chapter  2
14 Pages

Be a Student of the Business William “Bill” Sanders, Founder, LaSalle Partners Ltd. (now Jones Lang LaSalle) and Security Capital Group Incorporated, Co‑Founder, Verde Realty, and Co‑Founder and Chairman, Strategic Growth Bank Incorporated

When launching a business, your ideas are not the only ones that count. Successful entrepreneurs-even those who are convinced that they do, indeed, have the proverbial better mousetrap-look far and wide for input that informs and influences their business strategies. Within their own industries, they search for underserved niches and evidence of emerging consumer needs that will translate into future demand and could transform the business. In other words, they seek opportunities before they become obvious to others. The real

differentiator, though, is looking beyond one’s own territory. The high achievers, who have known success in more than one venture, make it a point to study other businesses and industries, identifying best practices that they can apply.