Passion: Entrepreneurs are the geniuses of our society. They are the innovators, the visionaries the idea generators and the catalysis for future change. They have a deep passion for creating goods and services. Walt Disney had a desire to take his daughters to a wholesome place on the weekends. The wholesome place did not exist and he created Disneyland. Steve Jobs loved music. He wanted to create a device that held thousands of songs. Additionally, he wanted to be able to download music in a very easy and legal manner. He developed the iPod and iTunes. And, such it is with entrepreneurs. They follow their passion and are the most interesting and misunderstood class of people in the world.
Risk: Entrepreneurs take risks to follow their passion. Many risk all of their possessions in order to follow that passion.
Company value: Creating company value is not synonymous with following one’s passion and taking risk. Company value is the worth of a business. Value company creation is often a methodical process followed over a period of time. Company value is the measurement of the worth of a company to other people. Some key factors that influence company value are as follows (The Exit Strategy Handbook, p. 65):
- Strong customer relationships on all levels
- Proprietary products or services
- No single customer accounts for more than 5% of revenues or profits
- Strong management team
- Excellent employee turnover and relations
- Consistent revenue and earnings trends
- Plant and equipment in good repair
- Intellectual property assets, which are legally protected
Branding: Building brands builds incredible value for companies. Looking out into the world today, it’s easy to see why brands are more important now than at any time in the past 100 years. Brands are psychology and science brought together as a promise mark as opposed to a trademark. Products have life cycles. Brands outlive products. Brands convey a uniform quality, credibility and experience. Brands are valuable. (Forbes.com).