Principles of Building Entrepreneurial Success

The RAF vs. RFA Principle

Wisdom for Today

 

Book-03---Soul-Food.jpg
  • A military bombardier uses multiple pieces of information to make calculations before he drops his bombs. Rarely does he score a bulls-eye on the first attempt. After dropping the fist bombs, the bombardier quickly assesses how close he came to the target, adjusts his coordinates, and prepares for another try.
  • Successful entrepreneurs are also required to make multiple attempts at hitting their business targets. Unfortunately, many business people follow the technique of RAF (ready, aim, fire) in reaching their business objective. Too often they are proficient at executing the ready and aim steps but never get around to firing (taking action or pulling the trigger).
  • Successful entrepreneurs are adept at utilizing the technique of RFA (ready, fire, aim). They prepare to fire, they pull the rigger and aggressively integrate feedback from these actions in order to adjust the aim, and fire again.  They tend to fire in rapid busts as they quickly move closer and closer to hitting their intended targets.

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

Principles of Building Entrepreneurial Success

Principles of Increasing Returns

Wisdom for Today

Book-03---Soul-Food.jpg
  • Any course on business theory business economics will include a review of the law of diminishing returns. This law states that committing resources to a process to achieve a business objective will typically produce gains up to a point. At some point the gains will peak, and thereafter regardless of how many more resources are added to the process, the gain will decrease and continue diminishing over time.
  • The principle of increasing returns states that for minority and female entrepreneurs, there is a diametrically opposite phenomenon: Their efforts typically will produce little gain for the system until they reach breakthrough, or the first-hit mark. Beyond this first hit, all their efforts produce significant gain that is cumulative and allows the return curve to grow exponentially.
  • The power of this principle is that once you are engaged in an entrepreneurial venture, smaller quantities of effort on your part will start to yield significant gains your business. At this point, your business start to experience explosive growth.   

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

 

Principles of Building Entrepreneurial Success

The Bucket Principles

Wisdom for Today

Book-03---Soul-Food.jpg
  • The fist-hit principle suggests there is a time warp in the ultimate achievement of entrepreneurial success. In other words, success usually does not come overnight. This principle works in conjunction with the bucket principle, which suggests that the time warp of success carries with it an opportunity or “bucket” with a cumulative requirement that must be met.
  • You as an entrepreneur have a “bucket” that you must fill to overflowing before you will see any significant returns from your investment or labor. Fill your bucket with the same things that that makes up the investment curve-time, talent, and treasure. You’re only actions will be to add to or take from the bucket.
  • Unfortunately, in America, some entrepreneurs are saddled with oversized buckets because of color, gender, socioeconomic status, or age. Consequently, an African American woman from the housing projects who may be of senior age has a gigantic barrel to fill. While a white male from upper-middle-class roots who has just finished his MBA may have a teacup to fill.
  • There is a silver lining: Although some may have larger buckets to fill than others, the reality is than you can never get more out of bucket than you than you put in. therefore, even though the African American woman is forced to spend more time filling her bucket, if she can stay in the race and endure to the end, her reward will flow like a mighty stream. People will be amazed at her performance, though they may have difficulty understanding the obstacles she had to overcome and the power she gained by being able to persevere.

