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The Steps Versus Elevator Principles
Wisdom to Take Away

• Many small business owners possess an “elevator mentality” as it pertains to entrepreneurial success and business growth.  Like a person who steps into an elevator pushes a button, and is immediately whisked to the floor the their choosing, they believe that success can be produced with similar efforts.  
• Others,  prefer the incremental approach of taking small, calculated steps that move them toward a worthy goal. They believe in the value of taking the time to build a foundation before climbing to the next level.  

Principles of Increasing Returns
Wisdom for Today

• 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.

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

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

Robert L. Wallace speaks to the Ace Mentor Program on Wednesday, May 23rd at the Engineers Club in Historic Mt. Vernon, downtown Baltimore,

The Bucket Principles Wisdom for Today 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...

The Breakthrough (“First Hit”) Principle
Wisdom for Today

• 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.

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

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

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.

Starting Where You Are Principle
Wisdom for Today

• 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.

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

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

Principles of Failure
Wisdom for Today

• 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

The Principle of Perpetual Self-Validation
Wisdom for Today

• 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

Recapturing the Dead Zone Principle
Wisdom for Today

• 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