The 5 Rules Of Successful Entrepreneurs
No matter what the “gurus” say, entrepreneurship is not for everyone. Being an entrepreneur is not “so easy anyone can do it” nor is it a ticket to “get rich quick in your spare time.” If you want to become an entrepreneur for the money or because it seems easier than getting (or staying in) a job, skip it.
Successful entrepreneurs do it because they HAVE to, and because it’s really, really fun. To become an entrepreneur you have to have passion, you have to want to serve others, and you have to be willing to never, ever, ever stop, even if you never make a penny.
A while back I posted 163 tips for folks who want to become an entrepreneur. Read the list for inspiration, and if you really want to take the leap and kick your dream into high gear, here are the best tips of the bunch:
1. Use A Three-Sheet Strategy – Don’t waste time on a traditional business plan with a zillion pages. Instead, use one sheet to declare your big, long-term vision, one sheet to plan and project your next 90 days, and one sheet to track the critical numbers (cash in the bank, number of prospects, etc.) on a daily basis.
2. Adjust Your Lifestyle – Odds are your business will not bring in money right away, and when the money does start to roll in, it may be awhile before you earn enough for that flat screen you’ve had your eye on. You need money to support your bare minimum, so you have to know how low you would go ahead of time.
3. Believe in You — If your peeps think you’re nuts, it’s actually a good sign because it means you’re an innovator. Your brilliant idea is probably brand new to the market, so people just don’t have anything to compare it to. All that matters is that YOU believe, and that you are relentless in your efforts to turn your vision into reality.
4. Self Promote — Get on your soapbox and preach! You’ve got to spread the good word about your product and service because if you don’t, how can you expect anyone else to do it?
5. Just Do It — When all is said and done, thinkers get nothing and the doers get it all. You need to take all you’ve learned, planned, and brainstormed and put into action. In fact, STOP READING this blog right now and just do it!
Entrepreneurship is either IN YOU, or NOT. It’s all about what nature gave you—if you have the passion, the drive, and the stamina you could become an entrepreneur. And if you follow these tips, you might actually make it.
By Mike Michalowicz, Author of The Toilet Paper Entrepreneur
April 20th, 2009
Mike,
Thank you for the helpful tips! I am a basketball trainer, self promotion is a critical area for spreading the word about my “Pro At Your Door” in-home basketball training services. Can you suggests platforms for free publicity to help me with the self promotion?
Thanks,
James Taylor – TPE
April 20th, 2009
@James – Hey James, I would encourage you to check out our 115 Marketing Strategies blog post. It has, you guessed it 115 tips that you can pull from.
Here is the link: http://www.toiletpaperentrepreneur.com/blog/marketing-strategies-for-small-business
- Mike
April 21st, 2009
Hey, I really like your blog. I share your articles on Twitter and would love to do it on Facebook as well. It would be great if you add the link to post it on facebook, flickr, etc.. etc… Free PR!!!
Cheers!!!
April 22nd, 2009
Thanks for the post and great tips. Passion and determination combined with a vision is key. A business will not go anywhere without a vision, because a vision is the ultimate path to follow.
At the same time, being an entrepreneur is by no means easy. Passion and determination enable an individual to work through the tough times, towards success.
April 24th, 2009
Ok…I did number one…a condensed version of a yet to be finished huge,long and unfinished one….and man was that a motivator. Simple and powerful idea. Looking forward to meeting you and hearing you next week in Jamaica Mike.
April 24th, 2009
Ok, I trust and beleive, like all business owners should! Mike, what were the financial indicators that prompted you to go “all in” with your business full time?
April 26th, 2009
@James – Great, great question. The financial indicator is a decision based upon the minimal lifestyle that I was willing to live, and 1. could I support that from my savings for 6 months to a year, 2. or would I be able/willing to get a job that could sustain that minimal lifestyle if I don’t have the savings.
We could all start immediately with no cash concerns IF we were willing to live in a cardboard box and eat rice and beans. Literally could live that way for $10 a day or something. But, that is not something most of us would be willing to do. So for me, I picked the lowest I was willing to go and what I was willing to sacrifice. Then determined steps 1 & 2 above, and then went for it.
The goal is to PREPARE for the worst, and EXECUTE for the best.
- Mike
May 2nd, 2009
Love this post. There is such a huge difference in mindset between entrepreneurs and employees, and the longer and more successful I am in my business (here’s to three five-figure months in a row … woohoo!) the more apparent that divide becomes.
Mike, I like your “all-in” strategy, although I’ll confess to taking the leap with 4 months of savings (all still in the emergency “the sky is falling” account).
Blessings,
Andrea
May 3rd, 2009
@Andrea – you have guts. 4 months is a leap. I love it!!!