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

Principles of Building Entrepreneurial Success

The Breakthrough ("First Hit") Principle

Wisdom for Today

Book-03---Soul-Food.jpg
  • Entrepreneurs who have a good idea and the resolve to see it through will experience an event called the “first hit” or breakthrough, point. This event could be a chance encounter. It could also be winning a strategic contract or skillfully handling a difficult and volatile situation under the watchful eye of a prospective client. After this breakthrough point, good things begin to happen-the business turns a corner. Not only do sales increase, but the business also begins-if managed properly-to grow at a steady pace thereafter.
  • For an entrepreneur beginning a venture, there are typically two performance curves of concern: the investment curve and the return curve. The investment curve represents what you put into the venture, time, money, etc. And the return curve represents what you get back. Returns can be either measurable like profits, net income, net worth, and price/earnings ratio or intangible. These immeasurable returns include prestige, power, reputation, influence, and credibility. At the beginning of the venture, the investment is high, and the results are at zero. Although you are making major contribution to the venture, it is too early in the process to realize any signification returns.
  • The breakthrough point is when momentum picks up, and the return and investment curves intersect. The investment is going down and moving toward zero, and the return the return curve is going up and moving towards infinity. At any time beyond the breakthrough point you will enjoy more benefits from the venture than what you are investing. 
  • Every entrepreneur’s objective must be to get to that breakthrough point. Unfortunately, many entrepreneurs give up just before they reach it. As always, exercise prudence in your journey, but be careful not to give up too early.   

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

Robert Wallace Speaks at Pandora Music Headquarters in New York City

On Wednesday, May 9, Robert Wallace spoke at Pandora Music's Headquarters in New York City about Disrupting Business and Entrepreneurship in an event sponsored by his alma mater, Dartmouth College. Dr. Wallace spoke about creating BITHGROUP Technologies and Bithenergy, two successful companies which have proven business in each of their respective fields. Dr. Wallace also highlighted his rise from the Baltimore projects and the important of developing successful businesses in inner-cities. 

Principles of Entrepreneurship Preparation

Starting Where You Are Principle

Wisdom for Today

Book-03---Soul-Food.jpg
  • Successful entrepreneurs lead lives full of continuous tension between the present and the future. These special people are grateful for what they have achieved, but they are always striving to do more. However, they understand that to get to the future, they must start with the present.
  • Some people under the mistaken assumption that “the grass is always greener….” This observation may or may not be true, but efficiency dictates that you must start the journey to your future from where you stand today.
  • Don’t wait until some special event has occurred before you start taking action to achieve your stated objectives. The future happens the moment you act. For example, don’t wait until your firm’s revenues reach a certain level before you attempt to seek out larger and more diverse clients. Go after them now. Don’t wait until you move to a bigger, nicer office before you hire more staff. Start the hiring process now. Whatever you deem the appropriate next steps, don’t delay; start where you are and move forward.

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

Principles of Entrepreneurship Preparation

Principles of Failure

Wisdom for Today

Book-03---Soul-Food.jpg
  • Business statistics that, on average, entrepreneurs fail between five and seven times in business before they stumble into ventures that ultimately lead them to success.  Failure is an integral part of the process of becoming successful. You cannot achieve true success until you have experienced some level of failure.  Fortunately, each failure provides an opportunity for you to learn more about your character insufficiencies, strategic and tactical flaws, and adequacy of work execution. Once the weaknesses are identified, the plan to remedy the situation can be put in motion.
  • Failure makes successes more enjoyable. Tasting the embarrassment and pain of failure makes the sunshine of success brighter
  • When faced with failure, as all successful entrepreneurs ultimately are, you must decide whether to allow the failure to destroy you or use it instead to motivate and empower. Remember that failure is neutral. It can be your best friends or your worst enemy. Which companion do you want it to be?

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

Principles of Entrepreneurship Preparation

The Principle of Perpetual Self-Validation

Wisdom for Today

Book-03---Soul-Food.jpg

•Regardless of how accomplished entrepreneurs may think they are, there will always be someone who questions their competence.  Some successful entrepreneurs believe that  your potential for success is directly proportional to the number of doubters you encounter.  Nevertheless, the challenge for you as an entrepreneur is to determine whether you will view these situations as motivators or as insurmountable impediments.

• Using challenges as a motivator requires constantly being in touch with yourself and your strengths.  Self-validation provides the impetus to stay engaged.  When others challenge you, use your prior successes as a source of strength.

