There are No Rules in Entrepreneurship

The EQ Journal Blog:

One of the hardest things for my students to learn is that there are no rules in the field of entrepreneurship. By that I don’t mean that you go outside the Law; I am not talking about those kinds of rules. You always obey the Law and protect your reputation; the latter is the most important thing you own BTW.

But how many times have you heard: ‘We don’t do it that way because it isn’t done like that and, anyway, no one else does it that way either’? Entrepreneurs are constantly asking BIG questions and thinking of ways to do things differently. It is usually this kind of creativity in EXECUTION that creates the most value for entrepreneurs. Fred Smith’s brilliant insight that he could develop an overnight package service (Fed/Ex) by reducing a 50 by 50 matrix of origins and destinations (with its impossible requirement for 2,500 overnight flights) to a handful of flights by developing a hub and spoke system was responsible for one of the great startup success stories of the late 20th Century.