Michael James, a senior attorney at Fraser Trebilcock, provides representation and counseling related to all facets of business enterprise and healthcare matters. This presentation was originally given to the University of Michigan Club of Greater Detroit in February 2012. To contact Michael James directly, email him at mjames@fraserlawfirm.com or call him directly at 517-377-0823.
2. My Background
University of Michigan (A2)
Bachelor of Arts with Distinction, 2002
History & Political Science
University of Miami School of Law (FL)
Juris Doctor, 2005
Commercial/Business Law & International law
Michigan State University (EL)
Master of Business Administration, 2010
Human Resources, Leadership & Change Mgmt.
University of Michigan (A2)
Six Sigma, Healthcare, 2012
6. What can We Learn from Jack?
• Jack never examined the cause
of the company’s difficulties or
developed a plan to fix them.
• Jack never evaluated outcomes
to see if solutions actually
worked.
• Jack wanted “quick fixes”.
• Jack was satisfied with
“envelope solutions”. He did not
craft solutions that were unique
to the situation.
7. What Are Your Business
Aspirations?
Entrepreneur:
Bring your ideas and
inventions to life.
Small Business Owner:
Maintain successful and
sustainable niche in market.
Business Professional:
Add value to your company
and lead strategic and
innovative initiatives.
Retiree:
Begin retirement career
continuing to do what you
know and love, but on our
own terms.
9. Cornerstone 1:
Clarity
• Must be able to clearly
articulate idea or plan.
• Clarity can take time.
• Elevator Speech.
10. Cornerstone 2:
Focus
• Must stay focused on
your goal.
• Stay focused on what
you are good at.
• Give yourself extra time
and start small.
• Milestones.
A fellow had just been hired as the new CEO of a large high tech corporation. The CEO who was stepping down met with him privately and presented him with three numbered envelopes. "Open these if you run up against a problem you don't think you can solve," he said. Well, things went along pretty smoothly, but six months later, sales took a downturn and he was really catching a lot of heat. About at his wit's end, he remembered the envelopes. He went to his drawer and took out the first envelope. The message read, "Blame your predecessor." The new CEO called a press conference and tactfully laid the blame at the feet of the previous CEO. Satisfied with his comments, the press -- and Wall Street -- responded positively, sales began to pick up and the problem was soon behind him. About a year later, the company was again experiencing a slight dip in sales, combined with serious product problems. Having learned from his previous experience, the CEO quickly opened the second envelope. The message read, "Reorganize." This he did, and the company quickly rebounded. After several consecutive profitable quarters, the company once again fell on difficult times. The CEO went to his office, closed the door and opened the third envelope. The message said, "Prepare three envelopes."
A fellow had just been hired as the new CEO of a large high tech corporation. The CEO who was stepping down met with him privately and presented him with three numbered envelopes. "Open these if you run up against a problem you don't think you can solve," he said. Well, things went along pretty smoothly, but six months later, sales took a downturn and he was really catching a lot of heat. About at his wit's end, he remembered the envelopes. He went to his drawer and took out the first envelope. The message read, "Blame your predecessor." The new CEO called a press conference and tactfully laid the blame at the feet of the previous CEO. Satisfied with his comments, the press -- and Wall Street -- responded positively, sales began to pick up and the problem was soon behind him. About a year later, the company was again experiencing a slight dip in sales, combined with serious product problems. Having learned from his previous experience, the CEO quickly opened the second envelope. The message read, "Reorganize." This he did, and the company quickly rebounded. After several consecutive profitable quarters, the company once again fell on difficult times. The CEO went to his office, closed the door and opened the third envelope. The message said, "Prepare three envelopes."
Feasibility Analysis and Business Planning
Flywheel
You have put the time into developing a business plan, let the plan see itself out.