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

 

 

Principles of Entrepreneurhip Preparation

Recapturing the Dead Zone Principle

Wisdom for Today

Book-03---Soul-Food.jpg
  • The "dead zone" is that block of time in an entrepreneur's day that is completely unproductive.  It can occur at any time of day or night.
  • Entrepreneurs who are attempting to move their business to the next level may find it necessary to recapture this dead zone and turn it into a productive period.  Don't stress.  Allow your thinking to evolve naturally.
  • The first step in recapturing the dead zone is to monitor your tasks over a few days.  Track your time to see at what part of the day you are most and least productive.  After isolating the unproductive patterns, develop strategies that will allow you to make this time more productive.  Concurrently, try to accomplish all critical task during the period you are most productive.

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

 

 

 

Principles of Entrepreneurship Preparation

Removing the Power of the Stake Principle

Wisdom for Today

Book-03---Soul-Food.jpg
  • The typical entrepreneur, in a moment of weakness, is reminded of some form of a sharp, deep, stake that firmly keeps them in "their place." For some, this stake is racism and bigotry. They have concluded that they are the "wrong" color and therefore cannot achieve true success.  For others, this stake may be sexism.  Women feel that their gender automatically renders them uncompetitive.  For many more entrepreneurs, the stakes that fasten them tightly in place may be age, weight, height, culture, or religion.  The worst case scenario is that too many stakes often mean certain failure. 
  • Usually the stake has no inherent power.  The stake has only as much power as the entrepreneur allows.  For instance, you could let the stake of sexism dictate what opportunities you try to capitalize on, but then accomplished by women.  By focusing on the stake, you automatically divert to it your power, energy and ability to perform.  It is prudent to recognize that the stake exists-and then to recapture the power it appears to possess by assuming full ownership of our destiny.

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

Principles of Entrepreneurship Preparation

The Principle of Dream Embodiment

Wisdom for Today

Book-03---Soul-Food.jpg
  • Dreams are the forces that help keep us alive.  Usually entrepreneurs who have passion, energy, and drive in their ventures are motivated by a compelling dream. Whether they dream of opening a mom-and-pop corner store or an e-commerce business, dreams of success are the first step toward reality.

  •  Inspiration is vital.  When we see a dream come true for another human being, the dreams we have for ourselves seem attainable.  Where would many of today's most successful people be if not for the trails blazed by others?

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

Principles of Entrepreneurship Preparation

The Five Cs Principle Wisdom for Today

Book-03---Soul-Food.jpg

Wisdom for Today

An unfair reality of doing business in America is that minority and female entrepreneurs often get only one chance to impress a customer or a group of investors. Some investors are especially unforgiving in their assessment of the value and validity of entrepreneurs and their ideas.  To increase your chances of winning a customer or an investor's favor, remember these five Cs: 

 

Character: Moral Excellence and firmness

Capacity: Ability to repay what has been borrowed

Collateral: What the investor can seize if you don’t deliver

Capital: Cash, Stocks, Bonds, or any liquid asset resources (usually money) you are willing to put “at risk”

Credit:  Repayment history and level of trustworthiness

 

When approaching investors about committing capital to your venture, be sure to prepare answers to the following questions prior to meeting:

1.      How much capital will you need?

2.      How will investors be repaid or “made whole”?

3.      How will the capital be used?

4.      What collateral can be used to repay the loan if the project fails?

 

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

Principles of Entrepreneurship Preparation

The No Man is an Island Principle

Wisdom for Today

Book-03---Soul-Food.jpg

 

  • Some entrepreneurs their duties and tasks like the Lone Ranger. They have the mistaken belief that they can achieve their business objectives by themselves, with little or no help. But even the Lone Ranger needed his friend Tonto every now and then.
  • The reality is that that entrepreneurial greatness is realized by working with and through people.  The most successful entrepreneurs depend upon assistance from employees, stakeholders, stockholders, suppliers, consultants, and business partners.  

  • The irony for those who are reluctant to ask for help is that most people who are in a position of power and influence   are normally willing to help others. There are some recommended approaches, though, on how to ask for and obtain assistance.

