Invent, Reinvent, Thrive: The Keys to Success for Any Start-Up, Entrepreneur, or Family Business

Invent, Reinvent, Thrive: The Keys to Success for Any Start-Up, Entrepreneur, or Family Business

by Lloyd E. Shefsky


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Invent, Reinvent, Thrive: The Keys to Success for Any Start-Up, Entrepreneur, or Family Business by Lloyd E. Shefsky

In today's uncertain world of business, one rule stands above the rest: If you want to survive—let alone thrive—you must embrace change. Everything else comes after.

In Invent Reinvent Thrive Kellogg School of
Management Professor Lloyd Shefsky provides the inspiration and insight any entrepreneur or family business needs for long-term success—and he backs it all up with proven models of what works and what doesn't.

Shefsky reveals the common thread of all business success stories: reinvention. He explains not just how to reinvent concepts and ideas from the start, but ways to continuously innovate and reinvent your business to meet today's constantly changing marketplace conditions. In addition to his own expert insight, Shefsky provides firsthand advice through case studies derived from dozens of original interviews with entrepreneurs and family business giants, consisting of the leaders of some of today's most successful companies, including:

  • Howard Schultz (founder, Chairman, and CEO of Starbucks)
  • Jim Sinegal (founder of Costco)
  • Chuck Schwab (founder of Charles Schwab & Co.)
  • Tom Stemberg (founder of Staples)

The author also gives special attention to family businesses (which account for over half the U.S. GDP) and how to address vexing family disparities, enabling family businesses to last more than two generations.

Invent Reinvent Thrive offers all the answers you need to get your business where you want it to be. You'll learn exactly where new and multi-generational business owners fall short and miss incredible opportunities, why they fail to take the plunge or innovate—and how you can rework, revitalize, and reinvent your business not just to avoid the most common perils but to lead your business to the apex of your industry.

"Entrepreneurship is not a cataclysmic event," Shefsky writes. "It is a constant process." Follow his advice through every step of the process and you will successfully invent, reinvent—and thrive.


"If you think business books are boring, this is your chance to prove yourself wrong. Storytelling is an art, and Shefsky brings that art to business. Invent Reinvent
Thrive is a treasure trove of valuable lessons."
— STAN KASTEN, President and CEO, Los Angeles Dodgers; former President of the Washington Nationals and the Atlanta Braves, Hawks, and Thrashers

"Invent Reinvent Thrive is full of wise and practical guidance for both would-be and continuing entrepreneurs. Shefsky's discussions provide wonderful advice that will aid anyone embarking on or continuing in an entrepreneurial enterprise." — DAVID RUDER, former Chairman, Securities & Exchange Commission

"Our company's direct experience with Lloyd Shefsky . . . inspired us to methodically pursue Brown-Forman's never-ending greatness, and this book can do the same for others. I highly recommend Invent Reinvent Thrive to all businesspeople." — PAUL VARGA, CEO and Chairman, Brown-Forman


producer of Jack Daniels, Finlandia, Southern Comfort, and other spirits

"Lloyd Shefsky tackles the issues many entrepreneurs face and offers practical advice to defy the odds. If you've had business success, yet need to go to the next level, read this book." — GINGER GRAHAM, former President and CEO, Amylin Pharmaceuticals, and former faculty at the Arthur Rock Center for Entrepreneurship at the Harvard Business School

"This is a very serious study of a critical issue, and no one dealing with entrepreneurship or family businesses should make the mistake of ignoring it." — ISRAEL ZANG, Professor and former Dean of Business School and Vice Provost of Tel Aviv University

Product Details

ISBN-13: 9780071823005
Publisher: McGraw-Hill Professional Publishing
Publication date: 08/04/2014
Pages: 304
Sales rank: 1,266,673
Product dimensions: 6.20(w) x 9.10(h) x 1.30(d)

About the Author

LLOYD E. SHEFSKY is Clinical Professor of Entrepreneurship at Kellogg School of Management, as well as founder and Co-Director of the school's Center for Family Enterprises and cofounder of its Center for Executive Women. Cofounder of several businesses and nonprofits, he has taught, lectured, and spoken in China, Japan, Thailand, Canada, Israel, and throughout the
United States. Invent Reinvent Thrive is Shefsky's first book since his 1994 debut, Entrepreneurs Are
Made Not Born

Table of Contents

Preface xi

Acknowledgments xvii

Introduction xxiii

Part 1 Reinventing Yourself as an Entrepreneur

1 Core Competencies Will Relaunch Your Career 3

2 Ignoring the Noise of Dissent 17

Part 2 Reinventing Your Business

3 In Business, Reinventing Isn't Everything; It's the Constant Thing 47

4 Sleeping with the Enemy 73

Part 3 Captains of Industry: Don't Just Grandstand-Do Something

5 Maturity Is No Excuse: Reinvent or Atrophy 111

6 Kodak and IBM: The Goliath Factor 119

Part 4 Entrepreneurs Morph to Corporate Chiefs

7 Moving to a Higher Platform 137

8 When Does the Entrepreneur Need to Let Go? 159

Part 5 The Family Business and the Succession Paradox

9 Silver Spoons: Why Do Some Tarnish While Others Shine? 185

10 Col. Henry Crown: The Long Shadow of His Legacy 193

11 Changing Times Call for New Skill Sets 205

12 Differences Between Leading the Family Business and Leading the Family 221

13 Reinventing Family Business So Successors' Skills Shine Through 233

14 What's Love Got to Do with It? 245

Conclusion: Magic Pill? Remember to Refill Your Prescription 257

Index 265

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Invent, Reinvent, Thrive: The Keys to Success for Any Start-Up, Entrepreneur, or Family Business 5 out of 5 based on 0 ratings. 1 reviews.
Tiger76 More than 1 year ago
The author has a gift for gleaning insights  from renowned creators and re-creators of successful enterprises and distilling the information into actionable  steps for the rest of us.  The section on family business, while focused on larger entities, provides lessons applicable even to Main Street service and retail operations.   The book's organization with nuggets of advice interspersed among the story telling lends itself to selective reading and review.