Entrepreneurial way:

There’s something about essentials that we all seem to ignore. When it comes to entrepreneurship, we get consumed by our vision and forget about our employees. We get consumed about life and forget about death. Isn’t it strange how you and I can become so disconnected from the essentials?

After years of studying entrepreneurship, I’m sure about one thing: becoming a success story is easier said than done.

Within any given year, close to one million people start a small business in the United States. Sadly, at least 40 percent of those businesses fail within the first year. Eighty percent of them will be out of business within five years, and 96 percent will close their doors before their tenth birthday.

We are going to show you the reason, why this statistic is sooo scary and how to improve them for your success.

1. Building a Foundation for your business by integrity and balance.

2. Growing in Knowledge.

To develop your skills and nourish your soul, read great books.
Success occurs when opportunity and preparation meet.
It’s not who know that counts; it’s who knows you and what they think of you.
When you feel moments impacting your destiny, seize the opportunity.

3. Learning the Craft.

Humility helps you focus and be open to learning and growing.
Take care of your numbers, and your numbers will take care of you.
For a meter to be effective, you have to be an enthusiastic and committed protégé.
Always visualize your desired outcome ahead of time.

4. Catching the Entrepreneurial Bug.

Ambition can result in life-changing events.
Identify what you love to do most and do more of it.
Don’t quit your day job until you’ve got some success under your belt.
If nobody will pay you to do what you love, you have a hobby, not a career.

5. Gaining a vital Teammate.

Few people, if any, come into your life without a reason.
When it comes to finding a life partner, character trumps personality and looks.
If you want a great marriage, make sure you commit to spending time together outside of meals and sleeping.
Be a team. If you think you can work together, give it a try.

6. A Door Opens.

Think through significant life decisions with great care.
You never achieve more than you think you can, so create a big dream.
When opportunity knocks, go for it.
Don’t let your expenses outstrip your revenue.
You can’t afford to be a banker for your customers. Timely collection of invoices is crucial.
Without your customers you’re in trouble, because they pay the bills.
Nurture your people. They make it all happen.

7. Launching the company at last.

It’s good to have a strategist or two in your life.
Use creativity to come up with new sources of revenue.
Making a profit is a necessity if you want to stay in business.

8. Growing Pains and Ego Issues.

Watch your ego. It can bite you when you least expect it.
Relationships thrive through love but can deteriorate under stress when they aren’t nourished.
Keep your priorities in order: spouse, family, work.
Work to balance your family life with your business life.
Continually seek the wisdom of your mentors.

9. Turning things around.

CASH, CASH, CASH….without good cash management, you’ll never make it as an entrepreneur.
Poor leadership can send you off in directions you don’t want to go.
Going public is not the right decision for every company.
Profit is the applause you get for taking care of your customers and creating a motivating environment for your people.
The right leader at the right time can help steer things in the right direction.

10. Crating Legendary Service.

Analyzing your Moments of Truth can help you decide the kind of experience you want your customers to have.
Truly listening to your customers and discovering their ideas can make your vision even better.
Duck busting is sometimes necessary before people can soar like eagles and deliver your customer service vision.

11. Helping People Soar Like Eagles.

Today people want a partnership relationship, not a superior-subordinate relationship.
Encourage everyone to become a leader.
An effective performance management system helps people win rather than sorts them out.
The best management includes day-to-day coaching that catches people doing things right and redirects their efforts when they are of base.
Life is all about getting As.
Passionate people and loyal customers are what really bring success to your organization.

12. Putting It All Together.

Companies must constantly innovate. Without innovation they tend to do what they’ve always done and thus competitively disadvantaged.

For a company to thrive it must tap the individual initiative of team members. This must be a major area of focus.

On any initiative being pursued, team member buy-in is absolutely essential for success.

If a company wants its people to be entrepreneurial in their thinking, they must be kept well informed about impact on profit and loss.

Leaders must give all team members everything they need to succeed and be self-motivated.

Companies must reward the creativity of their people.

If a team member owns an initiative, he or she should be accountable for all aspects of its success.

Companies must encourage resourcefulness and out-of-the- box thinking.

All thought leaders must be constantly focused on customer’s needs and how to satisfy and exceed them.

Leaders and managers must work to maximize team member involvement in all key initiatives to tap the collective intellect of the team.

Insights:

For great joy in life, be generous with your wealth, time, and talent.

Giving can be much more enjoyable than receiving.

We all leave legacies. Be intentional about yours.

It is impossible to out-give yourself.

You never know the good that can come from helping or forgiving someone.

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