Mann defines the key elements required for success in terms of a 10-rung ladder, starting at the bottom.
- Product
- Manufacturing
- Marketing
- People
- People
- Management
- Leadership
- Capital
- Capital
- Capital
Capital is most important,” says Mann. “I can’t emphasize that enough. That’s why I list it three times. The failure of most promising businesses is usually due to inadequate funds for the start-up and early growth phase of the enterprise.
“Product is actually last on the list. It surprises most people when I say that, especially coming from me because of my technical background.”
In a speech he gives called “How to Succeed in Business by Really Trying,” Mann tells his audience, “The better mousetrap does not make itself and does not sell itself. Nor does it finance itself.”
He advises would-be entrepreneurs to find an under-served area where there are few competitors and one dominant player. Typically in this situation, he says, the technology of the dominant player is antiquated. Look for ways to improve it.
“First, see the problem. Then, provide a solution,” he says.
But, he adds, success will depend upon your ability to deliver enough product of high quality at sufficiently low cost. To do that, you must have manufacturing expertise, skilled managers and a team of committed, loyal, competent employees. To demonstrate the value he puts on people, Mann lists them as both the sixth and the seventh rung on his ladder.
“Good people never let you down, and they should always be treated with respect. Create programs to recognize, support and reward your employees at all levels. There is an art to finding and keeping the best.
“Look for those who share your vision and your core values and who are in it not just for the money but because they want to be a part of something. And remember that talent attracts talent.”