Peter Cochrane's Business Philosophy

I heard Dr Peter Cochrane speaking on BBC Radio 4's Today programme just now and at first I was irritated by his Americanised language but once I had explored his web site I thought I would share his business philosophy with you. I think Dr Cochrane would agree that his philosophy is not entirely his own but it is still well worth sharing:

"Another three failures followed until I learned a most valuable series of lessons:

Make sure every single facet of any business you wish start is in place and fit for purpose: technology, design, product, plant, production, market, marketing, sales, delivery, support, aftercare, people, finance etc must all be 100% at the same time. If any one element fails then so does the whole.

• Never assume people understand 100% anything you say.
• Never assume people do anything 100% you ask of them.
• Never believe or trust a customer 100%.
• Never believe or trust a financier 100%.
• Never neglect (4) & (5): they both need care and attention.
• Identify all your competitors: and their state of play.
• Look out for oblique threats from outside your immediate sector.
• Don't be blinded by enthusiasm for a technology or idea - especially if it is yours.
• Don't let pride get in the way.
• It is never too late to shout stop!
• It is never to late to rip it all up and start again.

By late 1998 I had learned a lot through the school of hard knocks, losing my own money; and the companies listed below started to emerge as the cream of the crop from a diverse number of directions. Things started to go right at last and at last I coined Cochrane's Law of start ups, as follows:

Any new company in which I participate and invest enjoys a success that is inversely proportional to my involvement.

This turns out to be an obvious and a self fulfilling law in that if I don't pay attention to the above, then I spend all my days trying to engineer a fix, or mounting a defence, later.

If I get it all right from the start, then I have to do almost nothing, the business largely looks after itself."
See: http://www.cochrane.org.uk/nav/start-up-experience/ 

DW