 

  1. Be humble.  Learn to listen to those who are in the know.

  2. Be sure you approach someone who has the experience and the power to help you.

  3. Be specific about what you need help with.

  4. Be prepared to articulate how the individual will personally, benefit from helping you. Keep in mind that the benefit need not necessarily be financial.

  5. Learn to set aside your pride. Ask for help.

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

Principles of Entrepreneurship Preparation

Principle of Focus Effort

Book-03---Soul-Food.jpg

 Wisdom to Take Away

 A mistake entrepreneur commonly make is to try to do too many things at the same time. I term this tendency "opportunity fatigue." The problem is that the entrepreneur spreads himself too thin and ends up doing most things in a mediocre fashion. Since the majority of minority and female-owned businesses are undercapitalized, there is a natural tendency to take any business that comes their way, even when the new opportunity does not match their core strengths. Taking on more work than you can handle, especially work that is outside your area of expertise, can be deceiving and treacherous.

 

  • Minority and female entrepreneurs also expend resources combating racism and sexism. Many of them can probably recite a list of experiences when they were disregarded, disrespected, or overlooked because of their ethnicity or gender. The reality is that most of us do not have the resources to fight every perceived wrong inflicted upon us. Therefore, we must become proficient at knowing when to "pick our fights" and focus on the things that matter.

  • The principle of focused effort suggests that it is better to concentrate on a few tasks and spend the time and resources to do these tasks exceptionally well. This focus on specialized areas will let you become expert at providing those services. Get your core skills solidified and your key opportunities achieved before expanding into new endeavors.

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

Principles of Entrepreneurship Preparation

The 2 X 2 Principle

Wisdom to Take Away

  • The 2 X 2 principle dictates that in order to achieve certain business objectives (which require planning), you must first create the future (vision) and then work backward.

  • When working backward from the vision, it is important to work in a controlled and incremental fashion. At each level, the entrepreneur should ask,

 

Figure 4.1 The 2x2 Principle.PNG

When working backward from the vision, it is important to work in a controlled and incremental fashion. At each level, the entrepreneur should ask, "What must I do to achieve the task at hand?"  Work diligently to develop at least two answers (see Figure 4.1).

 

Figure 4.1   The 2 X2 Principle

Book-03---Soul-Food.jpg

These answers then become new nodes in the net­work of tasks that have to be completed in order to make the vision a reality. Continue to ask this same question at each level until you have developed a list of attainable tasks that can be worked on immediately and that will serve to propel you into the future. These attainable and discrete tasks, if defined in a detailed manner, become the building blocks for your business plan.

 

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

Principles of Entrepreneurship Preparation

Book-03---Soul-Food.jpg

The Mt. Moosilauke Principle

Wisdom for Today

  • The process of achieving breakthrough in business is very much like climbing Mt. Moosilauke, a peak in New Hampshire's White Mountains.  The Tuck School of Business at Dartmouth College uses the mountain as a team building climbing exercise for its first-year MBA students. The objective is for the class to coalesce as a team and to reach the summit successfully. How­ ever, climbing Mt. Moosilauke is no easy feat. First, the journey takes several hours. There is often a 20-30 degree temperature difference between the base of the mountain and its peak. The paths are narrow, slippery, and surrounded by thick brush, so it is difficult to see much until you reach tree line. There, however, you enter a whole new world. Dozens of other footpaths appear that were hidden until you reached the top of the mountain. Without the aid of binoculars, you can see parts of Maine and Vermont, and you become encouraged by the newly discovered paths that offer safer and more navigable options for your descent.
  • In the beginning phases of business, your options as an entrepreneur may appear quite limited, and your perception may be that you are forced to operate under tight and unfriendly constraints.  Often you are afraid to venture off your designated path for fear of encountering an obstacle that you will be unable to overcome. 
  • If you can endure to the end, you often will be presented with new opportunities and choices that you would have missed had you not taken the journey.
  • By plunging into your venture by giving - it all you have - you will automatically open up new and exciting opportunities for yourself and your company that were initially off of your radar screen. Remember that one of the benefits of climbing your entrepreneurial mountain is that the effort alone will expand your range of choices and entrepreneurial possibilities.

