To be a successful entrepreneur requires the correct frame of mind, which involves confidence in one’s ideas, the courage to take the plunge and the willingness to work hard. It also includes serveral notions not usually touted by other coaches, such as these:
Entrepreneurship is a career and Luck is part of the equation. Develoing the correct attitude prepares business people mentally. The first seven principles itemized in Never Bet the Farm deal with this concept.
- Principle #1: Entrepreneurship is a Career
- Principle #2: Successful Entrepreneurs are Just Like You – Extremes of personality traits can be problematic. Perfectionism is the enemy of the entrepreneur. The tiem and cost implications of attaining perfection invariably result in the opportunity window’s being slammed shut by a more decisve or nibme competitor or disappearing altoghether by a leapfrog in technology. Exhibiting trains in moderation is hte key to success.
- Principle #3: There are No Secrets to Success – The resources, experiences, skills and decisions that you applied to a failed business may be just what you need to succeed in your next venture.
- Principle #4: Luck is Part of the Equation
- Principle #5: Never Reach for a Gallon When You Oly Need a Quart – Many business writers assert that only by reaching for the stars can an entrepreneur achieve financial independence and happiness, but we argue that setting mroe reasonable goals can give you greater satisfaction and significantly increase your chances for success.
- Principle #6: It shouldn’t Only be About Money
- Principle #7: Embrace Fear
- Principle #8: Never Bet the Farm – Any entrepreneur must take some risks, but taking great risks alone doesn’t indicate entrepreneurial competence. Successful entrepreneurs are risk managers, not risk takers. In other words, your risks should be carefully measured against your goals, personality, experience, the nature of the opportunity and the type of venture.
- Principle #9: Don’t Spend a Dollar When a Dime Will Do
- Principle #10: Always Tap a Bridge Before Crossing
- Principle #11: Only Fools Fly Without a Net
- Principle #12: Connect but Protect
- Principle #13: Buddy Up
- Principle #14: Learn to Play the Gray
- Principle #15: Plan a Timely Exit