As featured in The Wall Street Journal, Money Magazine, and more!
     

Ten Tips for Entrepreneurs

This article was written by in Career and Work. 7 comments.


I don’t like the term “entrepreneur.” It’s not because it comes from French, though the word does have an interesting etymology. The first time the word was used in English, borrowed from Old French, it meant a “manager or promoter of a theatrical production” (source). The word has a different meaning now. Anyone who runs a business is an entrepreneur, but the word’s connotation goes beyond a dictionary definition.

Entrepreneurs are driven, singularly focused, relentless, and in some cases, shady or sleazy. Not all share these negative aspects, but I often think of a man trying hard to sell his products or services to a mismatched customer, perhaps bending the truth or relying on unsophisticated marketing tactics. These aspects come to mind when someone is identified as an entrepreneur, even if it is not always true. Thus, I don’t particularly like being considered an entrepreneur, though I am happy to call myself a business owner.

Jay Goltz is offering ten reasons entrepreneurs succeed. Not all succeed, but those who do perhaps share some of these values, motivations, or tactics. Here is what he is offering:

1. Look for opportunities to do something better than just about everyone else.
2. Accept risk as a necessary evil. It makes for much less competition.
3. Act responsibly to customers, employees and vendors.
4. Goals aren’t enough. You need a plan. You need to execute the plan.
5. You need to fix the plan as you go. Learn from your mistakes. Most people don’t.
6. Do not reinvent the wheel. Learn from others — join a business group.
7. Make sure the math works. I know plenty of people who work hard and follow their passion but the math doesn’t work. If the math doesn’t work, neither does the business.
8. Make sure that every employee understands and works toward the mission.
9. There are going to difficult times and you need to be resilient; whining is a waste of time.
10. There will be sacrifices. Work to find a balance so that you don’t become a financially successful loser. It’s not about the income, it’s about the outcome.

Interestingly, reason number ten fits with my preconceived notion of an entrepreneur. The quest for income at the expense of all else is an unappealing quality. It’s reason number one, however, that resonates the most with me. I also feel strongly about number seven, following a passion. Sometimes, your passion will lead you to something you can do better than most other people, a state in which you have something special to offer.

What other tips do you have for entrepreneurs?

Consumerism Commentary is currently offering a giveaway exclusive to our Facebook fans. Take a look and come back here to participate and perhaps win a prize.

Published or updated September 1, 2010. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

Email Email Print Print
avatar
Points: ♦127,373
Rank: Platinum
About the author

Luke Landes, also known as Flexo, is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow Luke Landes on Twitter. View all articles by .

{ 7 comments… read them below or add one }

avatar Donna Freedman

Don’t quit your day job! Or save up a big chunk of money in advance to tide you over until your bidness takes off.

Reply to this comment

avatar Apex

“I often think of a man trying hard to sell his products or services to a mismatched customer, perhaps bending the truth or relying on unsophisticated marketing tactics. These aspects come to mind when someone is identified as an entrepreneur”

Your description above is how I view nearly all sales people I have encountered. I have certainly worked with shady entrepreneurs but I will take the average entrepreneur over the average sales person every time.

Reply to this comment

avatar KP

Stay focused and be persistent. Most importantly, never give up!

Reply to this comment

avatar Car Negotiation Coach

I don’t like the word entrepreneur because I can never spell it the first time without spell-check. There are too many “e’s” for my liking.

That said, I have a ton of respect for any big “E” willing to take some chances to achieve their goals and live the life they want to live.

Reply to this comment

avatar Petra

You can also leverage existing experience when moving into a new field. Not every starter-upper is straight out of school, after all. Look at the way Richard Easton did it, going from high finance to, of all things, the matchmaking consultant scheme. It’s a tough connection to think of initially, but that’s really where talent and experience can shine.

Reply to this comment

avatar Forex signals

I think which I find common in successful entrepreneur, in whatever situation I mean recession or no recession they always think in abundance. They don’t think in scarcity, off-course they don’t neglect the circumstances such as recession, etc. completely. But they don’t get in to thinking mode of scarcity. Many commone people always think and plan in scarcity, thinking if what tomorrow things would not be available, but entrepreneur alwasy think resources and opportunity would always be available in abundance. This positive outlook makes a big difference I think.

Ashok

Reply to this comment

avatar Ceecee ♦796 (Dime)

My tip: Do your research on health insurance. Most people working for companies don’t realize how costly it is. It can be a dealbreaker on having a business, sometimes you can’t live with it and can’t live without it.

Reply to this comment

Leave a Comment

Connect with Facebook

Note: Use your name or a unique handle, not the name of a website or business. No deep links or business URLs are allowed. Spam, including promotional linking to a company website, will be deleted. By submitting your comment you are agreeing to these terms and conditions.

Notify me of followup comments via e-mail. You can also subscribe without commenting.

Previous post:

Next post: