Random entrepreneurial tidbits of the day
via flickr (courtesy dalcrose)
A few random ideas I have picked up from talking to entrepreneurs over the years (my favorite part of what I do is talking to entrepreneurs and learning what makes them tick). Interestingly enough, you soon realize there many common themes when you talk to the successful entrepreneurs.
1. Execution matters more than ideas. Key among all the successful entrepreneurs I talk to is the idea that it’s how you execute at your company, not the “idea” behind the startup, which makes you successful. You soon realize there are thousands of people with a “great idea”, but only a few who have the committment and drive to make that idea happen.
2. The buck stops here. The government won’t save you, your buddy won’t, your friends won’t, your suppliers won’t, your lawyer won’t, your mother won’t. If you’re an entrepreneur, you are ultimately the one who has to deal with all the stuff that crops up with your business, in some way or another.
3. Work hard, but don’t discount luck. Hard work has a lot going for it, but nearly every single successful entrepreneur I talk to (aside from those few huge egomaniacs) tells me there’s also a huge amount of luck which allowed them to succeed. You have to work hard, but sometimes you also have to get lucky. Yes, you need to work hard to make your luck, but there’s still an element of chance in success.
4. Substance matters more than style. Watch out for the secretary-slick hair-fancy car-Rolex, because it’s not the style which makes a company, it’s the substance behind that company. (success can drive those things, but those things can’t drive success).
5. Relationships matter. Of all the things that matter in success, it’s relationships (with customers, with your partners, with your employees, with your investors) which make the difference between resources when you need it, getting access to the deals/right people, and so on.
6. Only hire the best. I hear this most often — to the point that it’s a cliche — but I hear this from nearly every successful entrepeneur I have spoken to, because hiring the best folks is the only way to make sure your company wins over the competition, helps you avoid diluting your time and energy on the wrong people, and because those you hire are the ones who multiply or diminish what you are trying to turn into reality.
