I’m often asked this question as I travel around the country speaking to groups on 21st century capitalism and leadership.
I suppose this question is asked so one can get a head start down the correct path to entrepreneurial success. Except, of course, there is no correct path.
Sure, there are many tactics, strategies, and principles that will help you build your road map for success. But, ultimately, you’ll be required to experiment to determine what works and what doesn’t. You’ll be presented with many unforeseen internal challenges. And you’ll run up against external forces that you couldn’t have predicted.
Since you’ll have plenty of opportunity to learn, grow, and experiment with many tactics, strategies, and principles, I thought I’d offer these
10 11 lessons I’ve learned over the years that may help provide more of a compass than the map itself:
Oh, and one last thing…
Take care of yourself.
Make your spiritual, emotional, and physical health a priority. When owning and running a business, you will experience more stress than you can ever imagine. But if you are unhealthy, you will be of no use to anyone, including those most important to you. Health brings a freedom very few realize, until they no longer have it. Please trust me when I tell you that there will never be anything more important than your health. Always remember that.
Let me ask you, knowing what you know now, what advice would you give to an entrepreneur?
Insightful post, Greg. I sold my building and tax practice after twenty-plus years and appreciate your article because I could have written it. I was always convince that my business suceeded because I valued my clients as friends and treated them as such. #12 on your list might be how one treats their employees. I treated mine as friends, as people I liked, the way I like to be treated myself. They not only gave 115% but they maintained, to me and to others, that then never worked for anyone better. I hold that close to this day and always will.
Keep up the good work. You can and will help a lot of future business people, I'm certain, by teaching them what values are important. The end results of adopting your principles are that everyone wins, the owner, the clients and the employees. It's how businesses succeed.
Treat it like a baby: no doubt! I've had this baby going it's 9th year and it was my first. So when my daughter was born; some of "parenthood" seemed old hat. Staying awake late at night, worrying, nurturing...everything I had done and still do with the business. This article was wonderful whether for a fresh graduate or experienced entrepreneur. Thank you, Greg
As an entrepreneur for 30 years, i think one of the hardest ships to sail is entreprenuership. I hope you have a lot of young people who subscribe, because when you enter these waters, a good compass is essential. Thank you for writing and engaging.
Well said Greg. Really looking forwarding to meeting you on Monday. I couldn't agree with you more on the physical fitness part. I noticed when I'm surfing regularly ideas tend to flow. A few days out the water and I get stuck. The advice I would give to somebody base don my experience is plant lots of seeds, and water them every day. Over time it will all add up.