We are surrounded by acronyms which are supposed to simplify our lives and help us remember the relevant context easily. The business world is not an exception, and has its very well-known acronyms referenced in every business-related literature; some are actual words (like SMART objectives, SWOT analysis, PEST model, etc), while others are simple series of letters (like 4Ps of marketing, 5Ms of management, etc.). Other less-known acronyms have been introduced by business authors to make their mark 😉 In this post, I try to compile a handful of acronyms I came across that are less common (and cite the origin if known), and divide them in relevant categories.
Financing your startup,
- comes from the 3Fs: Friends, Family, Fools (& Founder as a 4th F, but he could be one of the Fools!),
- you need to BSB “Beg, Steal, & Borrow” (Fendt) ,
- and always remember that CFIMITYM (Ken Morse): Cash Flow is More Important Than Your Mother !
Three thoughts concerning new Ideas/products:
- Improve their 3Ls (Steve Parks): Location, Luxury, Love
- Make sure to “Roll” their DICE (Guy Kawasaki): Deep, Intelligent, Complete, Elegant
- And do not forget to KISS: Keep It Simple & Stupid
In HR, Startups should avoid hiring 3Ss (Fadi Lama): “Stability seekers”, “Sprinters” (rapidly run out of steam), and the “Stars” (limited capability to contribute within a team context)
The ‘Dream team’ or typical lineup of a startup is ETDSF (Southon & West), pretty much like a Boys’ Band:
- the Entrepreneur,
- the Technical innovator (CTO),
- the Delivery specialist (COO),
- the Sales specialist,
- and the Financier
In Sales & Marketing,
- never ASSUME your market (Benny Hill 🙂 cause you make an ASS out of U & ME,
- it takes a customer the AIDA steps before actually buying (Jackson & Spain): Awareness, Interest/Intrigue, Desire, Action,
- and clients want to BOGOF (Buy One Get One Free!).
Social Entrepreneurship is about the 3Ps: Profit, People, Planet
In Business planning, Constantin Salameh suggests using 7Ms:
- Market that is large, growing with healthy sustainable margins.
- Management team that is complete, committed with a strong track record, a shared vision and can get the job done.
- Model that is solid and proven with a clear P2P (Path to Profit) and exit strategy.
- Mentra or key competitive advantage/USP/IP that is sustainable over time.
- Milestones that are realistic & stretching, agreed with key stakeholders, with clear owners and time frames.
- Money, quality, value-added and track record of investors. Funds from owners and founders.
- Motivation and desire to win in the market place.
I prefer inverting the above Ms and suggest answering the 7Ws (Nicolas Rouhana) for Business modeling: Who? What? so What? When? Where? hoW? hoW much?
Last but not least, as Jonathan Jay suggests, always keep a positive ATTITUDE:
- Action oriented
- Take responsibility
- Turn fear into focus
- Imitate excellence
- Transform negative into positive
- Uncover your hidden talents
- Develop yourself
- Expect the unexpected
everyone has an ATTITUDE, it’s free, and it so happens that the sum of the letters is 100%!
This blog entry should be dynamic; new ‘unrated’ acronyms will be added as they are encountered, and I am of course open to suggestions…