Invent, Reinvent, Thrive: The Keys to Success for Any Start-Up, Entrepreneur, or Family Business

Invent, Reinvent, Thrive: The Keys to Success for Any Start-Up, Entrepreneur, or Family Business

Language: English

Pages: 304

ISBN: 007182300X

Format: PDF / Kindle (mobi) / ePub

In today's uncertain world of business, one rule stands above the rest: If you want to survive--let alone thrive--you must embrace change. Everything else comes after.

In Invent Reinvent Thrive Kellogg School of Management Professor Lloyd Shefsky provides the inspiration and insight any entrepreneur or family business needs for long-term success--and he backs it all up with proven models of what works and what doesn't.

Shefsky reveals the common thread of all business success stories: reinvention. He explains not just how to reinvent concepts and ideas from the start, but ways to continuously innovate and reinvent your business to meet today's constantly changing marketplace conditions. In addition to his own expert insight, Shefsky provides firsthand advice through case studies derived from dozens of original interviews with entrepreneurs and family business giants, consisting of the leaders of some of today's most successful companies, including:

  • Howard Schultz (founder, Chairman, and CEO of Starbucks)
  • Jim Sinegal (founder of Costco)
  • Chuck Schwab (founder of Charles Schwab & Co.)
  • Tom Stemberg (founder of Staples)

The author also gives special attention to family businesses (which account for over half the U.S. GDP) and how to address vexing family disparities, enabling family businesses to last more than two generations.

Invent Reinvent Thrive offers all the answers you need to get your business where you want it to be. You'll learn exactly where new and multi-generational business owners fall short and miss incredible opportunities, why they fail to take the plunge or innovate--and how you can rework, revitalize, and reinvent your business not just to avoid the most common perils but to lead your business to the apex of your industry.

"Entrepreneurship is not a cataclysmic event," Shefsky writes. "It is a constant process." Follow his advice through every step of the process and you will successfully invent, reinvent--and thrive.


"If you think business books are boring, this is your chance to prove yourself wrong. Storytelling is an art, and Shefsky brings that art to business. Invent Reinvent Thrive is a treasure trove of valuable lessons." -- STAN KASTEN, President and CEO, Los Angeles Dodgers; former President of the Washington Nationals and the Atlanta Braves, Hawks, and Thrashers

"Invent Reinvent Thrive is full of wise and practical guidance for both would-be and continuing entrepreneurs. Shefsky's discussions provide wonderful advice that will aid anyone embarking on or continuing in an entrepreneurial enterprise." -- DAVID RUDER, former Chairman, Securities & Exchange Commission

"Our company's direct experience with Lloyd Shefsky . . . inspired us to methodically pursue Brown-Forman's never-ending greatness, and this book can do the same for others. I highly recommend Invent Reinvent Thrive to all businesspeople." -- PAUL VARGA, CEO and Chairman, Brown-Forman Corporation, producer of Jack Daniels, Finlandia, Southern Comfort, and other spirits

"Lloyd Shefsky tackles the issues many entrepreneurs face and offers practical advice to defy the odds. If you've had business success, yet need to go to the next level, read this book." -- GINGER GRAHAM, former President and CEO, Amylin Pharmaceuticals, and former faculty at the Arthur Rock Center for Entrepreneurship at the Harvard Business School

"This is a very serious study of a critical issue, and no one dealing with entrepreneurship or family businesses should make the mistake of ignoring it." -- ISRAEL ZANG, Professor and former Dean of Business School and Vice Provost of Tel Aviv University

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steady successes at Harvard led to his feeling after graduation that “I may have gotten to the smartest ten in the room.” 32 Invent, R einvent, Thrive Sure, this shows Tom’s personality as one that makes lemonade when life hands him lemons. (That isn’t why Tom, now a venture capitalist, decided to give a running start to Lululemon company.) More relevant here is his learning early to see a whole picture, to figure out what he needed to do, such as adapting his skill set to be positioned for

had yet to turn a profit. Gil’s institutional investors would have realized a serious gain from a deal that they once may have feared would be a total 66 Invent, R einvent, Thrive write-off. And for Gil, it would have been a game changer, a lifealtering result. Yet Mandelzis and his investors could still remember the optimism surrounding the old concept, just before it fell apart. No one wanted to hear, “Don’t you ever learn?” And financial uncertainty also weighed in favor of taking the

institutional food service provider.” Larry felt the organization should only do what it was good at. Besides, rewarmed, day-old food wasn’t acceptable in the group’s restaurants. Therefore, it wouldn’t be tolerated by people paying small fortunes to rent sky boxes for what he saw as insular indoor seats that deprived them of a true ballpark experience. Larry was baffled that fans would pay so much to rent sky boxes. What was their reward? Watching a second-rate team that hadn’t won a World

you could possibly have—we’re going to give you better service and better food. “So Denise became an amazingly valuable asset. Because of her, we could save the stadium owners two, three, four million dollars. And, as a result, we were getting these contracts, and instead of a restaurant that would do $3 million if it was really good, we were getting the Staples Center, home to the Los Angeles Kings, where in just the sky boxes and club seats, we did $25 million in sales in the first year, and

noting. Why do some extremely confident companies fail to reinvent on a timely basis? Desperation is, of course, a great motivator of reinvention. When you have little to lose, you are more willing and more likely to risk it all and reinvent. As literary giant Samuel Johnson put it in a related context, the prospect of being hanged focuses the mind wonderfully. However, as we just saw, Kodak focused too hard and missed the big picture. Of course, desperation isn’t just the actual measure of a

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