Second Stage Entrepreneurship Ten Proven Strategies for Driving Aggr
Second Stage Entrepreneurship shows the aspiring entrepreneur how to create significant growth as their company scales its way to the top through the development of organizational structure; from setting up an effective company culture; to structuring an
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DANIEL J. WEINFURTER
Dedication To my Mom and Dad, to Martha, Amy, and Andrea and to my current and former colleagues
second stage entrepreneurship Copyright © Daniel J. Weinfurter, 2013. All rights reserved. First published in 2013 by PALGRAVE MACMILLAN® in the United States—a division of St. Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Where this book is distributed in the UK, Europe and the rest of the world, this is by Palgrave Macmillan, a division of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN 978-1-137-30258-8 ISBN 978-1-137-33714-6 (eBook) DOI 10.1057/9781137337146
Library of Congress Cataloging-in-Publication Data Weinfurter, Daniel J. Second stage entrepreneurship : ten proven strategies for driving aggressive growth / Daniel J. Weinfurter. pages cm ISBN 978–1–137–30258–8 (alk. paper) 1. Business planning. 2. Strategic planning. 3. Organizational change. I. Title. HD30.28.W3755 2013 658.4⬘012—dc23
2013015912
A catalogue record of the book is available from the British Library. Design by Newgen Knowledge Works (P) Ltd., Chennai, India. First edition: October 2013 10 9 8 7 6 5 4 3 2 1
CONTENTS
List of figures
v
Foreword Gary Loveman, Chairman and CEO of Caesar’s Entertainment
vii
Acknowledgments
xi
Introduction
1
Chapter 1
Grow or Die
Chapter 2
New Capital Sources
19
Chapter 3
Install a Board of Directors
35
Chapter 4
Create, Don’t Compete
51
Chapter 5
Hiring Smart!
65
Chapter 6
The New Model for Selling
87
Chapter 7
Managing Beyond Metrics
105
Chapter 8
Growth Marketing
125
Chapter 9
The Total Customer Experience
141
Chapter 10 Culture Matters
7
157
iv
CONTENTS
Chapter 11 The Keys to Effective Leadership
171
Appendix – Exit Strategy: Moving On
189
Notes
203
Index
207
FIGURES
6.1 Selling strategies hierarchy
99
6.2 Selling strategies approach summaries
100
10.1 Conscious culture development model
163
10.2 Example of completed culture model
165
FOREWORD
THE MATURATION OF A START-UP into what Weinfurter refers to as a “second-stage” entrepreneurial business is a process fraught with challenges. If the start-up has demonstrated a product or service that is differentiated and value-added to its targeted customers, the multifaceted next phase involves growing the enterprise into a stable high-performing business. I have observed Dan lead such a maturation process, first as a director of and investor in his start-up Parson Group and then later, in a more limited incarnation, when Dan led an entrepreneurial effort within my large, established company, Caesars Entertainment. Neither sheer smarts nor intuition are sufficient for any entrepreneur to move from starting a business to growing it into a sign
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