Writing this book has required more effort and patience than I thought possible. I now understand why I have never found a volume like this on the shelves. It has been an amazing opportunity for reflection and contemplation. The application of these principles reinforced what I already knew: entrepreneurship truly is an art form.
Several months into writing this book, Ron suggested we create a company as a test case for the book. This has proved to be an invaluable exercise. As we went through the creation and launch of this company we forced ourselves to analyze each important action in light of the principles espoused. I am delighted to report the fundamental tenants have held fast. Ron and I capitalized the company with a total of $5,000 in March 2007. In seven months we grew the monthly revenue stream from $0 to over $60,000 with a gross net profit of $40,000. Has it been easy? No! Were there moments of confusion? Yes! After all it’s called entrepreneurship.
Many of the things that haunted me during my first voyage into owning my own company are the same things that keep me awake now. There are no guarantees in life, or in business, however, 27 ventures later, my nerves have settled. I have “learned” my way to solid ground and so can you. This learning was achieved through a progressive series of choices, ventures, successes and failures. The entrepreneurial path is worth the climb. It has provided financial stability, allowed personal freedoms, and facilitated an exhilarating and liberating life style.
One of the greatest joys I have in my life is helping young entrepreneurs facing the same quandaries I encountered early in my career. This is one of my main motivations for writing this book.
Inevitably as associates find out about this project they query me, “What’s the key thing I need to know to be a successful entrepreneur?” Honestly, it isn’t as simple as one thing, but following are three critical attributes I have found necessary to succeed.
1. Unalterable Determination
I am associated with a young entrepreneur named Mike Proper. When he was in the ninth grade, he and his siblings were abandoned by their parents. The family was separated and placed in foster care. Under duress he ran away from the foster family finding safety in another state. Mike dropped out of school in order to support himself. Even though he does not have a formal education, he possesses an intense, relentless, drive and unconquerable spirit. Mike has since founded a company that has grown to a value of over $35 million dollars. Mike Proper simply will not be denied.
The single most important factor to success in entrepreneurship and life is unalterable determination. I often say I’m not the smartest, I’m not the fastest, and I’m not the most handsome. But I’m definitely the most determined.
2. An Undeviating Support System
I had a young man in my office the other day that possesses incredible entrepreneurial drive and talent. He stood on the threshold of his first entrepreneurial venture. He was looking for some final advice and encouragement as he jumped from a warm safe corporate job to the cold harsh realities of business ownership. As we discussed the required sacrifices ahead of him his face took on a look of fierce determination. As I looked in his eyes I knew he had what it took, however, I still had one outstanding question. “How is your wife doing with all this change?” I probed. At the very mention of his wife calmness transformed his countenance. He responded “She is amazingly supportive.” He nervously laughed as he recounted a dream his wife had the night before. She woke him in the middle of the night to share what she called a “hellish nightmare.” In a state of terror she recounted how she went shopping and bought a vast array of expensive makeup and clothing. In the dream she felt sick and was worried she had jeopardized her husband’s dream to start his own company. He commented “I am so lucky to have a wife like this.” Indeed he is a lucky man! Some of the most talented and capable individuals I have known simply could not follow the course of their dreams due to the lack of support from their significant other.
Without an undeviating support system, it will be very difficult to succeed. Not only will this type of relationship provide fortitude, but the sharing of it will enhance the joy of the ride.
3. A Greater Purpose
The final key is to have the source of motivation rooted deeper than the shallow objective of making money. You have to be driven by a purpose greater than owning a BMW, something beyond cashing a big check. Making money will be a natural derivative of achieving a greater purpose. Your motivator must be deep and meaningful. It will make the entrepreneurial journey more purposeful, more enduring, and more valuable. I wake up in the middle of the night dreaming about enabling educational opportunities for disadvantaged girls in third world countries. It consumes me, it inspires me, and I am drawn to it. This type of motivator is far stronger than making money.
Here is my parting thought: You can do this. You will have family, friends, mentors, professors, and any number of other folks, tell you otherwise. Honestly apply the principles of this book and you will not only survive entrepreneurship, but thrive in it! The hardest step for most people is simply taking those first few determined steps toward making something happen.
Best wishes in becoming a $5,000 Millionaire! |
