Do you have an overwhelmingly high chance of success? A set of questions follows to help you determine if, how and why.
On his website, http://www.starprinciple.com, Perry Marshall put together twelve questions to ask yourself and your team to see if you have the attributes of a “Star” business (link below).
“A Star business is one with an overwhelmingly high chance of success based on the ingenious formula in Richard Koch’s book “The Star Principle.” Richard used the Star Principle formula to grow his fortune from $4 million to over $200 million in 23 years – successfully picking 8 startup companies out of 16 that were tremendous successes. His 50% success rate is unheard of in a world where Venture Capitalists are thrilled to be at 10%.” – Perry Marshall from Starprinciple.com
I have provided an initial list of key questions that most successful leaders of fast-growing companies ask themselves and their teams.
- How do we become the leader in our market niche? What skills, knowledge, systems, and processes do we need to overcome the primary set of challenges to get us closer to our ultimate goal? (If you already are the market leader, how are you maintaining that position? That is, how do you continue to meet the unmet current and future needs of your customers?)
- Does our strategy sharply differentiate us from all alternatives? (Most likely, you have one of two options to build from: You are the price leader OR, You have created a proposition that is more useful and elegant for your market compared to alternatives. That is, your product/service is a “joy to use”.)
- Do we have the right team in the right seats to take the fullest advantage of the opportunity?
- Have we determined and fine-tuned the key processes that accelerate growth and profitability?
- Do we have enough available or accessible cash to support the needs and growth of the business?
While this is a great foundation, there are cascading sets of questions that follow. Please feel free to contact me if you have further questions.
Marshall goes further himself and provides 12 total questions that can be answered at this website to generate a score to see if your company qualifies as a “Star”.
Thanks for reading.
If you found this post useful, please share with others.