The Ten Golden Rules of an Entrepreneurial Boss
4 February 2008
Read by 2551 persons
Role of a business leader is to decide and act. Philippe Houzé, president of the Lafayette group, gives us his guide to anticipating market changes and creating added value.
Philippe Houzé is a rare breed: this "big boss" has the soul of an entrepreneur and has always felt close to young business leaders. He also dedicates some of his time to supporting and advising project leaders in creation or takeover, particularly as a consular elected official for the Paris Chamber of Commerce and Industry and for the Paris Entreprendre association. Today, he wants to pass on his long experience of entrepreneurial management to the younger generation, in the form of ten life lessons.
Lesson n° 1 "You must always seek the north face"
You must systematically aim as high as possible. When we set a high goal, we don't always achieve it. But experience shows that success is proportional to the risk taken: the more difficult the challenge we set ourselves, the further we will go. An entrepreneur who always seeks the north face maximizes their chances of success.
Lesson n° 2 "You don't learn to swim by staying on the beach"
A profession is learned in the field. By touching the products and testing the services we market. By discussing with customers and suppliers. By questioning the employees who are in contact with daily realities. To make good decisions, the entrepreneur must have both feet and both hands in their activity. They must get involved!
Lesson n° 3 "You won't succeed alone"
A business creator, by necessity, has learned to do everything themselves. But, if they want their company to grow, they must absolutely surround themselves with collaborators whose qualities complement their own. I work in a "right brain" mode - sensitive and intuitive -, so I made sure to have "left brains" around me, more rational and focused on organization.
Lesson n° 4 "Surf the change"
The ability to constantly adapt is essential for a business leader. Understanding your market is no longer enough; you must be able to anticipate its evolution. In 1985, when I decided to launch organic products in Monoprix, everyone thought I was crazy. I had anticipated, a decade in advance, that city dwellers would want to reintroduce green into their lives. Similarly, in recent years, I have imagined the evolution of the expectations of the 21st-century consumer, and took the gamble of transforming Galeries Lafayette into a "creator of desire": innovative collections, store renovations, event creation... Without market research. Customers can only project themselves into what they know; it is not by questioning them about their expectations that we can create the products or services that will revolutionize their lives!
Lesson n° 5 "Don't waste your energy, invest in the right business model"
No matter how much energy you have, your strength is limited. Use it to the best of your ability, by focusing on the key levers that will allow your business to grow. Invest in the right business model, the true backbone of a developing company! If you've made a mistake, change it... and don't invest all your resources until you've found the right formula.
Lesson n° 6 "Chance owes nothing to chance"
People who see themselves as lucky are optimistic: they see the glass half full, try to fill it, struggle in every way to find a solution... and, when they find it, they think it's a stroke of luck! In life, there are the "Yes but..." and the "Why not?" The entrepreneur must be a "Why not?", on the lookout for all ideas, all opportunities.
Lesson n° 7 "Ego must be an engine, not a steering wheel!"
Ego is the engine of entrepreneurial energy. You need a good dose of it. But be careful, you must know how to channel it, to master it. A boss governed by their ego is under a harmful influence, they become a danger to their company and their collaborators. Being a passionate personality does not mean being drunk on your power...
Lesson n° 8 "Doubt sometimes, but always decide"
Personally, I have often been haunted by doubt, perhaps too much. Today, I think that a business leader must know how to doubt a little, but always decide. The role of a leader is to make decisions. And, just as important, after having decided, you must execute. If a manager doesn't know how to execute, they must be executed... My conviction is that, in a period of economic war like the one raging, an entrepreneur has no choice but to opt for guerilla marketing: you have to occupy the ground, take the place of your competitors, fiercely conquer market share, etc. I have named this strategy "warketing"; this can only be led by a leader hyper-focused on decision-making and execution.
Lesson n° 9 "Create value without betraying your values"
An entrepreneur who fails to develop their company profitably dooms it to more or less long-term decline. The ability to create value is an essential skill for a business leader. But this value creation must not be obtained at any cost, by any means. "Don't lose your life trying to win it," says a proverb. Similarly, a company must not lose its values in order to gain value! You must never lose sight of the values that made your company's initial success and allowed it to develop, and you must ensure that you remain in line with those values.
Lesson n° 10 "Discover the philosopher's stone of the entrepreneur"
I have found the philosopher's stone of entrepreneurs, the one that can allow you to turn lead into gold! Its alchemy is very particular. Indeed, the successful entrepreneur is the one who manages to combine two attitudes:
- humility in all circumstances;
- and love for their clients, their company, their products.
The philosopher's stone of the entrepreneur is obtained by aggregating the first three letters and the last three letters of these two words, as indicated above: this gives "humour"...
