Advice for Entrepreneurs

I asked Dr. J. Stephen Childers, Jr., Assistant Professor of Management at Radford University, who earned his Ph.D. from Virginia Tech, for advice for entrepreneurs.

Here is his e-mail reply:

The best three items of advice I ever got were from an individual I consider one of my best mentors: Ray Brown, a former 3M executive.

For start-ups:

1) Is the idea real?
2) Is it worth doing?
3) Can you win?

Pretty simple–never found anything better.

Also, sales only come from three places:

1) Bringing something new to people they never knew about.
2) Increasing the frequency of purchases from folks.
3) Stealing customers from current vendors.

I don’t know if Ray made these up or if they are 3M standards–but they are easy and work well for me.

[In a follow-up e-mail, Dr. Childers added:  "Ray died a few years ago–he was a super person and is missed.  The blog entry is dedicated to him."] 

Dr. J. Stephen Childers, Jr.
Assistant Professor
Department of Management

Radford University
P.O. Box 6954
Radford, VA 24142
(540) 831-5192

[email protected]

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