Recently the Harvard Business Review approached over 100 Harvard Business School alumni with most finding success as entrepreneurs.
HBR asked these people what priorities a new entrepreneur should focus on.
I don’t know if you read the Harvard Business Review, but I wanted to share these priorities because I believe as a new entrepreneur, you can gain some valuable insight as to where you should focus.
You may be quite surprised at the findings of the top 10 priorities. I will start at #10 and work up to what these professionals believe to be most important.
Priorities #10: Engineering Management
This can fall into multiple areas that include:
- Operations research and management
- Technology management
- Product engineering
- Industrial engineering
The reason this area sits at #10 is the fact that entrepreneurs should look for team members that can handle these aspects.
It doesn’t hurt for an entrepreneur to gain education in these areas but it need not be a top priority.
Priorities #9: Finances
I know that this comes as a surprise to many… Many of us would think finances should be one of the top priorities.
What some of these successful entrepreneurs stated was: you can outsource or delegate this area.
While as entrepreneurs we should watch the finances somewhat, they should not be the priority. As a matter of fact, there is software that can make the financial area of your business much easier.
Have you reviewed the system I developed? You may want to look at The Expense Tracker here.
Priorities #8: Formulating Strategy
Now this area does carry importance, but much of it will be a “learn as you go” system.
Formulation strategy will include things like:
- The business model
- When to build and buy
Again, this is important and you will want to be directly involved but it should be a complete team effort.
Priorities #7: Product Design
Naturally, the design behind your product holds extreme importance. But most of that area can be delegated or outsourced. That will include:
- User personas
- A/B testing
You must always remember that if you try to attain “perfect,” your product release may never come.
Your team can always revise after release.
Priorities #6: Marketing
Again, marketing is an area that should be delegated.
The entrepreneur should put in their thoughts and ideas, but the whole marketing area should be handled by your tribe.
Priorities #5: Sales
Sales are important, but they should also be handed off to the people who are on your team.
Yes, you should give your input and watch the sales numbers.
Brainstorming sessions to up sales is a great idea. But remember that this is an area best handled by delegating.
Priorities #4: Team Management
Now we are getting into an area that is quite important for the entrepreneur.
You want to be active in helping to set goals, give feedback (constructive criticism), and design how the management structure will work.
You also want to be active in hiring and firing as well as who to outsource tasks to.
Priorities #3: Product Management
This is completely different from product design. In this area, you will want to examine customer response and make revisions according to the needs and wants of the consumer.
This means working directly with engineers to develop the product further.
Priorities #2: Leadership
Leading your team is the second most important priority. The best leaders are able to instill confidence in team players and gain their trust.
With proper leadership, the team will work like a fine tuned machine and you can just be there to answer questions and guide the process.
Priorities #1: Assembling The Founding Team
This is, in the opinion of other successful entrepreneurs, the most important aspect.
You need to surround yourself with team members who know what you know not. And, you need people who have the passion you have and are committed to success.
You need to prospect, recruit and develop these team members so they understand your goals and objectives.
I want to mention at this point that working with other experts, I developed a recruiting system that works.
It takes the resistance away and helps you find other leaders so you can build a massive and successful business.
Like I said, this was a survey from the Harvard Business Review.
The best of the best have studied at Harvard Business School, so these priorities should help you develop your plan for your new business.
What do you think? Do you have questions?
Just post them below and we can help you grow your business…
To The Top!