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The Secret Sauce for Entrepreneurial Success

Posted by Ray Sclafani on Aug 25, 2009 10:00:00 AM


“Success seems to be largely a matter of hanging on after others have let go.”...William Feather

In the July issue of Training and Development, there is an insightful article on entrepreneurial learning: what, and how, entrepreneurs learn.

http://www.astd.org/TD/Archives/2009/TOC/0907_TOC.htm

The author, Mike MacPherson, draws upon the biographies of famous entrepreneurs and business leaders and uncovers patterns of what they learn, and how they learn it.

One of the examples of entrepreneurial learning that he cites is that of Ray Kroc, the founder of McDonalds. Actually Ray Kroc wasn’t the founder of the original McDonalds restaurant…he purchased the San Bernardino-based drive-in from Dick and Mac McDonald, with intention of taking the restaurant concept national. After the purchase, one of the lingering issues for Kroc was the French Fries. Despite extensive trial-and-error, they were too mushy...and lacked the crispy quality that he wanted.

In desperation, he turned to the Potato and Onion Association for help. With their assistance, Kroc discovered that the McDonald brothers had (unknowingly) created a natural curing process for their potatoes that dried them out from the desert breezes, and turned the sugars to starch.

How Kroc solved the French fryquandary…using problem-solving, questioning, reading, listening, experts, self-directed learning…is a model example of how entrepreneurs learn.

Of course, financial advisors are entrepreneurs themselves…driven by their compelling vision and desire. Using the ClientWise Professional Advisory Model?, we encourage financial advisors to build their creative capacity to acquire and use the information that will be instrumental to their business success.

Authored By Chris Holman

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Topics: Entrepreneurs