Strategy and Business Finance that offered entrepreneurs the "Seven Value Creation Lessons from Private Equity" wonderfully refreshing. The lessons are so simple, and yet I find many entrepreneurs, myself included, deviating from them everyday. Personally, I think every business owner should have these seven lessons printed on a card, kept on their persons, and reviewed daily! Seriously.
- Focus on value (relentlessly)
- Cash is king (always)
- Time is money (but money is not always time)
- Use a long term outlook (don't panic)
- Assemble the right team (including understanding your strengths and weaknesses)
- Link pay to performance (for the entire team)
- Select (and use) goals and performance measures