Ernst & Young has issued a survey of its Entrepreneur of the Year finalists, profiling the best practices of these highly successful entrepreneurs. Some of the highlights:
- – The majority (65%) compete based upon being the high quality provider. Only 15% differentiate their companies based on lowest cost.
- – Over 70% of revenue comes from existing customers, with only 30% coming from new customers. Penetration of existing customers is key.
- – Banks (34%) and family/friends/self (32%) are the primary sources of funding for these successful entrepreneurs. Only 8% are funded by venture capital.
- – 85% have a written business plan covering 1-to-3 years.
The best practices survey is insightful reading. Download it here.
Tip of the hat to colleague Don Iannone over at Economic Development Futures for putting me on to this useful study.