Entrepreneur tips arise from the recently announced buyback of Dell. Founder Michael Dell and global technology investment firm Silver Lake plan to buy the publicly held company for $24 billion in an effort to take it private. The purchase is part of Dell’s strategy to streamline the company, making it more competitive. Entrepreneurs can learn much from this historic move.
Entrepreneur Tips from Michael Dell
Take responsibility. Some might see Dell’s move as a step in the wrong direction. After all, tech firms usually start with an entrepreneur and an investment firm at the helm, with the ultimate goal that they will eventually go public and bring on investors. In this case, Dell is taking back direct responsibility for the operation of his company. Dell Inc.
Connect with your people. In a memo to his staff, Dell described the plan to buy back his company as an “exciting new chapter” for the business. Once you have come to a decision, it’s important to reach out to your people. Their support can be crucial when dealing with big changes. The Wall Street Journal
Ask for help. Dell also reached out to another interested party for help in making his buyback effort. Software giant Microsoft, a major supplier for the computer maker, will loan the company $2 billion to help Dell buy back his company. Microsoft sees Dell’s survival as critical to its competition with Google and Apple. Bloomberg
More Entrepreneur Tips for You
Make better decisions. Decision making is critical for entrepreneurs. Fortunately, the ability is not something you must be born with…it can be learned too. Pam Johnson explains three exercises that will help you make better decisions for your business. The Work at Home Woman
Build deep connections. Networking is another skill entrepreneurs are often expected to cultivate. But developing the kinds of deep connections needed to build a truly successful organization may require more than simply being social. Martin Zwilling shares tips for developing the right kinds of connections and some networking myths to be avoided. Startup Professionals Musings
Get better at hiring. Entrepreneurs must be good at building a team, and this means getting better at hiring. But bringing new people into your organization may not be as easy as it sounds. Kevin Nye shares some tips for hiring the right talent even when your initial recruiting efforts have failed to bring in any candidates who satisfy your needs. New Hire
Avoid too many entrepreneur tips. It might seem like a contradiction to mention a post about avoiding too much advice in a roundup about entrepreneur tips. Here, Arthur Piccio makes a good case for avoiding too much “fantasy” from the self-help industry when building your business. Certainly some tips can be invaluable, but be sure you take action too. UPrinting