Tuesday, August 28, 2012

Tips For Success From Entrepreneurs

As an entrepreneur, you will face many challenges - it’s how you face them that will determine the success or failure of your business. It’s not an easy life, but the payoffs are tremendous if you succeed.  We’ve compiled a list of quotes from successful entrepreneurs who know what being successful is all about.  

·       Know your weaknesses:  Lee Rhodes, founder of Glassy Baby, overcame personal adversity as a motivation to start her company. She mentions that as an entrepreneur, you have to surround yourself with people who are good at things that you cannot do.  You must hire people who complement your strengths…"Remember as an entrepreneur, you're probably a big-picture person and the details aren't as important, but they will be and it'll come back to haunt you. If you're not good at something, make sure you have someone beside you that is, as you grow." 
·       Take calculated risks: As the head of a multi-billion dollar conglomerate, Richard Branson knows a few things about risk. Branson is known for taking risks in new ideas and starting businesses in areas where others fear to tread. However, before he leaps, he always bases his decisions on numbers and analysis – making sure that the idea passes due diligence.  One of his mottos has always been, “If you don’t take risks you won’t achieve anything. “
·        Be visionary: “All successful people have a vision. They have the ability the “see” clearly what they want before it exists.” Bill Gates, the billionaire founder of Microsoft has always been a driven man. He grew Microsoft from a small software company to a behemoth that became an integral part of millions of people’s lives. All because he followed his vision on what personal computing should be.
·        Recruit mentors:  Zak Kukoff, CEO of TruantToday is only 17 years old.  In spite of his age, the graduate of Techstars and the founder of Autism Ambassadors, has achieved a lot. However, he couldn’t have done it without the help of his mentors who provided some valuable advice and insight into his challenges. “…you have to ask people to be mentors. Don’t expect them to step up. Some people might, but more often than not you’ll never get what you don’t ask for. By and large, most entrepreneurs understand that helping others will help themselves at the same point. As such, most entrepreneurs are incredibly willing to step up when asked so don’t be afraid to say the words.”

The road to entrepreneurial success is littered with obstacles. The best way to overcome them is to have a long term vision on what you want and be motivated to succeed. Be patient, work consistently towards your goals and recruit people who are smarter than you.