What Successful Entrepreneurs Do


Entrepreneurs are a special breed of high achievers. They create things, get things started: businesses, clubs, churches, associations, even nations. Their motivations vary. Not all want to be rich. Not all want to supply a Fortune 500 company. Some are motivated by pleasure or civic spirit or the will for fame. Mary Madden, president of data America, told me she and Burton Goldstein started their company because it gave them freedom and adaptability .

Entrepreneurs see a world that’s incomplete. It probably doesn’t yet have what they shall create. If it does, it needs something else they only thought of.

They differ markedly from each other . But there are similarities. one among the foremost prominent similarities is that the ability to perceive clearly. the power to perceive clearly is vital to several high achievers, but essential for the entrepreneur. Here is what the entrepreneur perceives:

Voids. a university student, Frederick Wallace Smith, conceived of a dependable overnight delivery system for letters and little packages. it might require a huge network of planes, trucks, messengers and electronics that didn’t then exist. That perception led to Federal Express.

Defects. A cartoonist perceived that the majority amusement parks of his day were shabby and boring. Why not create something that was improved – a topic part that was sparkling clean and exciting? That perception led to Disneyland.

Opportune time. Ted Turner was watching Home Box Office one evening and realized that point had come for his small Atlanta-based station to travel on satellite too. That perception led to the SuperStation and later to CNN.

Syntheses. Parker H. Petit, CEO of Healthdyne, say his success as an entrepreneur comes from his ability to synthesize data. Petit believes he “can check out a group of circumstances, the market, a product or whatever and see order and opportunities in those variables that people seem to ascertain and just don’t piece together.”

Continuing education. When Burton B. Goldstein, chairman of data America started the corporate one among his board members told him: “If you’re still in business three years from now, you will be during a different business.” Goldstein says that observation has clothed to be true. “You need to be comfortable with the very fact that you simply are on a road, a learning curve and you’re getting to learn stuff and you’re getting to change.”

Continuing education is basically is an extension of the method that caused the entrepreneurial venture within the first place. That first vision could also be 20/20, but it’s more likely that the primary vision is merely a rough approximation or the “shape of the solution ,” as author Horace Freeland Judson puts it.

Continuing education is important due to changing technology. a gaggle of managers recently told me that the technological competence of the typical college graduate today are going to be obsolete within three years or less. What they said is true in most fields due to the pervasive impact of the knowledge revolution. If you do not keep it up learning, somebody else will, and put you out of business.

Continuing education is important because the audience is changing. No creation is more audience-driven than entrepreneurship. If people don’t buy the new product or patronize the new store or join the new organization, the venture dies. The target could also be a moving one or a fickle one. Tastes may change. People may move physically. So, the entrepreneur must keep it up learning about the audience .

Still another similarity: the power to try to to mundane tasks well.

What separates entrepreneurial activity from other creative acts is its emphasis on the sensible . Entrepreneurial activity may be a creative act, and, as such, is cerebral. it’s going to even grow out of pure research. But entrepreneurs must do the thousand-and-one tasks involved in transforming an insight into something tangible.

Xavier Roberts of Cabbage Patch fame told me that folks continually approach him with ideas they believe will make a fortune. “I don’t need more ideas,” he said. “I need people that can implement ideas.” He knows from experience, Roberts was selling his loveably ugly little creatures at flea markets and financing his business on credit cards long before the thought became a national craze.

“Think small,” an entrepreneur by the name of Fred P. Burke once told me, “Many people that have these grand visions never can take their eyes from the sky and put them right down to the little-bitty takes that need to be done right here, right now, this minute.”

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