NEW YORK, Feb. 28, 2012 /PRNewswire/ -- "From David to Goliath: How Entrepreneurs Overcome the Challenges of Company Growth," a report released today by Credit Suisse and Dr. Helena Yli-Renko, Associate Professor of Entrepreneurship at the Lloyd Greif Center for Entrepreneurial Studies at the University of Southern California, provides an intimate look at the challenges and triumphs of 13 successful entrepreneurs across the US and Latin America. The report highlights these high-growth entrepreneurs and traces the trajectories of their respective companies—which have created jobs, introduced innovations and transformed entire industries. It also examines entrepreneurs' responses to common business issues.
"At Credit Suisse, we are privileged to serve the wealth management needs of many of the world's leading entrepreneurs and their families," said Bill Woodson, Managing Director and Head of Credit Suisse Private Banking USA's Family Wealth Planning Group. "In 'From David to Goliath: How Entrepreneurs Overcome the Challenges of Company Growth,' we are pleased to shed light on the war stories entrepreneurs share with each other. It is always heartening to hear how they have all overcome so many challenges to create the high-growth, high-impact firms that are the subjects of this white paper."
The report categorizes enterprises into two camps: David and Goliaths, depending on their size.
Entrepreneurs, the authors found, have common challenges that they must address: people, financial resources, business networks and environment jolts.
High-growth entrepreneurs have shared approaches to meeting these challenges:
- People: The popular conception of entrepreneurs is that they are lone wolves — fiercely independent individuals seeking to forge their own paths. In reality, successful entrepreneurs tend to be collaborative and humble, skilled in communicating their vision and in getting other people to help them. High-growth entrepreneurs are persistent, but not bull-headed. They are highly responsive and adaptive ("There is No 'I' in Team" Principle).
- Financial Resources: High-growth entrepreneurs are extremely resourceful when it comes to capitalizing their growth-- often through unconventional means ("Bird in Hand" Principle).
- Business Networks: Entrepreneurs' networks are multidimensional—they include friends, family advisors, customers, suppliers and even competitors. These diverse networks provide checks and balances for entrepreneurs to adjust their personal approach, their business model or both ("It Takes a Village" Principle).
- Environmental Jolts: High-growth entrepreneurs have a "little engine that could" mindset. They have little fear of failure. Persistence is their most defining trait. Experienced entrepreneurs excel in turning the unexpected into the profitable ("The Lemonade" Principle).
However, the most surprising finding of this research, according to the authors, is that smaller companies failed to perceive larger, more established companies as threats—but rather as motivating forces.
According to co-author Yli-Renko, "The key lies in viewing entrepreneurship and company growth as a learning process where entrepreneurs continually hone their ability to make decisions in rapidly changing, uncertain environments. Entrepreneurs should be viewed as problem-solvers and improvisers, making use of whatever resources they have."
The case studies show how founders of fast-growth companies must continually balance and adjust as their companies grow and change. The report features:
- Juan Blum, Efficacitas Consulting – Carving out a new market for environmental consulting in Ecuador
- Andrew Burgert, Nextive –Scaling up an international software company
- Daniel Davison, OneNews –Creating a model for real-time news reporting
- Alejandro Diego, Ollin Studios –Scaling and building a reputation as a Latin American visual effects producer
- Marco Giannini, Dogswell – Managing inventory and continuous innovation: Growing and selling a pet food company
- Rhonda Kallman, Boston Beer Company and New Century Brewing – Fighting unexpected battles to bring a new beer to the masses
- Joe Kaplan, Innovative Merchant Solutions –Leading a payments business to acquisition
- Jim Marggraff, LiveScribe – Launching a ground-breaking consumer technology product
- Liz McKinley, Pinnacle Petroleum – Learning to delegate while keeping that personal touch
- Adam Miller, Cornerstone OnDemand – Business model innovation to drive change in the emerging SaaS market
- Rafael Soares, Yoguland – Creating an overnight sensation: Building a successful frozen yogurt franchise in Brazil
- Harry Tsao, MeziMedia – Spurring growth with an offshore development initiative
- Rob Ukropina, Overnite Express – Growing and selling an overnight delivery company
Please click here for a copy of "From David to Goliath: How Entrepreneurs Overcome the Challenges of Company Growth."
Third Annual Entrepreneurs Summit – Sundance, Utah – March 1-2
Private Banking USA will host its third annual Entrepreneurs Summit in Sundance, Utah on March 1-2. This year's Summit will focus on a theme of the new white paper: "Overcoming the Challenges of Growth." It will feature various keynote speakers and experts who have experienced these challenges first-hand.
The Entrepreneurs Summit is an opportunity for entrepreneurs to learn from one another, to network with like-minded individuals, and to share best practices in an exclusive and intimate environment.
Credit Suisse AG
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SOURCE Credit Suisse AG