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Hoover's Eight Keys to Building a Successful Enterprise

What makes a successful enterprise and separates the winners from the losers? Gary Hoover, entrepreneur-in-residence at the McCombs School of Business, pinpoints eight keys to building a successful enterprise that are valid in both good times and bad. Hoover based his keys on his 35+ year career experience, including three Fortune 500 companies and four of his own start-ups (Bookstop and Hoover’s Online were his).

Hoover calls himself a business junkie. He started subscribing to Fortune magazine when he was 12 years old and has a personal business library of more than 40,000 books. Over the next eight weeks, we’ll present each of Hoover's keys for success. We’ll start with curiosity this week - because we know you are curious. Next week, we'll look at the second key - a sense of history.

#1 CURIOSITY People who build great enterprises must have a sense of curiosity. Hoover believes new technologies and better ways of doing things are discovered by looking at things a different way. You can’t continue looking at something that same way everyone else does and come up with something new. All discovery starts with exploration. Travel, observe, talk to people. Look at other industries. Remember the old saying “The early bird to get the worm”? It's not true. Hoover says you don’t have to be first in the market to be successful. What really matters is who does it best, not who does it first. There were at least 30 other online booksellers before Amazon. But Amazon did it best.

For more information on Hoover's Eight Keys to a Successful Enterprise, go to his blog.

Comments

#1 The video is not working.

The video is not working. Please correct this issue.

#2 Thanks, Rushabh. Should be

Thanks, Rushabh. Should be working now.

#3 Very good advice. My first

Very good advice. My first lesson in business follows this advice. I was told to image a bee flying into a window over and over again becuase he saw the freedom that he sought. He flew into this window until he died of exhustion. But, had the bee simply turned around (looked at the issue from an new point of view) he would have seen an open door on the other side of the room.

#4 Very solid advice. It is

Very solid advice. It is about execution - not being first to market. Look at Google - they did not start search (there were some very big, well-funded players all fighting each other) but they succeeded and succeeded big - just by looking at from a new point of view.

Great advice to aspiring and struggling entrepreneurs!

#5 True this is a very solid

True this is a very solid advice.

Curiosity is the key for people to try difference things, you may fail at first. Curiosity lead us to think outside the box.

Imagine were we are today with (electricity, lights, fan, etc). It all started with people who are curios enough to be creative.

Curiosity + innovation + self motivation is the key to success ofcourse anybody can use a little luck

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