We Provide Entrepreneurs To Create New Growth
Disruptive innovation requires a certain mindset. It's a different way of thinking. It's a different way of behaving. Entrepreneurs are the crazy ones who create new, disruptive business models that fly in the face of conventional wisdom. What is a startup without entrepreneurs to build them? Nothing.
The problem many companies have is that they just don't have many entrepreneurs on the payroll. Most employees and executives have spent their careers executing known business models. They just don't have enough experience creating new business models from scratch. It's a simple gap in experience, skills and mindset.
Solution: Create A Startup Team To Search For A New Source Of Growth
There are a handful of important steps for creating a new source of growth that lies outside of your current business model.
- Recognize that SEARCH is not EXECUTION
- Assemble a SEARCH team of 4 to 5 people and separate them from the core business
- Hire entrepreneurs on a temporary basis as EIR's (Entrepreneur-In-Residence) and put them in charge of SEARCH
- Define business model hypotheses for the new opportunity
- Run customer experiments to test hypotheses
- Gain customer insight from behavioral observations and data
- Iterate on customer-problem-solution & path-to-customers until you find a scalable, repeatable business model
- Once proven, integrate the new business into the existing organization
- Repeat to find another engine of growth
When done properly, this process will result in an incremental source of growth to your existing business. Layer enough new sources of growth and your business will achieve hyper-growth.
SEARCH is not EXECUTION; it's fundamentally different
It turns out that SEARCHING for a new business model is very different from EXECUTING an existing business model. In fact, there is almost nothing that is the same between these two tasks.
SEARCH and EXECUTION require different processes, metrics, governance, skills and attitudes. They require different people. In our experience, it is very rare to find people who are good at both SEARCH and EXECUTION.
When you are executing a known business model, you develop plans, develop forecasts, acquire resources, train people and lead them in an effort to meet or beat the plan. If you are leading this group, you are operating like a field general.
When you are searching for a new and unknown business model, you make hypotheses, run experiments, are often surprised by the results, make pivots and iterate the business model until you generate enough customer insight to figure out what works. If you are leading this group, you are like a mad scientist.
A field general is not a mad scientist. To succeed in business today, you need both types of leaders and teams, and recognition that these teams are engaged in fundamentally different tasks. In fact, it works best if you allow these teams to develop different processes, metrics, cultures and people aligned with their different missions.
Entrepreneurs Are good At Searching For New Sources Of Growth
If the people on your team have spent most of their careers working for established businesses, it's likely they are good at execution and not good at search. The same process, metrics, governance and management style that works well in execution, are absolutely toxic when it comes to searching for a new business model. That's one reason it's helpful to have entrepreneurs on your search team.
A search team is dedicated to one, important mission: finding a new scalable, repeatable business model that can be a source of future growth for your company. Accomplishing this mission requires a short-term, dedicated effort.
The search team's mission is a temporary one. It's intended to last only as long as it takes to find and validate the new model. Once proven, the new business model can be integrated back into the existing organization where it can be another line of business for the existing team to execute on. You don't want to be in search mode forever for a given opportunity. The goal is to move from unproven to proven business model so you can execute the new model and turn it into meaningful growth.
We've seen many internal innovation projects fail. Most of these were created by internal folks who are experienced in execution, but not in search. This is a common mistake, and it's completely avoidable. Failure almost always happens when you think you are executing, but you are really searching, and vice versa. Awareness of the correct mode is imperative for success.
Entrepreneurs think and act differently than corporate people do. Adding just one entrepreneur to your team can make the difference between success and failure.
Example Situations That Benefit From An Entrepreneurial Approach
- Your business isn't growing as fast as it needs to
- Your team is busy executing the current business model and they don't have time to pursue new opportunities
- You've launched a great product, but customers aren't buying
- Your startup has hit the skids and you're having difficulty jump starting it
- You are winning with one customer segment, but losing with an important customer segment
- You think you've found product-market fit, but you don't know for sure
- Your business and industry is being disrupted by new technologies and well-funded startups
- Your tried and true processes for creating value and growth just aren't working any more
Our Solution - Entrepreneurs On Tap
For executives who recognize they need a more entrepreneurial spirit to discover new sources of growth, Entrepreneurs On Tap is a network of highly-trained entrepreneurs who are exceptionally gifted at searching for new business models and creating new sources growth outside your existing business model.
All of our EIR's (Entrepreneurs-In-Residence) have created new businesses from scratch. They are creative, disruptive mavericks who naturally explore new opportunities and change the world. They don't fit in a box, or a functional hierarchy. They are explorers. They bring new thinking, energy, passion and grit required to brave new territory. They are exactly what your business needs to unlock new sources of growth.
Our entrepreneurs are trained in our proven methodology, called Insight-Driven Iteration. This proven process is the best way for finding, validating and scaling new sources of growth.
- Proprietary network of 100+ experienced entrepreneurs
- Every entrepreneur is experienced in creating a new business from scratch
- Highly-trained in our breakthrough innovation methodology, the best way to find sources of growth
- Available for short-term assignments
- Located across the country, able to work on site or in virtual mode
- Pursue new sources of growth without disrupting your existing team
- Chase down new opportunities that don't lead to lay offs if they don't pan out
- Get a head start on growth that you will need six to 24 months down the road
- Alleviate anxiety because you aren't pursuing new opportunities that can take your company to the next level
- Improve your executive skills as an ambidextrous business leader and innovator
- Uncover valuable customer insights that will propel your business into the future
Contact Us Today!
Contact us and receive a free 30-minute assessment of your current business situation. Just fill out the form below and we will contact you to schedule a convenient time to learn if EIR's On Tap can take your business to the next level.