To Be a Successful Entrepreneur Requires Training, Education and More
Staying current with industry changes is a must for any entrepreneur who wants to have a successful career. This is especially true for small- and medium-business owners, but it’s certainly not the biggest challenge they face.
“It depends on their industry specifically, but I think the most pressing concern for all small and medium-business owners in today’s economy is cash flow,” said Dr. Greg Gillum, co-founder and Chief Learning Officer of Wealth Bridge Connect, an e-learning site. “Cash flow will make or break your business model. You have to understand the economic engine that drives your cash flow model, and understand how to leverage it better than anyone else. If you get that piece of financial literacy right, you will not only survive, but thrive.”
During the height of the recession, interest in entrepreneurship grew among recent college graduates who were struggling to find satisfying entry level jobs. Dr. Gillum offers the following advice to help young, aspiring entrepreneurs gain some idea of what’s needed to be successful business owners:
1. Have a great idea. Simple, right? Introduce a product or service into the marketplace that will do two things:
a) bring more value than what is currently being offered by any other company (that your client know of); and
b) offer it at a lower price.
Simple, right? Well, it might be more easy than you think. If you want a graduate level education on this concept, read Blue Ocean Strategy by W. Chan Kim and Renee Mauborgne – it will change your perspective on business and how to accomplish it.
2. Serve your customers. Simple, right? Customer service in today’s world is defined by who answers the phone in what country. There are very few companies that do even a mediocre job in serving their customers well, so if you are attentive to your clients’ needs, and can deliver on what you promise (most companies can’t), you will be successful beyond your imagination. Think about the last time a company went out of their way to service your needs. See, it’s simple.
3. Show your passion. Simple, right? If you are in the right business, this one is simple. I love management and leadership – I eat it for breakfast, lunch and sometimes as a midnight snack. Your passion for what you do will come through in a big way when you are with your clients / customers. People want to do business with people who are excited and passionate about what they do. I drive my dry-cleaning across town because the guy I take them to CARES about doing a great job – and he asks me every time I go in there!! I love that, and will pay extra for that kind of passionate desire to the best at what you do.
Entrepreneurship isn’t for everyone, as I’ve said in a previous post. Again, Dr. Gillum weighs in with his thoughts and recommendations:
1. Self-awareness, an intimate knowledge of your strengths and weaknesses. To be a leader in the world today, you have to know yourself better than other people do. That means you have to carry the DNA trait pool of reflection, vision and thoughtful decision-making. Others will never follow the leader you are if you are not aware of the person you are.
2. Social management, the ability to build teams. Building a business that is profitable and sustainable takes many people. Having the emotional intelligence to build rapport with others, build lasting bonds and to put together teams of people who can take your vision into the marketplace is a special and essential skill to build.
3. Business is tough, but rewarding. As Jimmy V is immortalized for saying, “Don’t ever, ever, ever, ever give up.” There are few people in the world who run their own businesses. The reason? There are few people who can. Few can take the chronic ambiguity and swings of cash flow or the acute need to shift gears. Fewer still succeed long-term. So if you are ready to give it all you’ve got, you have a great idea, own a servant leader mentality and are passionate about what you do, you have a fighting chance. The world is full of people who gave up long before their ideas were ready to. Be part of the few of us who will never give up on a great idea, because the rewards are far too significant.
Although the media says the recession is over and recovery is under way, the competition for entry level jobs among recent college graduates is as tough as ever. For some, the answer is entrepreneurship. Dr. Gillum has provided some helpful tips for those recent grads who are still unsure whether the entrepreneurial life is right for them.
WealthBridge Connect is a leading provider of on-demand, interactive eLearning systems and business performance solutions for global enterprises, healthcare, government, education and small- to medium-sized businesses that offers executive coaching, corporate training, human behavioral assessment, strategic planning and eLearning resources for them and individual entrepreneurs. WealthBridge Connect launched its eLearning site, www.WealthBridgeConnect.com, in 2009 as a resource guide for organizations and executives to inform and advise business leaders on “how tomorrow thinks”. For more information visit www.wealthbridgeconnect.com.