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

Principles of Entrepreneurship Preparation

Word for Today

The Jockey Principle

Book-03---Soul-Food.jpg
  • Becoming a successful entrepreneur requires an acute ability to convince investors, business partners, employees, stakeholders, and customers to believe in you, your product, and your company. To obtain the support and funding of stakeholders, some entrepreneurs rely only on glossy, marketing materials, professionally designed and developed business plans, multimedia presentations, and overly optimistic financial projections.  These items may impress some people, but rarely will they impress "money people." Money people are those special individuals who have significant capital to invest and who are experienced investors. Examples of money people would be venture capitalists and "angel" investors.
  • Money people have learned that the key to making good investment decisions is to make good people decisions. Money people don't invest in businesses or business plans or ideas. Instead they invest in people (the jockeys). They know from experience that they can take an average horse (the business) and an out­ standing jockey (the entrepreneur and his management team) and still win the race (accumulation of value in a business investment).
  • The secret to becoming an investment-worthy jockey is to get in touch with yourself and your vision for the company. This requires that you spend time each day with your intellectual self, your physical self, and your spiritual self. The intellectual self will tell you what to do. The physical self will provide you the vehicle in which to get it done. The spiritual self will give you peace to understand why you are doing what you do and how your actions fit into the larger plan.
  • Only after you've taken care of all three selves will you be at your best and be most competitive.  By really knowing yourself and being able to articulate your vision, you can begin to understand your distinctive competence and move closer to making people eager to invest in you.

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

#entrepreneurship     #business     #consulting     #keynote     #success     #speaker     #author

 

Welcome to the redesigned RobertWallace.com website

 Providing better access and expanded service.

Over the past several months, our team has been hard at work redesigning our website to kick off 2018 with a new look. Our goal with this new website is to provide our visitors an easier way to learn about Robert Wallace’s customized services and solutions, and provide a better way to connect with him.

Now you can instantly book Bob as a speaker, request a consultation with him, or visit the store  to purchase his books. We’ve also revamped the site navigation with new dropdown menus that organize our services and resources better. With mobile responsive design, we made it easy to navigate the new site from your smart phone, tablet, or any device.

The new website will provide you with all of the information you need to hire Bob, whether it's speaking with your organization through a keynote presentation or workshop, or partnering with him more closely for training, coaching or consulting.

Going forward, we will continue to communicate regularly through our blog  as we post new articles and updates about Bob's thought leadership. We plan to continue adding more video content, audio recordings,  and articles to share Bob’s insights and experiences with you.

We encourage you to bookmark RobertWallace.com and connect with us on Facebook, YouTube, and Twitter to receive notifications when new content is added.

We hope you like the changes and find the information you’re looking for on our new website. Let us know what you think, and please contact us  if you have any questions.

 

The Daily Record honors Robert L. Wallace as Influential Marylander in General Business

influential md.jpg

Robert L. Wallace, President & CEO of BITHGROUP Technologies and Bithenergy, Inc. will be honored by The Daily Record on  March 22, 2018 at the 2018 Influential Marylanders Awards. The award ceremony will celebrate individuals who have made significant impacts in their field and continue to be leaders in Maryland. Robert was selected by The Daily Record’s editors for his untiring contribution and leadership in the area of general business.

Robert is an internationally-known entrepreneur, author, speaker and consultant. With more than 30 years of business experience spanning engineering, energy and IT, Bob blends decades of research with practical real-world advice to educate and inspire entrepreneurs and executives worldwide. He shares his innovative strategies for success with other corporate and community leaders through his growing library of books and other content, and through his energetic keynote presentations and training workshops. (Learn more about Robert L. Wallace at www.robertwallace.com, www.bithgroup.com, and www.bithenergy.com.)

2018 Influential Marylanders

Winners will be profiled in a special magazine that will be inserted into the March 23rd issue of The Daily Record and will be available online.