Knowledge Is More Important Than Assets
In an article a while back I identified what I call "the new leverage model for entrepreneurs", the components of which are networking, strategic alliances, and technology. These are the "tools" today's entrepreneurs are using to build their business dreams, rather than the old leverage tools of proprietary assets, factories, hordes of employees, branches, etc.In the Dallas Federal Reserve Bank's 1999 Annual Report, titled "The New Paradigm", Dr. Bob McTeer, president of the bank, member of the FED's Federal Open Market Committee, and a member of our Brain Trust, writes this, "In the New Economy, knowledge is more important to economic success than money or machinery."
There has never been a time in history when us Little Guys could competitively play on the same field as the Big Guys. Factories didn't do that. Money didn't do that. Information did it. That's really all the Big Guys ever had over the rest of us - information.
As you grow your business, before your ego seduces you into any investment in assets, infrastructure, R&D, personnel, etc., make sure you have first invested in acquiring "knowledge" of different ways to accomplish your goals, which includes applying the components of the "new leverage model for entrepreneurs".
Write this on a rock... Information can help you create a competitive advantage. Don't build it if you can get it off the shelf. Don't buy it if you can align yourself with someone who already has it. And don't do it alone if you can find someone to share the load. It's a new world and a "New Economy." Bob McTeer said so.
