its visions and ambitions. Learning organization must have employees that are familiar with tolerant behavior, harmony, and egoless relationships.

“Developing mental models.”

Conduct a research and have your assumptions that would help you develop a realistic picture of how the world evolves since these practical activities and events are shaping your business.

“Share a common Vision.”

Requires a motivational group of employees that share the same goals, vision, and mission.” Companies must enforce a subtle message something like a slogan that would invite the staff members to share their opinion openly not only as a statement.

“Team learning atmosphere.”

As it name indicates Team Learning promotes a healthy working environment, an air filled with friendly atmosphere that motivates people to progress as one. Good teams are made– they aren’t born. For a group to achieve magnificent results, first it must learn to grow and mature collectively and hopefully, this union and friendly surroundings would generate a better long-term outcome.

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“The Fifth Discipline” Quotes

Courage is simply doing whatever is needed in pursuit of the vision. Click To Tweet The most effective people are those who can hold their vision while remaining committed to seeing current reality clearly. Click To Tweet Reality is made up of circles but we see straight lines. Click To Tweet In the presence of greatness, pettiness disappears. In the absence of a great dream, pettiness prevails. Click To Tweet It is not the absence of defensiveness that characterizes learning teams but the way defensiveness is faced. Click To Tweet

Our Critical Review

“The Fifth Discipline” is a must-read for everyone who is or strives to take a leadership position. It does a great job explaining why so many organizations face problems. The only drawback is that it is not an easy read, but if you don’t have a problem with your focus, pick up this management bible and take the first step towards improving your organization.