As you know, I love reading about what makes other businesses or people successful and then finding a way to apply the same principles to the legal profession.
Entrepreneurs have always fascinated me. I think it is their creativity. I believe you and I can learn a lot from them.
I recently read a HBR article: Predict the Future of Your Business. I found it valuable because the writer predicts changes he believes will happen over the next five years.
A few years ago I read Turning High Potential into Real Reward where Harvard professor Joseph B. Lassiter III discusses his entrepreneurial marketing research. Lassiter noted:
In these high-performance ventures, entrepreneurs leading the ventures look ahead and say, “Two or three years from now, this is exactly the customer and exactly the product, and this is exactly why they’re going to be compelled to buy.” They have a keen idea at the very beginning of the venture who their ideal customer is and what the ideal product is that they need to deliver.
Entrepreneurial lawyers do the same thing. They know who their ideal client is and they look ahead to know what those clients will need two to three years in the future.
The best way to be able to predict what your clients will need in the future is to read the same business materials they are reading. You should also follow set up Google Alerts for your clients’ industries, search the industry on Flipboard and follow the industry leaders who are on Twitter.
I know very few entrepreneurial lawyers who are looking ahead. Becoming one can be a key to your successful business development.