This week I read an article written by Eric T. Wagner and published by Forbes. This article is so important to people who are or want to be entrepreneurs. I decide that my article will be a truncated version of Eric’s article. You will find a link at the end of the article for you to access the complete article and reach out to Eric.
1.) Have a Unique Perspective on Risk
This one seems like a no-brainer. What other segment of society is willing to step out with crazy ideas like entrepreneurs? But here is the deal for those of you on the fence — get your tail off it. According to the report, “a majority of entrepreneurs indicate they believe entrepreneurs are born — not made”.
2.) Instill Passion in Great Teams
Speaking with Venture Capitalist Paul Jones the other day — he told me the leading cause of high impact entrepreneurial failure is due to team dysfunction and breakdown.
3.) Demonstrate Resilience and Rapid Recovery
Tenacious as a bull-dog — rock star entrepreneurs simply don’t give up. Yes — they get things wrong from time to time. And yes — they get knocked on their rear once in awhile. But guess what? They get up and try, try again. Most times in a new direction.
4.) Embrace Innovation
Hurling through space at the speed of 67,000 miles per hour. Can you imagine it? Yes — that’s us here on planet earth as we fly around the sun. Now take the break neck pace of technology and knowledge advancement we’re experiencing in our current time. Dare I say it’s whipping along at the same ridiculous speed. Which means you better build a culture of innovation into your business lest you get run over from behind.
5.) Focus on Core Competencies
Basically, the best entrepreneurs become laser focused on the things they do best and outsource the rest. Perfectly rational — but you’d be surprised at the number of entrepreneurs who miss this part. You simply cannot be all things to all people — and you should never try. So nail down those things you and your team really excel at and focus on those.
6.) Pursue Expansion
“Just keep swimming… just keep swimming.” – Dory. Yes — the best entrepreneurs keep swimming. They keep pursuing innovation and they keep growing their companies. And not necessarily in the “grow or die” mantra. Smart, strategic growth and expansion.
7.) The Right Capital At The Right Time
No question capital is a biggie among both startups and the best entrepreneurs in America. It certainly ranks at the top as the biggest “pain in the you know what” I’ve heard from aspiring and startup entrepreneurs.
8.) Preserve What’s Been Built
Although this is a nugget from some power hitting entrepreneurs — not sure I am fully buying into it. Yes — there is no question you want to “cling to what is good — and abhor what is evil”; or in other words; work towards preserving all the wonderful things you have built into your company. But the trouble is what hides under the rug during your preservation mode. Call it “complacency”.
You can read the full article at http://www.forbes.com/sites/ericwagner/2012/11/15/8-winning-strategies-from-the-top-entrepreneurs-in-america/
About Our Show Advisor: Dirk Cummins is a practicing financial consultant who attended the University of Virginia at Quantico, Virginia while serving in the United States Marine Corps. He is a CHARTERED FINANCIAL CONSULTANT® (ChFC®), and has completed the CERTIFIED FINANCIAL PLANNER® (CFP®)certification curriculum. Dirk is also a CERTIFIED DIVORCE FINANCIAL ANALYST™ (CDFA™). Dirk's areas of specialization include business and individual planning. Dirk's professional career began in 1974 in his hometown of Canton, Ohio. In 1978 he accepted a position with Lineberry Financial Group and relocated to Houston. He has held various positions within the financial services industry prior to starting his own firm. Dirk has been involved with numerous volunteer groups and is currently serving as the President of the MainStreetChamber Houston Chapter and State Director for the MainStreetChamber. He has also served on the Advisory Board for the Academy of Finance at Spring Branch ISD and on the Pro Bono Committee for the Financial Planning Association Houston chapter. He has also served as Past President of the Crossroads Chapter of Services Cooperative Association as well as a member of the Board of Directors. He has also served as an Advisory Board member of the Entrepreneurial Development Center and a member of the Board of Directors of Women Achieving Independence & Financial Success. He was a Republican Party Precinct Chair in Harris County, and an Election Judge in Harris County.
Dirk Cummins is the President of MainStreetChamber, LLC
Dirk Cummins is the President of MainStreetChamber. Dirk is an advocate of the MainStreetChamber philosophy of “Give First and Expect Nothing In Return”. Dirk, a serial entrepreneur, reaches out to small businesses every day to help them grow their business by creating revenue where none existed before.
MainStreetChamber is a nationwide membership organization dedicated to the success of small business.
FREE LIFETIME MEMBERSHIP
FREE ADMISSION TO EVENTS