Tuesday, 28 August 2012 Written by Luke Kupersmith
Lessons Learned by a Seasoned Entrepreneur
Some ideas fall flat or never even make it out of the idea stage, while others can propel you into a world of entrepreneurship. I have been fortunate to have had the opportunity to lead two businesses. The first, with its many learning experiences, allowed for greater success with the second. Along the way, I’ve picked up some important lessons in business, both from my own experience and from other entrepreneurs.
Below are my three keys to finding entrepreneurial success:
1. Goal Clarity & Plan Flexibility
You must first have a well thought out dream if you’d like your dream to come true. Without specific goals and predetermined plans for how you intend to accomplish those goals, your business venture is likely to fail. Take the time to form goals and make a business plan so you can map out what needs to be done to bring your idea to life—but stay flexible. The business world is not rigid and you will need to be able, and equally important, willing to modify plans to achieve your goals as you go along.
While having a clear vision and goal for your business is important, don’t get too stuck on your original game plan—a balance of thought, action, and ability to adapt is what will get your good idea to the next level.
2. Energy + Focus = Success
There is something to be said for concentrating all of your energy, resources and focus where it will matter most. You can take 10 units of energy and put it in 10 places -OR- you can take 10 units of energy and put them all into one place. If you spread your energy too thinly over too many projects, there is a higher likelihood that most, if not all, of those projects will fail. However, by putting your energy and focus into one main idea or project, your chances of success are much greater.
Time, energy, effort, attention, emotion, investment capital—when you give it all to a singular focused entrepreneurial idea, you will find success.
3. Learn From Others’ Failures
“Failure is simply the opportunity to begin again, this time more intelligently.”
“Failure” is the something entrepreneurs don’t want to think about, but if there is one certainty in business it is that you will encounter roadblocks and challenges that threaten your success. Most initiatives take time and money to figure out, so make things easier for yourself by learning from others. If it’s been done before, which it most likely has, try to figure out what worked and what didn’t work for others, and you’ll have a much better idea of what will work for you.
Find a mentor—or 10 mentors— research, seek out advice, or find someone with a similar business model and talk to them. Figure out how to successfully navigate the imminent roadblocks and challenges ahead by learning from the failures of others. And when you do fail, figure out why, learn from it, and move forward with a better idea of how to succeed.
Agree or disagree? What have been some keys to your success?
As CEO and co-founder of Source Consulting, Luke Kupersmith has exemplified strong leadership skills for the past eight years. Connect with Luke and Source Consulting at www.sourceconsulting.com and on Facebook at www.facebook.com/ConsultSource.