PAC Model

PAC model is a term we coined to explain the necessary characteristics to have to run a good business


P- Perseverance 


Success comes to those who perseveres over a long period of time even in the face of staggering adversities.

The key is to set your business goals, determine the strategies that will help you reach that goal and pursue that goal with everything you've got .

Steve Jobs , started Apple when he was 20 years old

Within a decade the company blossomed into a $2 billion empire. 

At age 30, Jobs was fired from the company he created

Jobs went on to found NeXT, a software company, and Pixar, the company that produces animated movies such as Finding Nemo

At the 2000 Macworld Expo, Jobs was renamed Apple’s CEO (iCEO)

A- Adapt

Change is inevitable; you must adapt fast enough to survive in the highly competitive business environment.

To be a successful entrepreneur, you must have the ability to recognize, and then leap, on new opportunities in the midst of misfortunes.

Bill Lederer, founder of Art.com, has shown the ability to transform a tragedy into an opportunity

When his father developed cancer, he quit his successful Wall Street career in 1997 to return to his family's framing and art supplies business

He then expanded his business to the Internet, where it became the online poster and print shop Art.com

In 1999, Art.com was bought by Getty Images, the giant stock photo and film footage company, for $84 million in cash and $200 million worth of stocks

C- Core Competency

When you are thinking of expanding your markets and/or your products,it is best to begin in fairly 
familiar territory.

If you will move to an area where you have inadequate knowledge and you have insufficient resources to cover your expansion, you run the risk of failure.

Avoid spreading yourself too thinly, particularly during the start-up phase.

Topps was known in the industry as one of the top two producers of baseball cards

Also successful  in selling the formula and base materials for the chewing gum that went into the packs of cards

Decided to expand and begin competing with larger confectioners, such as Wrigley’s and Beech Nut

This proved disastrous and new products, such as chocolate flavored gum failed, the company neared bankruptcy

In 1984, the firm was bought by the leveraged buy out firm of Forstmann Little & Co