How Can You Be a Successful Entrepeneur?
TO START, you must be driven. a hard worker, enjoy working with people, appreciate and value teamwork, be good at what you do, and recognize you have a passion to start or do something on your own. You invent a clever technology; create a new service or develop an innovative approach or a “must-have” product.
From day one, make certain there is something that differentiates you from others: you must know your market and that your offering is something that clients/customers want today and will continue to need tomorrow. Study others’ success and seek help from trusted people to develop a formal business plan. Firmly grasp your financial requirements, respect your cash resources, and apply proven Business 101 practices from inception. Implement a plan to best penetrate your target market, and then execute and focus and keep executing and focusing.
Never stop learning, and never stop listening to your clients and your staff. Understand your competition and don’t be afraid to copy an aspect that works for them, but avoid an entrepreneur’s inherent curiosity “to chase the next best shiny object.” A founder’s passion is a must, but blind passion is debilitating; keep looking in the mirror and find healthy reality.
In this remarkable global marketplace of innovative technology, gee-whiz products, and the market leveraging of social media, the foundation of success is that it’s still “all about people”. To grow and be a sustainable success, you must surround yourself with good, enthusiastic, and committed people. They are and will always be your company’s greatest asset; listen to them, encourage them to work in a team environment, but also help them realize their full individual potential. Make certain you fairly incentivize them, openly recognize their contributions, and reward them with ownership or profit-sharing opportunities.
Most importantly, know yourself; truly understand and optimize your strengths, and seek people you trust to augment your weaknesses.
Dr. Gary L. Knutsen is a prolific entrepreneur and Tamiami Angel Fund investor whose business curiosity has resulted in the funding of eight companies and the support of many others. He is a veterinarian with a graduate degree in physiology and an advanced specialization in toxicologic pathology. He founded what ultimately became the world’s largest contract toxicologic pathology company.