Nathalie Mourlot
Published September 15, 2008
Posted online May 22, 2009
lentreprise.com
Philippe Houzé is a rare breed: this "big boss" has the soul of an entrepreneur and has always felt close to young business leaders. He also dedicates some of his time to supporting and advising project leaders in creation or takeover, particularly as a consular elected official for the Paris Chamber of Commerce and Industry and for the Paris Entreprendre association. Today, he wants to pass on his long experience of entrepreneurial management to the younger generation, in the form of ten life lessons.
Lesson n° 1 "You must always seek the north face"
You must systematically aim as high as possible. When we set a high goal, we don't always achieve it. But experience shows that success is proportional to the risk taken: the more difficult the challenge we set ourselves, the further we will go. An entrepreneur who always seeks the north face maximizes their chances of success.
Lesson n° 2 "You don't learn to swim by staying on the beach"
A profession is learned in the field. By touching the products and testing the services we market. By discussing with customers and suppliers. By questioning the employees who are in contact with daily realities. To make good decisions, the entrepreneur must have both feet and both hands in their activity. They must get involved!
Lesson n° 3 "You won't succeed alone"
A business creator, by necessity, has learned to do everything themselves. But, if they want their company to grow, they must absolutely surround themselves with collaborators whose qualities complement their own. I work in a "right brain" mode - sensitive and intuitive -, so I made sure to have "left brains" around me, more rational and focused on organization.
Lesson n° 4 "Surf the change"
The ability to constantly adapt is essential for a business leader. Understanding your market is no longer enough; you must be able to anticipate its evolution. In 1985, when I decided to launch organic products in Monoprix, everyone thought I was crazy. I had anticipated, a decade in advance, that city dwellers would want to reintroduce green into their lives. Similarly, in recent years, I have imagined the evolution of the expectations of the 21st-century consumer, and took the gamble of transforming Galeries Lafayette into a "creator of desire": innovative collections, store renovations, event creation... Without market research. Customers can only project themselves into what they know; it is not by questioning them about their expectations that we can create the products or services that will revolutionize their lives!
Lesson n° 5 "Don't waste your energy, invest in the right business model"
No matter how much energy you have, your strength is limited. Use it to the best of your ability, by focusing on the key levers that will allow your business to grow. Invest in the right business model, the true backbone of a developing company! If you've made a mistake, change it... and don't invest all your resources until you've found the right formula.
Lesson n° 6 "Chance owes nothing to chance"
People who see themselves as lucky are optimistic: they see the glass half full, try to fill it, struggle in every way to find a solution... and, when they find it, they think it's a stroke of luck! In life, there are the "Yes but..." and the "Why not?" The entrepreneur must be a "Why not?", on the lookout for all ideas, all opportunities.
Lesson n° 7 "Ego must be an engine, not a steering wheel!"
Ego is the engine of entrepreneurial energy. You need a good dose of it. But be careful, you must know how to channel it, to master it. A boss governed by their ego is under a harmful influence, they become a danger to their company and their collaborators. Being a passionate personality does not mean being drunk on your power...
Lesson n° 8 "Doubt sometimes, but always decide"
Personally, I have often been haunted by doubt, perhaps too much. Today, I think that a business leader must know how to doubt a little, but always decide. The role of a leader is to make decisions. And, just as important, after having decided, you must execute. If a manager doesn't know how to execute, they must be executed... My conviction is that, in a period of economic war like the one raging, an entrepreneur has no choice but to opt for guerilla marketing: you have to occupy the ground, take the place of your competitors, fiercely conquer market share, etc. I have named this strategy "warketing"; this can only be led by a leader hyper-focused on decision-making and execution.
Lesson n° 9 "Create value without betraying your values"
An entrepreneur who fails to develop their company profitably dooms it to more or less long-term decline. The ability to create value is an essential skill for a business leader. But this value creation must not be obtained at any cost, by any means. "Don't lose your life trying to win it," says a proverb. Similarly, a company must not lose its values in order to gain value! You must never lose sight of the values that made your company's initial success and allowed it to develop, and you must ensure that you remain in line with those values.
Lesson n° 10 "Discover the philosopher's stone of the entrepreneur"
I have found the philosopher's stone of entrepreneurs, the one that can allow you to turn lead into gold! Its alchemy is very particular. Indeed, the successful entrepreneur is the one who manages to combine two attitudes:
- humility in all circumstances;
- and love for their clients, their company, their products.
The philosopher's stone of the entrepreneur is obtained by aggregating the first three letters and the last three letters of these two words, as indicated above: this gives "humour"...
Nathalie Mourlot
Published September 15, 2008
Posted online May 22, 2009
lentreprise.com
