The Blog For Entrepreneurs

The purpose of this was as part of my ongoing education into what people perceive entrepreneurship to be about. I thought, therefore, that I would throw my two penneth into the ring and give my top 10 ‘must haves’ to an entrepreneurial career, based on my 20 years as one.

1. Work With Great People.

I have had some great business fail because I made the mistake of choosing the wrong business partners. I have had some mediocre businesses succeed because I have worked with great people.

Whether you choose to go out on your own and found a company or whether you choose to join an entrepreneurial business as an employee and start your career there, make sure you expend a lot of effort on discovering what the people you are working with are like.

2. Be Flexible

Realise that Plan ‘A’ NEVER works out. I have spoken to hundreds of entrepreneurs at all levels of success, from those starting out to those who are considered to have ‘made it’. If there is one common theme it is that their original plan didn’t work.

Most entrepreneurs, myself included, start something learn, from it and morph it into something else until it eventually ends up as a business. Just for one example, I started a marketing business that ended up as a commodities trading operation! Many entrepreneurs have a similar story.

Be flexible, adapt to the environment you operate in and be prepared to scrap your entire business plan if you are lead in another direction that you feel passionate about.

3. invest in Your People.

There is no greater reward than seeing someone you nurtured succeed either in your business or in someone else’s. I used to tell people that they would learn from my company and me and if in a couple of years time they chose to go elsewhere that was cool. All I required from them was 100% while they worked with me.

You will make no better investment than in those who work in your team.

4. Thick Skin.

Being an entrepreneur is not all Ferraris, sandy beaches and beautiful women. Mostly it is work, thought, action, testing and desire. At times it is also hurt, exhaustion, disappointment, frustration and perhaps, ridicule.

For example. When I started out, if someone wanted to question your business, whether it be a competitor an aggrieved ex-employee or a jealous neighbor they would have to go some way to make a significant impact. Even if they got you in an article in a newspaper or magazine, it was only a matter of time before that had disappeared forever.

Now, in the Internet years, you have no chance. If someone has it in for you then there is little you can do. I will say this, if you make any impact whatsoever you will get flamed on the web by someone. Everything you do after that will have the challenge of overcoming whatever is written about you, because the web is forever.

Here is my advice – Firstly, know it is coming. Whatever you do, it is coming. The other day I posted about going to Monaco on a bike ride for charity. A sarcastic note came back on Twitter saying “Sure I will pay for your holiday in Monaco..not” – Some people are just that way inclined and WILL give you a hard time and make up silly accusations.

Just carry on regardless. If people choose not to business with you because they read on some anonymous site, some silly untrue rubbish, then you probably did not want to do business with them anyway. Just carry on, do your thing and be thick skinned about the whole thing.

5. Talk to EVERYBODY.

This is probably the biggest piece of advice I could give you. Talk to everybody all the time. At this time, there has never been a better time in history to network. Young entrepreneurs can friend experienced hands, information is legion and the opportunities, therefore, for networking are vast.

All of the businesses I ever started were the product of meeting someone, through a friend of a friend, at a party, at a business seminar and one time even from a sticker I put on the back of my car. Networking is key, if you don’t believe in social networking for your personal life OK, but it is essential to your business life.

6. Be Passionate.

‘You cannot succeed doing what you hate – you cannot fail doing what you love’ is a saying a like to bring up whenever I can. You have to be passionate about what you are ding or, quite simply, you will not achieve the success you hope to.

7. Have a Thirst for Knowledge.

If you do not have time to read books on the subject then you have have a world of podcasts online that are just fantastic. I would recommend these – just do a search on iTunes for these names and they will come up.

1. Entrepreneurs-journey. Yaro Starak interviews online entrepreneurs.

2. The Shoemoney show – very laid back show with interviews and insights from Jeremey Schoemaker aka ‘Shoemoney’.

3. Standford Business school – they do open forums and record them with top business leaders.

That should get you started – there are thousands more.

8. Take Action.

I was laughed at when I started my commodities business. Several ‘freinds’ thought the idea would never work in the UK. They told me of their plans to start their own business and I should come work with them.

We are 15 years on. I developed a $300mn volume business, franchised it and sold it and started several other businesses, they to a man are still in the jobs they were in 15 years ago, not one got their business idea off the ground.

These people were certainly more intelligent than I, much better educated, had way better connections and came from wealthier families – what they didn’t do was take action.

Action makes and entrepreneur, not planning or business school.

9. Give Back.

Google’s motto of  ‘do no evil’ is a great example of having some higher purpose to the business. It is a super mission statement and one which I would have liked to have come up with.

In this business we have taken ‘One Life : No Fear’ as our mission statement. We aim to build a personal development business whose very core is giving back. Part of our business plan is doing free seminars and training for young entrepreneurs and those who need it but can’t afford the same as others. The hotel business we had gave money to local kids clubs and educational establishments.

I latched on to this concept later in my career, but now we are using it as a core part of this new business.

Think of a higher purpose that your business can fulfill within its core business, within the workings of everyday business, or outside of your core business, by giving money, resources or time.

The purpose this serves is many fold. From a business perspective it is great PR and a nice tax right off but, more importantly, from a personal perspective it gives great motivation to your team and yourself that your efforts can positively affect people lives beyond your business.

10. Cultivate Your Personal Reputation.

This point touches on number 5 and networking, but I am talking more about your personal niche. For example, I am known in my niche for starting businesses and investing in businesses. I am not at all known in the personal development industry even though this has been at the core of everything I have done for the last 20 years.

I need to start cultivating my reputation by networking with the right people, doing speaking engagements where I can. I am writing a book etc etc. If you do all these things in your niche you will find that doors open to you that others would not.

One final tip here. When you are networking you should always be looking to cultivate your reputation. Try to find someone who is already well known in your niche and do whatever you can for them, for free. Add massive value to this person. I guarantee you will get invites to places you never thought you would be able to at the stage you are at now. I did it.. it works.

Hope you find these useful and, as ever, I look forward to your feedback and any additions you may have for the list.

Regards
David
@OneLifeNoFear