Recently I have reviewed the strategies of successful
business moguls and entrepreneurs. In doing so, it was the ways of Business
Steven A. Gedeon, PhD, MBA. Gedeon received his PhD from the world renown
Massachusetts Institute of Technology and is currently a professor of
Entrepreneurship and Strategy at the Ted Rogers School of Management. Gedeon
himself has developed and created a great host of businesses. He also writes
and reviews the works of other businesses as well.
Thing I have come to be so fond of in his work is his set of
questioning that he has in which he feels is quintessential for a successful
business. Although none of them can be proven as facts, a man with such a level
of establishments and credentials, one should watch carefully when attempting
to develop a business. For further detailon Gedeons writings visit www.ryerson.ca/tedrogersschool/bm/faculty_staff/bios/gedeon.html.
Another successful business mogul that caught my attention
was Mexico’s telecommunications mogul Carlos Slim. Slim is the chief executive
officer of Telemex and America Movil. From 2010 to 2013 Slim was the richest
person in the world, due to his large number of share holdings in several
conglomerates, until Bill Gates took the throne.
Like Gedeon Slim has a business model with a set of four
questions that he asks when developing a business:
•
“[What did you initially think your initial
business model was? (Initial business model hypotheses)
•
What did you build/do? (Built first product,
talked to users, etc.)
•
What did you learn outside the building? (Parts
of our feature set/business model were wrong)
•
Then what did you do? (iterated product, changed
business model, etc.)
Repeat steps 1-4.]”
It is arguably this concept that has kept Carlos slim one
the wealthiest men in the world for the last few decades. As aforementioned,
although these moguls’ method for success may not be fact, one should listen
when a repeated billionaire speaks.
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