Source: www.forbes.com
No question Peter Drucker is a legend.
A man with a seriously keen eye for business — his insights still apply to entrepreneurs everywhere.
And even though Drucker is deceased, you can hear his words of wisdom calling from the grave if you listen closely.
In fact, I finally had the opportunity to open ‘The Daily Drucker’ this week; a book containing 366 days of nothing but pure wisdom wedded to action.
Astounded at the depth of his knowledge; I grabbed 12 key insights straight from the mouth of Drucker. If you’re wise, you’ll apply each one right now to your world of entrepreneurship
Key #1:
“Those who perform love what they’re doing.”
Yes — you need to love what you do. It’s called passion. Think about it; do you really believe guys like Steve Jobs and Bill Gates spent so much time in the world of technology if they didn’t flat-out love it? Find your passion because it’s the place to start on your road to success as an entrepreneur. Plus, according to Drucker, your performance depends on it.
Key #2:
“Successful entrepreneurs do not wait until “the Muse kisses them” and gives them a bright idea; they go to work.”
Key #3:
“What is our business?”
Key #4:
“Who is the customer?”
Of course it all starts and ends here. Your customer. You know, the reason you’re in business. Pack well because your journey to really know your customer lasts the lifetime of your business. Plan to walk 1,000 miles in their shoes. Not 10. One thousand. Alexander Osterwalder, co-author of ‘Business Model Generation’, created an innovative tool called the Value Proposition Canvas. Grab it here and work the right side. Answer the questions on behalf of your customers. And if you struggle with this? Slap on some shoes (hint:not yours) and start walking.
Key #5:
“Neither studies nor market research nor computer modeling is a substitute for the test of reality.”
Key #6:
“Measure innovations by what they contribute to market and customer.”
One thing I noticed about Drucker and his wisdom is this: he drilled home that the life blood of a company is rooted in management and innovation. Take his advice in key #5; and combine it with an understanding that to simply ‘test’ is futile without the important marriage partner of ‘measurement’. Yes — not only do you need a culture of ‘testing’; but you must measure what you test. Again, wise entrepreneurs understand and use tools such as A/B Split Testing as part of their repertoire.
