Tips for Building a Good Corporate Culture

1. Give every member of your organization a chance to dream, and tap into the creativity those dreams embody.
2. Stand firm on your beliefs and principles.
3. Treat your customers like guests.
4. Support, empower, and reward employees.
5. Build long-term relationships with key suppliers and partners.
6. Dare to take calculated risks in order to bring innovative ideas to fruition.
7. Train extensively and constantly reinforce the company's culture.
8. Align long-term vision with short-term execution.
9. Use the storyboarding technique to solve planning and communication problems.
10. Pay close attention to detail.

[Thank you, Walt Disney]

Tips for Developing a Venture Strategy

1. Develop the vision statement, the mission statement, and the business model
2. Describe the industry and context for the firm and its competitors
3. Determine the firm’s strengths and weaknesses in the context of the industry and environment
4. Describe the firm’s core competencies, its customers, and its competitive advantage
5. Describe the opportunities and threats for the venture
6. Identify the critical success factors
7. Formulate strategic options and select the appropriate strategy
8. Translate the strategy into action plans with suitable measures and controls

[Thank you, Tom Beyers]

The Entrepreneur's Creed

1. Do what gives you energy ... have fun!
2. Figure out what can go right and make it happen.
3. Say "can do" rather than "cannot" or "maybe."
4. Illegitimi non carforundum: tenacity and creativity will triumph.
5. Anything is possible if you believe you can do it.
6. If you don't know it can't be done, then you'll go ahead and do it.
7. The cup is half-full, not half-empty.
8. Be dissatisfied with the way things are, and look for improvement.
9. Do things differently.
10. Don't take a risk if you don't have to ... but take a calculated risk if it's the right opportunity for you.

[Thank you, Jeffry A. Timmons and Stephan Spinelli]

Waterfall Veture Planning

1. Vision ... "We will change the way someone does something!" [Be specific, 100 words or less: Who is someone? What is the something? Why are you going to change the way it is being done now? How?]
2. Mission ... "We will earn a profit solving customer problems better than the competition!" [Be specific, 100 words or less: Who are the target customers? What are their problems? How will you solve them? What is the competition? How are you better? What will you do to earn the business? How will you make a profit? How much?]
3. Goals ... "In five years, we will ..." [What are your three most important goals?]
4. Objectives ... "To reach our goals, we must accomplish these objectives ..." [What are the three most important objectives for each goal that must be accomplished in the next six months?]
5. Strategies ... "To accomplish our objectives, we will do this better than our competition ..." [What methods will you use to reach your objectives?]
6. Tactics ... "To implement our strategies, we will do these things ..." [What three procedures will you use to carry out your strategies?]
7. Tasks ... "To execute our tactics, we will ... " [What three things must be done to realize your tactics?]
8. Assignments ... "Here's who is going to do what and when ... " [Who are the best people for each task?]

[6.17]

Elements of a Vision Statement

A Vision Statement is essentially a high-level summary of what the venture team wants to accomplish, typically within the next five years.

Everyone in the organization should be able to connect their activities to making this vision a reality.

A vision statement should be ...
... clear, focused, easily understood, and easy to remember.
... consistent, constant over a period of time, but adjustable as conditions warrant.
... unique and special to the venture.
... purposeful, providing a reason for being and for others to care.

Vision Statement seed: "We will [change the way] [our customers ... who?] [do something ... what?] because [we have something new and better ... what?]."

Sometimes the terms "Vision" and "Mission" are reversed ... personally, I am set on a Vision Statement being a long-term goal, and the Mission Statement being day-to-day guideline for achieving the Vision.

Neither the Vision or the Mission statements should be fluff. They should be well-thought-out and act as solid anchors for the venture. No BS!  No "wink and smile" when we read them, especially when we read them aloud!

--Jim