Venture Management vs. Managing a Lifestyle Business
is built around
customer-driven idea or a new technology, not around a competence-driven
a high-growth startup is about entering emerging market
that has yet to be recognized and exploited, not about serving
Fuzzy front end make results quite unpredictable.
speed is above all; they must be
first to market and are willing to sacrifice speed for
Success is measured by market capitalization, not by
is based on experiments,
adaptation, and rapid response, not on analysis,
review, and methodical consideration of facts.
to identifying and adapting to unmet, unserved
customer needs, not to
delivering an operating plan.
Management is driven
by imagination and faith,
readiness to adapt rapidly and change, not by thorough
planning and plan implementation.
are defined by the ability
to move quickly
to product to market, not by the ability to perform.
core manager's functions.
Change management may involve turning 180 degrees at top
speed, and resuming cruising speed. Itís not based of formal
Decisions are made in an entrepreneurial fashion, not
through formal procedures.
Financial focus is on
cash flow, not on